Canex Metals Inc. is pleased to announce 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 gt gold over 59.45 metres starting from surface and ending in mineralization . ...

Canex Metals Inc. (TSXV:CANX)(OTC PINK:NOMNF)(FRA:NJM1) ("CANEX" or the "Company") is pleased to announce 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 gt gold over 59.45 metres starting from surface and ending in mineralization (previously released see December 16, 2021 news release). 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 metres 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.

Dr. Shane Ebert, President of the Company stated, "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".

Figure 1. Cross section D - D' through the Excelsior Mine showing new planned test holes. See Figure 2 for section location.

Gold Range Exploration Summary

Since assembling the Gold Range property as a grass roots exploration target, CANEX has conducted extensive surface mapping, flown a drone magnetic survey, collected 692 surface rock samples, 3078 surface soil samples, conducted positive bottle roll metallurgical test work, and drilled 6853 metres in 78 holes. Ongoing surface exploration is adding to the understanding of existing targets and continually identifying new ones which will be systematically advanced, prioritized and drill tested.

To date, multiple large gold exploration targets have been identified highlighted by the 3 kilometre long mineralized corridor stretching from the Eldorado to the Excelsior Zones. This mineralized corridor hosts structurally controlled high grade and bulk tonnage style gold mineralization and initial drill testing has returned multiple intercepts of oxide gold mineralization starting at surface.

Select previously released drill intercepts by zone include:


1.0 g/t Au over 59.5 metres

1.6 g/t Au over 35.1 metres

2.2 g/t Au over 24.4 metres

1.8 g/t Au over 19.8 metres

2.2 g/t Au over 18.3 metres

8.2 g/t Au over 4.6 metres


0.9 g/t Au over 27.4 metres

0.5 g/t Au over 24.5 metres

0.6 g/t Au over 22.9 metres

1.3 g/t Au over 21.3 metres

5.1 g/t Au over 4.6 metres

0.2 g/t Au over 164.6 metres


0.7 g/t Au over 16.8 metres

0.9 g/t Au over 10.7 metres

0.3 g/t Au over 62.5 metres

Pit and NW Pit

1.0 g/t Au over 9.1 metres

5.9 g/t Au over 4.6 metres

10.0 g/t Au over 1.5 metres

A drill hole location map summarizing key intercepts from the southern part of the Gold Range property and showing the current area of drilling focus is shown below.

Once expansion drilling is completed at the Excelsior zone, the drill will continue at the Eldorado and Malco zones, testing a large portion of the 3 kilometre long mineralized corridor from Eldorado to Excelsior. Additional targets in the northern part of the property are also scheduled for drill testing during the current program.

Figure 2. Drill hole location map for the Gold Range Property summarizing select drill hole intercepts and showing the area of current drilling.

Quality Control

Reverse circulation drill cuttings were collected in numbered cloth sample bags from 5 foot (1.52m) intervals during drilling and were picked up from site and analyzed by Skyline Assayers and Laboratories in Tucson, Arizona (which is ISO/IEC 17025 accredited). A 1000g pulp was prepared and gold was assayed using a 50g fire assay with an atomic absorption finish (method FA-01-50g). Gold samples greater than 5 g/t are redone using a 50g fire assay method with a gravimetric finish (method FA-02 50g). Twenty-four additional elements were analyzed using a multi acid digestion and inductively coupled plasma (method TE-4). The Company included certified reference standards, blanks, and duplicates in every sample batch and then checked to ensure proper quality assurance and quality control prior to releasing the data. Reported drill hole intercepts are down hole intercepts and true widths have not been determined. Grades have not been capped in the averaging and some short weakly anomalous intervals have been included in some composites.

About Canex Metals

Canex Metals (TSX.V:CANX) is a Canadian junior exploration company focused on advancing its Gold Range Project in Northern Arizona. CANEX is led by an experienced management team, which has made three notable porphyry and bulk tonnage discoveries in North America, and is sponsored by Altius Minerals (TSX: ALS) the Company's largest shareholder. CANEX has identified several bulk tonnage oxide gold targets at its Gold Range Project. Recent drilling has identified near surface bulk tonnage gold zones along a 3 km long highly prospective trend that has seen limited modern exploration. The Company's current focus is on step out drilling along strike and to depth to demonstrate the scale of the project.

Dr. Shane Ebert P.Geo., is the Qualified Person for Canex Metals and has approved the technical disclosure contained in this news release.

