1.4 meters to feet

CANEX Drills the Longest Continuous Zone of Gold Mineralization at Gold Range to Date Intersecting 1.0 g/t gold over 59.5 meters Including 1.4 g/t gold over 32 metres

Canex Metals Inc. ("CANEX" or the "Company") is pleased to announce assay results for 4 drill holes from the Company's ongoing reverse circulation drilling program designed to expand oxide gold mineralization at the Gold Range Project, Arizona

Highlights

  • Hole GR21-57 was a 50 metre step out to the southwest on the Excelsior zone and returned the longest continuous zone of mineralization encountered on the Gold Range property to date, intersecting 1.0 g/t gold over 59.45 metres starting from surface including 1.4 g/t gold over 32 metres. The zone remains open for expansion.
  • Hole GR21-59 from the central part of the historic Excelsior Mine returned 1.8 g/t gold over 19.8 metres, including 4.1 g/t gold over 7.6 metres, and drilling in this area has extended mineralization 75 metres down dip where it remains open.
  • Hole GR21-58from the central part of the Excelsior zone returned 0.4 g/t gold over 33.5 metres.
  • To date 30 holes of a planned 50 hole program are complete, and drilling is expected to extend through January, 2022.
  • Steady drill results are expected to be released through Q1 of 2022.

To date 30 reverse circulation drill holes have been completed at Gold Range as part of an ongoing program expected to extend through January. Currently twenty holes have been completed at the Excelsior zone and 10 have been completed at Eldorado. Drilling between the Excelsior and Eldorado zones and the testing of additional exploration targets is scheduled for January.

The Excelsior zone has now been tested over a strike length of 350 metres, over widths of 100 metres, and to depths exceeding 100 metres. Assay results for holes GR21-54, and GR21-57 to 59, all from the Excelsior zone, have been received and are presented here. A drill hole location map is shown on Figure 1, cross section D-D' with holes GR21- 54 and 57 is shown on Figure 2 and cross section G - G' with holes GR21-58 and 59 is shown on Figure 3.

Hole GR21-57 is a 50 metre step out on the southwest side of the Excelsior zone. The hole intersected 1.0 g/t gold over 59.45 metres starting from surface and represents the longest continuous zone of gold mineralization encountered on the property to date with near continuous mineralization from the start to the end of the hole. Hole GR21-57 encountered significant mineralization withing the footwall of the Excelsior Vein and opens up a wide zone of near surface mineralization potentially extending further northeast (see Figure 2). This 59.45 metre interval includes nine isolated 1.52 metre wide samples containing only anomalous gold. If these 9 samples are excluded from the interval the zone returns 1.3 g/t gold over 45.7 metres. Hole GR21-57 also returned high grade intervals including 3.7 g/t gold over 6.1 metres and 9.5 g/t gold over 1.52 metres. This sizeable mineralized zone remains open for expansion to the east and to depth. Hole GR21-54 tested the northwest side of section D-D' and returned anomalous gold with narrow mineralized intercepts, potentially bounding mineralization in this direction.

Holes GR21-58 and GR21-59 tested the central part of the Excelsior zone and successfully extended mineralization over 75 metres down dip where the zone remains open. Hole GR21-59 returned high grades of 1.8 g/t gold over 19.82 metres, including 4.1 g/t gold over 7.63 metres. Hole GR21-58 returned a broad interval grading 0.4 g/t gold over 33.54 metres and suggests the mineralized zone might widen with depth in the central Excelsior area (see Figure 3).

Dr. Shane Ebert, President of the Company stated, "The long intercepts encountered in holes GR21-57 and 58 are starting to highlight the size potential of the bulk tonnage target at Excelsior with the zone showing excellent expansion potential along the northeast trend of mineralization. In addition to the broad envelopes of material with grades around 0.5 to 2 g/t gold, it is very encouraging that we consistently see higher grades within the core of the system, as grade can certainly be a key driver of value in these heap leach targets".

Highlights from reverse circulation drill holes GR21-54, and 57 to 59.

