canex t

CANEX Intersects 2.2 g/t Gold over 18.3 metres in Final Drill Results from the Excelsior Mine, gold Range Project, Arizona, New Field Program Underway

Canex Metals Inc. (TSXV:CANX) ("CANEX" or the "Company") is pleased to announce assay results have been received for the final 3 drill holes from the Company's winter 2021 reverse circulation drilling program at the Gold Range Project, Arizona

Highlights

  • Hole GR21-46 from the historic Excelsior Mine returned 2.2 g/t gold over 18.3 metres, including 3.4 g/t gold over 10.7 metres.
  • Holes GR21-47 returned 1.2 g/t gold over 15.2 metres, including 6.4 g/t gold over 2.5 metres.
  • The mineralized zone encountered in holes GR21-46 and 47 starts at surface, has been traced to 50 metres depth, and remains open for expansion at depth and along strike.
  • A field program is underway at Gold Range consisting of geologic mapping, soil sampling, and drill pad construction in preparation for a third drill program on the property.

Results for reverse circulation drill holes GR21-46 to 48 from the Company's 2021 drilling program at the Gold Range project have been received and are presented here. A map showing drill hole locations is shown on Figure 1 and a cross section showing the holes is shown in Figure 2.

Holes GR21-46 to 48 all tested the middle portion of the Excelsior area and all holes returned strong mineralization as summarized in table 1. Hole GR21-46 intersected 2.2 g/t gold over 18.3 metres starting at 16.8 metres depth, including 3.4 g/t gold over 10.7 metres starting at 19.8 metres depth. This includes two high grade gold intervals of 8.2 g/t over 1.5 metres and 5.1 g/t over 1.5 metres. Hole GR21-47 intersected 1.2 g/t gold over 15.2 metres starting at 7.6 meters depth, including 6.4 g/t gold over 2.5 metres.

Dr. Shane Ebert, President of the Company stated, "The Excelsior zone continues to return very strong gold results and is showing excellent potential to host a substantial near surface gold deposit. CANEX has now completed 48 drill holes on the Gold Range property and has identified a new mineralized trend that is 3 kilometres long and potentially composed of multiple flat to moderately dipping mineralized zones showing substantial width potential. Within this trend the Company has intersected significant widths of oxidized and mineralized material exceeding 1 g/t gold, with zones locally exceeding 2 g/t gold. The large size potential and strong grades provide a compelling exploration target which the Company plans to aggressively advance".

A field program is currently underway at Gold Range including additional geologic mapping, up to 700 soil samples, and construction of drill pads in preparation for the next drilling program which could start later this month. Details of the next round of drilling at Gold Range are being finalized and will be announced shortly.

Highlights from reverse circulation drill holes GR21-46 to 48

Drill Hole

From (m)

To (m)

Width (m)*

Au g/t

GR21-46

16.76

35.05

18.29

2.2

including

19.81

30.48

10.67

3.4

including

19.81

21.34

1.53

8.2

including

25.91

27.43

1.53

5.1

GR21-47

7.62

22.86

15.24

1.2

including

16.76

19.29

2.53

6.4

GR21-48

12.19

24.38

12.19

0.3

GR21-48

27.43

30.48

3.05

0.5

*Drill hole intercepts, true widths have not been determined. Grades have not been capped in the averaging.

Figure 1. Gold Range Property showing drill holes in this release and the location of cross section F - F' at the historic Excelsior Mine.

Figure 2. Cross section F - F' through the Excelsior Mine.

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.

About Canex Metals

Canex Metals (TSX.V:CANX) is a Canadian junior exploration company focused on advancing its Gold Range Project in Northern Arizona. Led by an experienced management team, which has made three notable porphyry and bulk tonnage discoveries in North America, CANEX has identified and tested several targets which host the potential for bulk tonnage oxide gold mineralization at its Gold Range Project. Recent drilling has identified near surface bulk tonnage gold potential along a recently identified trend extending from the Eldorado to Excelsior Zones. Hole GR21-37 from Excelsior returned 1.6 g/t gold over 35.1 metres including 8.2 g/t gold over 4.6 metres. These new discoveries occur along a 3 kilometre long highly prospective mineralized trend that has seen limited modern exploration.

