New Holes Added To Program At Excelsior Zone

CALGARY, AB - CANEX Metals Inc. reported that reverse circulation drilling has resumed at the Gold Range Project, Arizona, after a scheduled holiday break. The drill is set up at the Excelsior Zone where several new holes have been added to the program to delineate the mineralized zone encountered in hole GR21-57, which intersected 1.0 g/t gold over 59.45 meters starting from surface and ending in mineralization. Hole GR21-57 intersected the longest continuous zone of mineralization encountered at Gold Range to date and represents a compelling target for the Company.

The ongoing drill program is anticipated to consist of around 50 holes and 5000 meters of drilling and could be expanded with continued success. To date 30 holes have been completed and sent for assay. Results for 4 holes have been released and assays for the remaining 26 holes are pending and will be released in batches as they are received and processed. The Company anticipates steady news flow through Q1 of 2022.

Over the holiday break, the Company was able to both redesign its ongoing program to follow up on the GR21-57 wide intersection, as well as secure additional drill pipe in order to test the system to greater depths. Systematic soil sampling data over the Excelsior-Malco-Eldorado corridor has been received and is being compiled to guide drill targeting over this large bulk tonnage target.

Shane Ebert, President, said, "We are excited to resume drilling at Gold Range and will initially focus on expanding the wide mineralized intercept encountered in hole GR21-57 with 8 or 9 additional holes. Hole GR21-57 was basically mineralized from top to bottom and the mineralized zone at Excelsior could be getting significantly wider toward the south, where the zone approaches a key structural intersection which conceptually is a great target for larger and/or higher-grade zones of mineralization. The southern projection of the zone is within a flat covered area that has not been systematically tested previously.”