Gold Mineralization Intersections Continue At Gold Range

CALGARY, AB - CANEX Metals Inc. reported on assay results for 8 drill holes from the ongoing reverse circulation drilling program designed to expand oxide gold mineralization at the Gold Range Project, Arizona. Highlights: 1) Hole GR21-49 in the central part of the Excelsior zone intersected 0.5 g/t gold over 22.87 meters starting at 28.96 meters depth, including 0.8 g/t gold over 13.72 meters. 2) Hole GR21-52 in the central part of the Excelsior zone intersected 0.5 g/t gold over 15.25 meters starting at 39.63 meters depth, including 0.7 g/t gold over 7.63 meters. 3) Hole GR21-56 intersected 0.6 g/t gold over 12.19 meters starting at 27.44 meters depth. 4) Hole GR21-60 near the northern end of the Excelsior system intersected 0.6 g/t gold over 9.14 meters starting at 79.27 meters depth demonstrating mineralization extends to depth. 5) Current step out drilling at the south end of the Excelsior zone has intersected broad zones of alteration and quartz veining prompting the Company to add additional holes to the drill plan in this area.

Holes GR21-49, 50, 51, and 52 are located near the center of the Excelsior zone. Hole GR21-49 and returned 0.5 g/t gold over 22.87 meters from 28.96 meters down hole, including 0.8 g/t gold over 13.72 meters depth. Hole GR21-52 intersected 0.5 g/t gold over 15.25 meters from 39.63 meters depth. Hole GR21-50 intersected anomalous mineralization with no significant intervals.

Holes GR21-55 and 56 are located on the east side of section D-D'. Hole GR21-56 intersected 3 mineralized intervals including 0.6 g/t gold over 12.19 meters. Hole GR21-55 was located northwest of hole GR21-56 and only intersected anomalous gold indicating mineralization may be closing in this direction. Drilling is currently testing the southeast side of section D-D' where mineralization appears to strengthen and widen.

Holes GR21-60 tested the northern part of the Excelsior zone at depth and returned 0.6 g/t gold over 9.14 meters along with additional narrow mineralized intercepts. The hole demonstrates Excelsior mineralization continues to the north and at depth.

Drilling to date indicates the Excelsior mineralization widens toward the south, in proximity to a major fault intersection, and testing the size and extent of this covered zone is the current drill priority. Once this priority is complete step out and expansion drilling will resume along the 3 kilometer long prospective gold trend at Gold Range.

The drill is currently focused on step outs from hole GR21-57 located on the southern end of the Excelsior zone. Hole GR21-57 intersected 1.0 g/t gold over 59.45 meters starting from surface and the current drilling is designed to establish the continuity of the zone to the south and east and determine if the mineralized zone gets larger as it approaches a major fault intersection. The Company is pleased to announce that step out drilling in this area has intersected wide zones with sericite alteration and quartz veining that appear similar to those observed in hole GR21-57. The presence of alteration and quartz veining is considered a promising feature and has given the Company confidence to add additional drill holes in the area, however, only gold assays can determine if the zone contains significant gold mineralization and assays for these new holes have not yet been received.

Thirty four holes have been completed during the ongoing drill program (holes GR21- 49 to GR21-82) and the drill is currently on the 35th hole (GR22-83). Over 3370 meters (11,055 feet) have been drilled of a total program expected to consist of around 50 holes and 5000 meters of drilling. Results for 21 holes have been received and released, an additional 13 holes are in the process of being analyzed and will be released in batches as they are complete. The current drill program is designed to test the expansion potential and continuity of the Excelsior, Eldorado, and Malco zones, and test additional exploration targets on the property.

Reverse circulation drill cuttings were collected in numbered cloth sample bags from 5 foot (1.52m) intervals during drilling and were picked up from site and analyzed by Skyline Assayers and Laboratories in Tucson, Arizona (which is ISO/IEC 17025 accredited). A 1000g pulp was prepared and gold was assayed using a 50g fire assay with an atomic absorption finish (method FA-01-50g). Gold samples greater than 5 g/t are redone using a 50g fire assay method with a gravimetric finish (method FA-02 50g). Twenty-four additional elements were analyzed using a multi acid digestion and inductively coupled plasma (method TE-4). The Company included certified reference standards, blanks, and duplicates in every sample batch and then checked to ensure proper quality assurance and quality control prior to releasing the data.