New Gold Target And Acquisition Of Past Gold Producer At Gold Range Project

CALGARY - CANEX Metals Inc. reported on results from summer exploration and the purchase of a lode mining claim covering a past producing gold mine at the Gold Range Project, Arizona. Surface exploration has identified a new gold in soil anomaly (GoldWest) that is 400 meters long, over 125 meters wide, and remains open along strike, with gold in soil values ranging from 122 to 612 parts per billion. This anomaly stands out as the strongest gold in soil zone on the Gold Range Property to date and has never been drill tested. A field crew is being dispatched to further sample and map the target in preparation for drill testing.

A lode mining claim directly adjacent to the new gold in soil anomaly has been purchased from an unrelated 3rd party. This claim covers multiple shafts and workings and was a small-scale underground gold producer from 1901 to 1911.

Assay results have been received for 170 surface soil samples taken during summer 2022 exploration at the Gold Range Property. These samples returned gold values ranging from below detection (<5 parts per billion (ppb)) to 606 ppb, averaging 54 ppb, and along with previous data help define a strong new gold in soil target on the west side of the property herein called the GoldWest target. The GoldWest target is defined by gold in soil values ranging from 122 to 612 parts per billion. The zone is 400 meters long and over 125 meters wide and remains open along strike. The GoldWest target stands out as the strongest gold in soil zone on the Gold Range Property to date and has never been drill tested.