Drill Hole

From (m)

To (m)

Width (m)*

Au g/t

GR21-54

47.26

48.78

1.52

0.9

GR21-57**

0

59.45

59.45

1.0

including

0

7.62

7.62

2.1

including

27.44

59.45

32.01

1.4

including

27.44

28.96

1.52

9.5

including

41.16

47.26

6.1

3.7

GR21-58

50.3

83.84

33.54

0.4

including

51.83

53.35

1.52

3.2

GR21-59

38.11

57.93

19.82

1.8

including

39.63

47.26

7.63

4.1

*Drill hole intercepts, true widths have not been determined. Grades have not been capped in the averaging. **Includes isolated weakly anomalous intervals with maximum widths of 1.52 metres.

Drilling Summary

Thirty holes have been completed during the ongoing drill program at Gold Range for a total of 3014 metres drilled (9890 feet). The drill program is anticipated to consist of around 50 holes and 5000 metres of drilling and could be complete around the end of January.

Finalized results for 4 holes have been received and released. Addition results will be released in batches over the next months as they are received and interpreted. The current drill program is designed to test the expansion potential and continuity of the Excelsior, Eldorado, and Malco zones, and test additional exploration targets on the property.

Figure 1. Drill hole location map for the Gold Range Property with inset showing detailed drill holes and cross section locations for the Excelsior zone.

Figure 2. Cross section D - D' through the Excelsior Mine. See Figure 1 for section location.

Figure 3. Cross section G - G' through the Excelsior Mine. See Figure 1 for section location.

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.

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
President/Director

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.

For Further Information Contact:

Shane Ebert at 1.250.964.2699 or
Jean Pierre Jutras at 1.403.233.2636
Web: https://www.canexmetals.ca

SOURCE: Canex Metals Inc.



View source version on accesswire.com:
https://www.accesswire.com/677997/CANEX-Drills-the-Longest-Continuous-Zone-of-Gold-Mineralization-at-Gold-Range-to-Date-Intersecting-10-gt-gold-over-595-meters-Including-14-gt-gold-over-32-metres

News Provided by ACCESSWIRE via QuoteMedia

CANX:CA
The Conversation (0)
Canex Closes C$2.5 Million Equity Financing And Welcomes Strategic Investor Michael Gentile, CFA

Canex Closes C$2.5 Million Equity Financing And Welcomes Strategic Investor Michael Gentile, CFA

Canex Metals Inc. ("CANEX" or the "Company") is pleased to announce that it has closed it's previously announced C$2.5 million private placement

Highlights

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less
Surface Results Expand the Main Mineralized Trends at Gold Range and Identify New Exploration Targets

Surface Results Expand the Main Mineralized Trends at Gold Range and Identify New Exploration Targets

Canex Metals Inc. (TSXV:CANX)(OTC PINK:NOMNF)(FRA:NJM1) ("CANEX" or the "Company") is pleased to announce exploration results for 670 soil samples and 42 rock samples from the Gold Range Project, Arizona. These surface sampling results combined with geologic mapping have added new exploration targets and increased our understanding of, and confidence in, the 3-kilometre-long oxide gold exploration target at Eldorado-Malco-Excelsior

Highlights

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less
Drilling Resumes at Gold Range, CANEX Provides Exploration Update

Drilling Resumes at Gold Range, CANEX Provides Exploration Update

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

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less
cyanide test kit

Exploration and Expansion Drilling Is Underway at the Gold Range Project, Arizona

Canex Metals Inc. ("CANEX" or the "Company") is pleased to announce that a reverse circulation drill program is underway at the Gold Range Project, Arizona. Three holes have been completed at the Excelsior Zone and a fourth is in progress. The Company plans to drill up to 50 holes during the current drilling program

Dr. Shane Ebert, President of the Company stated, "We are very pleased to have started our third drill program at Gold Range and are excited to follow up our recent bulk tonnage discoveries and work to expand the zones and further test the underexplored mineralized trend that hosts mineralization. With continued success this program could provide a solid foundation for a larger resource definition program".

