Gold Range Project Drilling To Commence

CALGARY, AB - CANEX Metals Inc. reported that the exploration drilling at the Gold Range Project, Arizona, will commence focusing on new exploration targets with excellent discovery potential. New surface exploration results support these targets. Reverse circulation drilling will resume focusing on testing 3 new target areas, WestGold, zones parallel to Excelsior, and the new Shaft discovery. The WestGold Soil anomaly has been extended and covers an area 425 meters by 150 meters and contains the strongest gold in soil anomaly identified to date on the Gold Range Property. This is significant as soil geochemistry has been an effective tool for finding gold mineralization across the property. Assay results from January mapping and sampling have been received and confirm both high grade veins and lower grade bulk tonnage style halos at the WestGold Target, with samples returning up to 57.5 g/t gold over 0.4 meters and 1.44 g/t gold over 4 meters. A permit amendment has been received allowing the Company to drill the new WestGold target and 4 holes are planned as an initial test of the zone. New mineralized vein zones have been mapped parallel to Excelsior and have returned grades up to 21.5 g/t gold over 0.5 meters. At least 3 of these zones have been defined and traced for up to 600 meters along strike, significantly increasing the size potential of the Excelsior area.

Shane Ebert, President, said, "Surface exploration work completed to December 2022 and more recently in January 2023 has successfully defined multiple new mineralized target areas providing CANEX with an excellent line up of drill targets. We are very excited to start our drilling program at the WestGold Target which has returned high grade gold in surface rock samples and contains a 425 meter long by up to 150 meter wide gold in soil anomaly with the strongest gold in soil values defined on the Gold Range Project to date. We are also excited to drill test the 500 meter wide mineralized corridor adjacent to Excelsior where recent field work has defined multiple mineralized quartz vein and stockwork zones running parallel to Excelsior. This area has good potential to materially expand mineralization in the Excelsior area, and potentially along much of the 3.2 kilometer strike length of the zone which is largely covered.”