"Shane Ebert",

Shane Ebert

For Further Information Contact:

Shane Ebert at 1.250.964.2699 or
Jean Pierre Jutras at 1.403.233.2636

Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Except for the historical and present factual information contained herein, the matters set forth in this news release, including words such as "expects", "projects", "plans", "anticipates" and similar expressions, are forward-looking information that represents management of Canex Metals Inc. internal projections, expectations or beliefs concerning, among other things, future operating results and various components thereof or the economic performance of CANEX. The projections, estimates and beliefs contained in such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause CANEX's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, those described in CANEX's filings with the Canadian securities authorities. Accordingly, holders of CANEX shares and potential investors are cautioned that events or circumstances could cause results to differ materially from those predicted. CANEX disclaims any responsibility to update these forward-looking statements.

SOURCE: Canex Metals Inc.

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Canex Metals

Canex Metals


Legendary investor Warren Buffet once suggested that when evaluating stocks, one of the key factors investors should look at is a company’s management team. He said, “Look at what they have accomplished.”

CANEX Metals (TSXV:CANX) CEO Dr. Shane Ebert has been involved in the discovery of three notable porphyry and bulk tonnage style deposits and he hasn’t stopped there: the Bahuerachi copper porphyry deposit in Chihuaua, Mexico, which lead to the takeover of Tyer Resource in  2008; the Viking project in Newfoundland, which paved the way for Northern Abitibi Mining to be awarded the Prospector/Explorer of the Year Award in 2010 by the Newfoundland Branch of the Canadian Institute of Mining, Metallurgy and Petroleum; and Surge Copper’s (TSXV:SURG) Ootsa property in British Columbia, specifically the West Seel deposit, Ootsa’s larger zone of copper-gold-molybdenum-silver mineralization.

Ebert’s newest company, CANEX Metals, is focused on identifying, acquiring and developing highly prospective explorations projects throughout North America. The company is currently developing a new gold discovery at its flagship Gold Range project in Arizona.

Arizona is currently ranked second overall in the Fraser Institute’s list of the world’s top jurisdictions for investment based on the Investment Attractiveness Index. Arizona’s favorable regulatory conditions, widespread exploratory potential and unexplored resource-rich geology combine for spectacular investment opportunities.

CANEX is in the exploration phase with ongoing work on the property already identifying a 5 kilometer long fault zone containing numerous mineralized zones and exploration targets.

Management has a good understanding of the local geology and structural controls at the Gold Range property. Of particular interest are the multiple bulk tonnage gold targets that CANEX has identified from first pass drilling and sampling on the property. Drilling into this type of target on the property is relatively low-risk and low-cost with a high reward proposition. Thus, presenting a unique opportunity for investors.

In addition, when combined, these targets have the potential to deliver an attractive project with scale that would be of interest to many. Regionally, CANEX’s Gold Range property is quickly developing into a key piece of the puzzle in what appears to be a new emerging bulk tonnage gold district in Northern Arizona.

Ebert enthusiastically discussed the next steps for the project. “The geology here is prospective for big deposits. We have multiple large mineralized footprints and indications of intrusion-related mineralization, a model that is known to host large gold deposits .”

“We are drill testing near surface bulk tonnage type targets. If successful, this type of target will be of interest to several players in the region that are looking to buy and consolidate and build these heap leach operations,” he further shared.

Regional Consolidation

Northern Vertex Mining (TSXV:NEE) owns and operates the nearby Moss mine, currently the largest pure gold and silver mine in Arizona with a low cost, open pit mine and heap leach processing. On February 16 2021, Northern Vertex agreed to combine with Nevada-based exploration company Eclipse Gold Mining Corporation (TSXV:EGLD) to form an emerging mid-tier gold producer with a focus on growth through M&A.

In July 2020, Argonaut Gold (TSX:AR) acquired the Nevada-based oxide gold heap leach project Florida Canyon, through its acquisition of Alio Gold (TSX:ALO). Over the last decade, Argonaut has successfully developed and operated several open pit heap leach mines.  Argonaut’s strategy involves harvesting cashflows from current operations and using them for sustainable growth and replacement of resources. Argonauts’ current operations are in Western USA, Canada and Mexico.

Other notable regional developers and operators of gold heap leach projects include:

Americas Gold and Silver (TSX:USA) is a high-growth North American focused precious metals mining company.  The company’s newest asset, the Relief Canyon gold heap leach project in Nevada is expected to reach commercial production by mid 2021.

Fiore Gold (TSXV:F) is a growth-oriented US gold producer. Its flagship asset is the Pan mine, a heap leach gold project based in Nevada. Fiore’s goal is to build a mid-tier US gold mining company through internal growth and strategic M&A.

