New Drill Discovery At The Gold Range Project

CALGARY - CANEX Metals Inc. reported on 11 reverse circulation drill holes from the Gold Range Project, Arizona, and the commencement of a surface exploration program. The Company's first drill test of the Shaft Target in the northern part of the Gold Range property has resulted in the discovery of a new and potentially significant zone of gold mineralization with hole GR22-110 returning 1.1 g/t gold over 27.44 meters including 1.7 g/t gold over 15.24 meters. This discovery is located 1.5 kilometers northeast of the Central Zone and 2.4 kilometers north of the Excelsior Zone and appears to be part of a new gold trend that is partially covered by stream-wash gravels. 17 claims have recently been staked to secure additional ground adjacent to the new discovery, and drilling at the southern end of the Excelsior Zone has extended the width of mineralization by 75 meters and the zone remains open. Field crews have been dispatched to the project to further define the Shaft and WestGold Targets in preparation for drill testing. Assay results from drill holes GR22-104 to 114 have been received. These include holes from the Central and Excelsior Zones, as well as maiden drill tests of the Adit, Tin Cabin, and Shaft Zones in the northern part of the claim block.  

A new drill hole discovery has been made at the Shaft Target where hole GR22-110 has intersected 1.1 g/t gold over 27.4 meters from 33.54 meters downhole, including 1.7 g/t over 15.24 meters. This discovery is located 1.5 kilometers northeast of the Central Zone and 2.4 kilometers north of the Excelsior Zone and appears to be part of a new gold zone with a northeast trend and near vertical dip. The Shaft Target is best exposed by a historic shaft containing a strongly deformed northeast trending shear zone and quartz vein system that is covered by stream-wash gravels to the southwest. A zone of historic placer mining occurred along the trend, 200 meters southwest of the discovery hole, suggesting continuity and size potential for the target. Seventeen claims have been staked to cover the area surrounding the target and field crews are currently on site conducting additional surface exploration.

Holes GR22-104 to 106 tested the Central Zone, holes GR22-107 and 108 tested the Adit Zone, hole GR22-109 tested the Tin Cabin Zone, and holes GR22-111 to 114 tested the southeast side of the Excelsior Zone. Section B-B' holes GR22-112 and 114 from the southern end of the Excelsior Zone, and 112 - 114 have extended the width of the Excelsior Zone by 75 meters to the east, and mineralization remains open in that direction. In the southern area the Excelsior zone is 25 to 50 meters thick, 150 meters wide and open, and has been traced for 400 meters along a northeast trending strike and remains open in both directions along strike. The bulk tonnage oxide gold target is showing a favorable open pit geometry with mineralization starting at surface and having a flat to moderate west dip.

The next phase of drill testing at Excelsior will include tracing the zone along strike and testing for additional parallel mineralized zones within a 500-meter-wide corridor containing anomalous gold-in-soils and known mineralized quartz veins at surface.

Holes GR22-104 to 106 tested the Central Zone with hole GR22-104 returning 0.4 g/t gold over 6.1 meters and hole GR22-106 intersected 3 mineralized zones ranging from 4.57 to 15.21 meters thick. Holes GR22-107 and 108 tested the Adit Zone and did not intersect significant mineralization.

The Company anticipates a busy year at Gold Range following up recent discoveries and new target areas in addition to defining and expanding established zones of gold mineralization. Field crews are currently on site defining and expanding multiple gold targets in preparation for drill testing. These targets include the new Shaft discovery and the large WestGold Target, with fieldwork including grid soil sampling, rock chip sampling, and detailed surface mapping. The Company is working to expedite fieldwork and assay results so drill targeting and permit amendments can be completed as expeditiously as possible.