Confirmation Of New Parallel Mineralized Target At Gold Range

CALGARY - CANEX Metals Inc. reported on 19 reverse circulation drill holes from multiple targets across the Gold Range Project, Arizona. This drilling has intersected strong gold mineralization within the Excelsior Zone and demonstrates a new area with good gold potential at East Excelsior, located immediately east of Excelsior.

Hole GR23-131 at the Excelsior Zone intersected 4.1 g/t gold over 6.10 metres including a high-grade vein returning 13.3 g/t gold over 1.53 metres. Hole GR23-136 at the Excelsior zone intersected 1.0 g/t gold over 15.24 metres including 2.4 g/t gold over 4.57 metres. 5 holes tested a 200-metre strike length at the East Excelsior Target with all 5 holes returning gold mineralization, confirming the exploration potential of the system.

The East Excelsior Target contains multiple parallel mineralized structures within a zone up to 75 metres wide. This target is fully permitted for further drill testing, a permit amendment is underway to allow further drill testing and definition of the new WestGold discovery

Assay results from drill holes GR23-119 and GR23-121 to 138 have been received. These drill holes tested the Shaft Target, the East Excelsior Target, and Excelsior. Hole GR23-131 tested a gap in the central part of the Excelsior zone and returned a high-grade gold intercept of 4.1 g/t gold over 6.1 metres including 13.3 g/t gold over 1.53 metres. The drill encountered a historic underground working immediately below this high-grade zone where no recovery was obtained over 3 metres. Hole GR23-136 was located 100 metres northeast of hole GR23-131 and returned 1.0 g/t gold over 15.24 metres including a higher-grade intercept returning 2.4 g/t gold over 4.57 metres. Holes GR23-131 to 137 successfully added and extended mineralization within the main Excelsior zone. Holes GR23-129, 130, and 138 tested the northeast and northwest extensions of the zone and did not encounter significant mineralization.

Holes GR23-122 to 128 tested parallel mineralized trends at the East Excelsior Target with 5 of the 7 test holes encountering gold mineralization. One of the zones at East Excelsior was tested along a 200-metre strike length by holes GR123 to 127, with all 5 holes returning gold mineralization and confirming the exploration potential of the target which remains open along strike. Results from this initial test include hole GR23-124 which returned 1.1 g/t gold over 4.58 metres, and hole GR23-127 which returned 0.4 g/t gold over 9.15 metres and another 2.3 g/t gold over 3.05 metres.

At East Excelsior the corridor of mineralization is interpreted to contain multiple steep west dipping structures which occur within a 75 metre wide zone. There is very limited surface exposure over the area and additional drilling will be required to better understand the orientation, widths, grade, and continuity of the zone.

Two holes testing the Shaft Target in the northeast part of the claim block (holes GR23-119 and 121) did not encounter significant gold mineralization.