Intersections At The Gold Range Project

CALGARY – CANEX Metals Inc. reported on the 7 reverse circulation drill holes from the Excelsior Zone at the Gold Range Project located in northern Arizona. Six of the 7 drill holes have returned multiple gold mineralized intercepts and continue to expand the potential of the Gold Range project.

Highlights: Multiple drill holes have intersected wide zones of oxide gold mineralization close to surface; Hole GR21-82 intersected 1.0 g/t gold over 48.8 meters from surface including a high-grade intercept returning 9.7 g/t gold over 1.5 meters; Hole GR21-83 intersected 0.9 g/t gold over 44.2 meters from 35.1 meters depth including 2.7 g/t gold over 10.7 meters; Hole GR21-84 intersected 3 separate mineralized horizons including 1.0 g/t gold over 10.7 meters beginning at surface, 0.9 g/t gold over 4.6 meters and 0.9 g/t gold over 7.6 meters; Hole GR21-85 intersected 2.4 g/t gold over 9.2 meters from 13.7 meters depth, including a high-grade intercept returning 9.0 g/t gold over 1.5 meters; and Assay results for 19 drill holes are pending and drilling is in progress on the property.

Assay results for drill holes GR22-79 to 85, all from the Excelsior zone, have been received and are presented here. Hole GR22-79 was oriented away from the mineralized zone and did not intersect significant mineralization.

These Excelsior holes were focused on defining and extending results from hole GR21-57 which contains the longest continuous zone of mineralization encountered on the Gold Range property to date, intersecting 1.0 g/t gold over 59.45 meters starting from surface including 1.4 g/t gold over 32 meters.

Hole GR22-82 was mineralized from the start of the hole to 48.78 meters depth returning 1.0 g/t gold over 48.8 meters, including a high-grade zone that returned 9.7 g/t gold over 1.52 meters. Hole GR22-83 was drilled from the same pad as hole 82 but at a steeper angle and intersected 4 mineralized zones within the upper 79.3 meters of the hole containing a cumulative mineralized length of 57.9 meters. Results from GR22-83 are highlighted by 0.9 g/t gold over 44.21 meters from 35.06 meters depth, including a high-grade zone of 2.7 g/t gold over 10.67 meters.

Hole GR22-84 intersected 3 mineralized zones including 1.0 g/t gold over 10.67 meters from surface and 0.9 g/t gold over 7.62 meters from 73.17 meters depth. Hole GR22-85 intersected 4 mineralized zones within the upper 73.17 meters of the hole with a cumulative mineralized length of 21.34 meters, highlighted by 2.4 g/t gold over 9.15 meters from 13.72 meters depth.

Holes 82 and 84 both intersected a second deeper zone of mineralization on the southeast side of the system that could represent a new subparallel mineralized zone within the larger 500 meter-wide prospective corridor defined by gold in soil anomalies and intermittent exposure of gold bearing quartz veins and veinlets. This new subparallel zone remains to be traced toward surface and along strike, and the larger corridor needs to be systematically tested for similar zones of mineralization to the southeast.

Shane Ebert, President, said, “The intercept of 1.0 g/t gold over 48.8 meters is another impressive result from the Excelsior zone. The pinch and swell nature of this style of mineralization and the potential for multiple parallel zones within a larger corridor is becoming evident with each successful drill program. We look forward to stepping out and continuing to test the larger scale potential of this emerging district.”