Canex Metals discovers new gold zone at Gold Range, Arizona
Canex Metals Inc. [CANX-TSXV; NOMNF-OTC] has released assay results for holes GR20-6 to 9 from the recent reverse circulation drilling program at the 100%-optioned Gold Range project, northern Arizona.
Highlights
Drilling at the western side of the Eldorado target has discovered a new zone of disseminated gold mineralization. Results include 0.9 g/t gold over 27.4 metres within a larger interval grading 0.5 g/t gold over 50.3 metres starting from surface in strongly oxidized material. The discovery remains open in all directions. Holes GR20-6 to 9 intersected elevated gold over most of their lengths providing evidence for a large gold-bearing event.
Holes GR20-8 and GR20-9 were drilled on the west side of the Eldorado Zone to test a gold-in-soil anomaly and the down-dip extension of the Eldorado vein. Both holes intersected significant zones of gold mineralization starting immediately below 1.5 metres of surface overburden.
Hole GR20-8 intersected 0.5 g/t gold over 24.4 metres starting at 1.5 metres depth, plus a second mineralized zone grading 0.2 g/t gold over 25.9 metres from 61 to 86.9 metres depth. Hole GR20-9 intersected 0.5 g/t gold over 50.3 metres starting at 1.5 metres depth, including 0.9 g/t gold over 27.4 metres from 6.1 to 33.5 metres depth.
Dr. Shane Ebert, President, stated: “Holes GR20-8 and GR-20-9 represent a new discovery of disseminated gold mineralization on the Gold Range property. The holes hit mineralization below 1.5 metres of cover, and the zone remains open in all directions.
“Preliminary geologic interpretation indicates this could be part of an intrusion-related gold system, which would be significant, as these systems are highly sought after due to their large size potential. The company’s focused systematic approach to advancing and understanding the large mineralized footprint at Gold Range is paying off, and we have now drilled two zones showing significant mineralization potential, the Pit Expansion and the Eldorado zones.”
Fourteen holes for a total of 1,481 metres of drilling were completed at Gold Range during August and September, 2020.