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less
canex

CANEX Reports Cyanide Soluble Gold Recoveries of 94 to 99% from Bottle Roll Tests at Gold Range, Arizona Drill Rig Mobilizing

Canex Metals Inc. (TSXV:CANX) ("CANEX" or the "Company") is pleased to announce exceptional cyanide soluble gold recoveries from bottle roll test work on mineralized samples from the Gold Range Project, Arizona

Highlights

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less
R3D Resources

$1.5 Million in Firm Commitments Received for Capital Raisings

$0.5 million partial underwrite of the Rights Issue & $1.0 million in further debt or equity to be raised by end April 2024

R3D Resources Limited (ASX: R3D) (the Company) (renamed Tartana Minerals Limited) is pleased to provide an update on the 1 for 5 pro rata entitlement offer of New Shares in the Company at an issue price of $0.05 per New Share, as well as 1 attaching Option exercisable at $0.10 expiring 31 December 2025 for each 2 New Shares subscribed for (the Rights Issue) which opened in November 2023.

Keep reading...Show less
Brightstar Resources

Successful Completion of A$12 Million Share Placement

Brightstar Resources Limited (Brightstar or the Company) (ASX: BTR) is pleased to report that it has received firm commitments for a placement of new fully paid ordinary shares in the Company (Shares) at A$0.014 per Share to raise A$12 million (before costs) (Placement).

Keep reading...Show less
Peter Schloo, president and CEO of Heritage Mining.

Heritage Mining Gears up for 2024 Exploration at Drayton-Black Lake Project

Heritage Mining (CSE:HML) is gearing up for more drilling in 2024 following a successful drill program in 2023, the results of which confirmed the presence of multiple high-grade instances of gold and silver mineralization.

“We're advancing, and we were probably the most active in 2023 from an exploration perspective,” said Peter Schloo, president and CEO of Heritage Mining. “So we have a lot of news to come and, you know, the stocks are looking really good.”

The company will be conducting ground induced polarization drilling to further define the deposit potential at the Alcona and New Millennium targets within its flagship Drayton-Black Lake project.

Keep reading...Show less
FREEGOLD ANNOUNCES CLOSING OF $10 MILLION BROKERED PRIVATE PLACEMENT FINANCING

FREEGOLD ANNOUNCES CLOSING OF $10 MILLION BROKERED PRIVATE PLACEMENT FINANCING

Freegold Ventures Limited (TSX: FVL) (" Freegold " or the " Company "), is pleased to announce that further to its news release of March 8, 2024 the Company has closed its upsized brokered private placement offering for aggregate gross proceeds of $10,000,000 ). Paradigm Capital acted as sole agent (the " Agent ") on the Offering.

In connection with the Offering, the Company entered into an agency agreement (the " Agency Agreement ") dated March 26, 2024 , between the Company and the Agent. In accordance with the Agency Agreement, 25,000,000 units of the Company (the " Units ") were issued at a price of $0.40 per Unit. Each Unit is comprised of one common share of the Company (a " Unit Share ") and one-half of one common share purchase warrant of the Company (each whole warrant, a " Warrant "). Each Warrant is exercisable to acquire one common share of the Company (a " Warrant Share ") for 24 months from today's date at an exercise price of $0.52 per Warrant Share.

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
Advancing Multiple Gold Discoveries in Proven Jurisdictions

Advancing Multiple Gold Discoveries in Proven Jurisdictions

Focused on adding value through cost effective minerals exploration and discovery

This Presentation has been prepared as a summary only and does not contain all information about Many Peaks Minerals Limited’s (“MPK” or the “Company”) assets and liabilities, financial position and performance, profits and losses, prospects and rights and liabilities. The information in this Presentation and made to you verbally is subject to updating, completion, revision, further verification and amendment without notice.
Keep reading...Show less
Siren Gold

Significant Mineralisation Intersected at Auld Creek

Siren Gold Limited (ASX: SNG) (Siren or the Company) is pleased to provide an update on its Auld Creek Prospect.
Keep reading...Show less

Latest Press Releases

Related News

×