CANEX Metals’ Company Highlights

  • The company’s flagship Gold Range project in Arizona leverages the state’s resource-rich history and mineralization.  The company could see large bulk tonnage and high-grade gold resources that mimic nearby deposits.
  • The relatively underexplored gold mining district in Northern Arizona presents CANEX with a first-mover advantage for gold discovery and the development of potential exploration targets.
  • CANEX completed its Phase Two drill project at Gold Range in 2021. The first phase drilling program has indicated favorable heap-leach potential.
  • The company is headed by a world-class technical and geology team, which primes Gold Range for expert analysis and expert targeting.

CANEX Metals’ Key Project

gold range location map

Gold Range Property

The Gold Range property is located in Mohave County, Arizona, which has seen widespread small-scale lode and placer gold production but limited modern lode gold exploration. The 1,415 hectare property consists of 192 lode mining claims and leverages great geological structuring, multiple bulk tonnages, high-grade gold targets and useful resource networks.

A gold system footprint has been identified and mapped over 5 kilometers by 3 kilometers. Over this mapping, the company has identified several large gold targets, including the Eldorado Zone, Central Zone and Excelsior mine. Additionally, the property’s Adit shear zone has returned 8.47 g/t gold grade over 5.6 meters from a favorably large quartz vein.

In January 2021, CANEX Metals signed a letter of intent to option the Excelsior Mine property, which adds three historic past producing gold mines to the Gold Range property and provides multiple drill ready targets. In a recent interview, Ebert shared, “There’s a zone at Excelsior that’s seen historic underground mining and then some more recent open pit mining. It’s got a beautifully exposed high-grade vein with a 20 to 50 meter wide halo   of veining and good alteration and mineralization that could really have some bulk tonnage potential, as well as that high-grade element.” He further stressed, “We’re not just a high-grade target, we’re really a high value, heap leach type, low-cost mining target.”

In March 2021, the company completed Phase Two of the project’s drill program with 34 holes. The project’s next steps include additional testing of the Excelsior mine and developing a larger deposit definition program.

CANEX Metals’ Management Team

Dr. Shane W. Ebert, P.Geo. — President & Director

Dr. Shane W. Ebert has 30 years of gold, copper and base metal exploration experience in North America, South America, Australia and Europe. Dr. Ebert was involved in discovering a large copper deposit in Mexico, a gold deposit in eastern Canada and copper-gold porphyry in British Columbia and has worked with numerous major and junior exploration companies. His experience includes exploration and research on epithermal and porphyry deposits in Canada, the USA, Mexico and Europe, reduced intrusion-related gold deposits in Yukon and Alaska and polymetallic carbonate-hosted deposits in Peru. Dr. Ebert is also president and director of Surge Copper Corp. and a director of Jade Leader Corp. Dr. Ebert was VP of Exploration and a director of Tyler Resources Inc. until March 2008, when the company was sold to a large multinational mining consortium. He is a registered professional geoscientist with the Association of Professional Engineers and Geoscientists of British Columbia.

Jean Pierre Jutras, P.Geol. — Vice President & Director

Jean Pierre Jutras is a professional mineral exploration geologist with 30 years of experience in the exploration industry. He has worked in over 15 countries on four continents, with numerous public companies, including Placer dome, Prism Resources, Golden Star Resources and Jade Leader Corp. He was the president and director of Tyler Resources Inc. from 2001 until March 2008, when Jinchuan Group Ltd. of China took over Tyler for C$214 million. Jutras then remained as Feasibility Study coordinator from 2008 to 2010 for Tyler Resources Inc., post-takeover transaction. He is also currently a president and director of Jade Leader Corp.

Barbara O’Neill — Corporate Secretary

Barbara O’Neill has been corporate secretary for several TSX and TSX Venture corporations, primarily in the mining industry, both nationally and internationally, for the last 30 years. She has extensive experience in public offerings, public listings and Exchange matters, share and asset acquisitions and dispositions, restructurings, securities regulatory requirements for public issuers and other related business transactions. She is currently corporate secretary of Jade Leader Corp., Canex Metals Inc. and CanadaBis Capital Inc.

Chantelle Collins, CPA, CGA — CFO

Chantelle Collins holds a Bachelor’s degree in Accounting and is a member of the Chartered Professional Accountants Association of BC (CPA, CGA). Collins has over 12 years of experience working in the public sector and is well versed in the financial reporting requirements of public companies and currently serves as an officer for three other public companies.

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