Drilling Results And Westgold Target Expansion Gold Range Project

CALGARY - CANEX Metals Inc. reported on 7 reverse circulation drill holes and observations from recent surface work at the Gold Range Project, Arizona. Step out drilling on the east side of the Excelsior Zone has intersected a mineralized zone that is interpreted to run parallel to the main Excelsior mineralized trend, potentially opening up new mineralized oxide gold zones within a larger mineralized corridor. This is highlighted by hole GR22-97 which intersected 1.4 g/t gold over 6.09 meters. Drilling at the Eldorado Zone has expanded mineralization up to 75 meters to the northwest and continues to define a flat dipping near-surface oxide gold zone.

Fieldwork recently completed at the GoldWest Target has defined a new 500 meter long shallow dipping zone of quartz veining in granite directly associated with a gold in soil anomaly. The zone remains open along strike and evidence for additional parallel mineralized zones is indicated, providing a new and compelling drill target. Results for 11 reverse circulation drill holes are pending. Assay results from drill holes GR22-97 to 103, from the Excelsior, Malco, and Eldorado zones, have been received.

Assay results for 7 reverse circulation holes are presented here, with significant gold intersections shown in the Table below. Two holes were drilled on the east side of the Excelsior zone testing for parallel zones of gold mineralization. Hole GR22-97 successfully encountered a new gold zone to the east of Excelsior, returning 1.4 g/t gold over 6.09 meters including 4.6 g/t gold over 1.52 meters. This intercept is interpreted to line up with a zone of mapped surface mineralization defining a new parallel gold trend to Excelsior. With an amended surface exploration permit now in hand, the Company can fully explore this target and test for additional parallel zones of mineralization within a larger target corridor that exceeds 500 meters in width. Holes GR22-98 and GR22-99 did not encounter significant mineralization.

Holes GR22-101, 102 and 103 were drilled at the Eldorado Zone. Hole GR22-101 has expanded the known mineralized zone up to 75 meters to the northwest, intersecting 3 zones of mineralization grading 0.2 g/t gold over 18.3 meters, 0.3 g/t gold over 4.57 meters, and 0.4 g/t gold over 10.64 meters. The Eldorado zone is showing potential for a near-surface zone of oxide gold mineralization that is at least 175 meters wide, by 250 meters long, by 50 meters thick and the extent of mineralization has not been fully delineated.

Assay results for 11 drill holes from the summer drill program will be released once they are complete and have been interpreted and compiled. Of these holes 4 tested new targets in the central and northern part of the claim block in areas not drilled previously.

The exploration and drilling work completed on the Excelsior and Eldorado Zones, as well as multiple additional areas on the Gold Range Property are showing good potential to host near surface potentially bulk mineable oxide gold zones. The Company remains focused on unlocking the potential of the Gold Range property through focused detailed surface exploration and drilling. Planning is currently underway for the next round of exploration drilling. The GoldWest Target, is defined by gold in soil values ranging from 122 to 612 parts per billion and is 400 meters long, over 125 meters wide and remains open along strike. The anomaly stands out as the strongest gold in soil zone on the Gold Range Property to date and has never been drill tested. All rock and soil samples collected during the program have been submitted for assay. Once results are received, they will be used to plan the next steps in evaluating the target which may include further mapping and sampling in the area, amendments to existing exploration permits, and drill testing.