New Drill Discovery At Central Zone And Amended Exploration Permit For Gold Range Project

CALGARY, AB - CANEX Metals Inc. reported on reverse circulation drill holes from the Gold Range Project located in northern Arizona and the receipt of an amended exploration permit for the project.

Hole GR22-91 has made a new drill discovery at the Central Zone returning 0.7 g/t gold over 9.15 meters and 0.6 g/t gold over 18.29 meters, for a cumulative mineralized interval of 27.44 meters grading 0.6 g/t gold. The Central Zone discovery occurs within a 1000 by 200 meter gold in soil anomaly associated with intrusive dikes, alteration, and quartz veining and is emerging as another area on the property with potential to host near-surface bulk tonnage gold resources. Gold mineralization was also encountered at Lillian near the northwest end of the Central Zone, with hole GR22-92 returning 1.0 g/t gold over 4.57 meters.

Step out drilling at Excelsior continues to expand mineralization, with hole GR22-86 intercepting 0.5 g/t gold over 18.29 meters, hole GR22-87 intersecting 1.2 g/t gold over 7.62 meters, and hole GR22-90 intersecting 1.2 g/t gold over 12.19 meters. An amended exploration permit has been received allowing the Company to construct up to 40 additional drill pads on federal lands. This permit will enable further drill expansion of known zones, testing of new targets, and drill evaluation of the recently recognized 3.2 kilometer by 500 meter wide oxide gold trend running from Eldorado to Excelsior. Assay results for 18 drill holes from the current drill program are pending.

Assay results for drill holes GR22-86 to 96, from the Excelsior, Central, Lillian, and Malco zones, have been received. A single hole, GR22-91, was drilled at the Central Zone during the January to March 2022 drilling program resulting in a new drill discovery. Hole GR22-91 intersected 2 mineralized intervals returning 0.7 g/t gold over 9.15 meters from 15.24 meters depth and 0.6 g/t gold over 18.29 meters from 47.26 meters depth including 1.1 g/t gold over 7.62 meters. Hole GR22-91 intersected a cumulative mineralized interval of 27.44 meters grading 0.6 g/t gold and demonstrates the potential for Central to host significant zones of gold mineralization. Hole GR22-92 was drilled 490 meters to the northwest and also intersected mineralization returning 1.0 g/t gold over 4.57 meters. Follow up drilling has been conducted at the Central Zone as part of the current drill program.

Holes GR22-86 to 90 were drilled at Excelsior and focused on extending and defining the southern part of the mineralized zone which has now been defined over a 500 meter strike length and remains open. Hole GR22-86 intersected 4 mineralized zones for a cumulative total of 36.58 meters of mineralization between 0 and 79.27 meters depth, the largest zone being 18.29 meters grading 0.5 g/t gold from 60.98 meters. Hole GR22-87 intersected 3 mineralized zones including 1.2 g/t gold over 7.62 meters from 6.1 meters depth. Hole GR22-90 intersected 1.2 g/t gold over 12.19 meters from 33.54 meters depth.

Hole GR22-93 to 96 tested the Malco Zone, with hole GR22-93 returning 0.7 g/t gold over 4.57 meters from 22.87 meters depth and hole GR22-96 returning 0.4 g/t gold over 7.62 meters. Two follow up drill holes have tested the east side of Malco during the current drilling program, focusing on an area where recent sampling has produced strong gold in soil and gold in rock results.

In addition the company has received an amended exploration permit for Gold Range allowing the Company to construct an additional 40 drill pads on federal lands along with associated exploration access. During the current reverse circulation drill program which commenced in May, a total of 18 holes have been completed for 3027 meters of drilling. This brings the total number of holes by CANEX at Gold Range to 144, for a total of 12,249 meters of drilling. Drilling was recently paused pending permitting and now that the exploration permit has been received planning is underway to resume the drilling program. A further 18 holes drilled as part of the current program have been submitted for assay with results pending.