The Company remains focused on testing and advancing key exploration targets on the Gold Range Property through continued exploration and drilling.

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/654260/CANEX-Intersects-22-gt-Gold-over-183-metres-in-Final-Drill-Results-from-the-Excelsior-Mine-gold-Range-Project-Arizona-New-Field-Program-Underway

News Provided by ACCESSWIRE via QuoteMedia

The Conversation (0)
Many Peaks Minerals Ltd (ASX: MPK) – Trading Halt

Many Peaks Minerals Ltd (ASX: MPK) – Trading Halt

Description

The securities of Many Peaks Minerals Ltd (‘MPK’) will be placed in trading halt at the request of MPK, pending it releasing an announcement. Unless ASX decides otherwise, the securities will remain in trading halt until the earlier of the commencement of normal trading on Wednesday, 3 April 2024 or when the announcement is released to the market.

Keep reading...Show less
Don Hansen, gold bars.

Investor Education: Gold vs. US Dollar Outlook with Expert Don Hansen

Private investor Don Hansen has honed his resource sector investment approach for more than 20 years, and he shared his latest research in a conversation with the Investing News Network.

He discussed the US dollar's rise and fall as the world's reserve currency, as well as how China is shifting away from the dollar and toward gold. Hansen also went over data on the inverse relationship between the gold price and the S&P 500 (INDEXSP:.INX), explaining how decades-long patterns show where both are heading.

"The exciting part to me is when we look at the previous data you can see that the stock market phase is about to end. It's at a very high level and it's at the end of its period," he explained during the interview.

Keep reading...Show less
A small golden bull statue on top of US money.

Goldman Sachs Bullish on Commodities, Shares 2024 Price Calls for Gold and Copper

Goldman Sachs (NYSE:GS) is maintaining its bullish stance on commodities as they continue to enjoy strong cyclical and structural support, and as the US and Europe move closer to cutting interest rates.

The American investment bank said it sees raw materials potentially returning 15 percent in 2024.

“We find that US rate cuts in non-recessionary environments lead to higher commodity prices, with the biggest boost to metals (copper and gold in particular), followed by crude oil,” Bloomberg quotes analysts Samantha Dart and Daan Struyven as saying in a note this past Sunday (March 24). “Importantly, the positive impact on prices tends to increase with time, as the growth impulse from looser financial conditions filters through.”

Keep reading...Show less
Top 5 ASX Gold Stocks That Pay Dividends (Updated 2024)

Top 5 ASX Gold Stocks That Pay Dividends (Updated 2024)

If you're interested in gold stocks, it's worth taking a look at the top ASX gold stocks that pay dividends.

A dividend is a sum of money that is paid regularly by a company to a class of its shareholders out of its earnings. Dividends are often issued as cash payments, but can also be issued as stock or other property.

Read on for a deeper look at gold dividend stocks and a breakdown of the top five dividend-paying ASX gold stocks.

Keep reading...Show less
Falco Resources Ltd. (TSX.V: FPC)

Falco Reaches Another Major Milestone and Confirms Admissibility of Its Horne 5 Project’s Environmental Impact Assessment

Falco Resources Ltd. (TSX.V: FPC) (“Falco” or the “Corporation”) is pleased to announce the receipt of confirmation of the admissibility of its Environmental Impact Assessment (“EIA”) for the Horne 5 Project located in Rouyn-Noranda (the “Admissibility”) from the Ministry of the Environment, the Fight Against Climate Change, Wildlife and Parks (“MEFCCWP”).

Since the initial EIA filing in 2018, Falco has completed extensive field work and studies, in addition to providing the documentation in order to respond to questions and requests for information raised by the MEFCCWP. Driven by ESG principles, the EIA was conducted by a multidisciplinary team comprised of Falco’s employees, experts and partners, and highlights the Horne 5 Project’s benefits and impacts on its physical, biological and human environments. The EIA includes various measures to avoid, mitigate or compensate for these impacts, and to enhance the project’s overall benefits, in a strong corporate governance environment. The EIA and all related documentation are publicly available on the Environmental Assessment Register of the MEFCCWP.

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

Latest Press Releases

Related News

×