Longest Continuous Zone Of Gold Mineralization Drilled At Gold Range

CALGARY - CANEX Metals Inc. reported assay results for 4 drill holes from ongoing reverse circulation drilling program designed to expand oxide gold mineralization at the Gold Range Project, Arizona. Highlights: Hole GR21-57 was a 50 meter step out to the southwest on the Excelsior zone and returned the longest continuous zone of mineralization encountered on the Gold Range property to date, intersecting 1.0 g/t gold over 59.45 meters starting from surface including 1.4 g/t gold over 32 meters. The zone remains open for expansion; Hole GR21-59 from the central part of the historic Excelsior Mine returned 1.8 g/t gold over 19.8 meters, including 4.1 g/t gold over 7.6 meters, and drilling in this area has extended mineralization 75 meters down dip where it remains open; Hole GR21-58 from the central part of the Excelsior zone returned 0.4 g/t gold over 33.5 meters; To date 30 holes of a planned 50 hole program are complete, and drilling is expected to extend through January, 2022; and Steady drill results are expected to be released through Q1 of 2022.

To date 30 reverse circulation drill holes have been completed at Gold Range as part of an ongoing program expected to extend through January. Currently twenty holes have been completed at the Excelsior zone and 10 have been completed at Eldorado. Drilling between the Excelsior and Eldorado zones and the testing of additional exploration targets is scheduled for January.