CanEx Metals drills 1.4 g/t gold over 6.09 metres at Gold Range, Arizona

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CanEx Metals Inc. [CANX-TSXV] reported results from seven reverse circulation drill holes and observations from recent surface work at the 100%-optioned Gold Range project, Mohave County, Arizona.

Highlights: Step-out drilling on the east side of the Excelsior Zone has intersected a mineralized zone that is interpreted to run parallel to the main Excelsior mineralized trend, potentially opening up new mineralized oxide gold zones within a larger mineralized corridor. This is highlighted by hole GR22-97 which intersected 1.4 g/t gold over 6.09 metres.

Drilling at the Eldorado Zone has expanded mineralization up to 75 metres to the northwest and continues to define a flat dipping near-surface oxide gold zone.

Fieldwork recently completed at the GoldWest Target has defined a new 500-metre long shallow-dipping zone of quartz veining in granite directly associated with a gold in soil anomaly. The zone remains open along strike and evidence for additional parallel mineralized zones is indicated, providing a new and compelling drill target.

Results for 11 reverse circulation drill holes are pending.

Assay results from drill holes GR22-97 to 103, from the Excelsior, Malco, and Eldorado zones, have been received and are presented here.

Assay results for 7 reverse circulation holes are presented here. Two holes were drilled on the east side of the Excelsior zone testing for parallel zones of gold mineralization. Hole GR22-97 successfully encountered a new gold zone to the east of Excelsior, returning 1.4 g/t gold over 6.09 metres including 4.6 g/t gold over 1.52 metres. This intercept is interpreted to line up with a zone of mapped surface mineralization defining a new parallel gold trend to Excelsior. With an amended surface exploration permit now in hand, the company can fully explore this target and test for additional parallel zones of mineralization within a larger target corridor that exceeds 500 metres in width. Holes GR22-98 and GR22-99 did not encounter significant mineralization.

Holes GR22-101, 102 and 103 were drilled at the Eldorado Zone. Hole GR22-101 has expanded the known mineralized zone up to 75 metres to the northwest, intersecting 3 zones of mineralization grading 0.2 g/t gold over 18.3 metres, 0.3 g/t gold over 4.57 metres, and 0.4 g/t gold over 10.64 metres. The Eldorado zone is showing potential for a near-surface zone of oxide gold mineralization that is at least 175 metres wide, by 250 metres long, by 50 metres thick. The extent of mineralization has not been fully delineated.

Assay results for 11 drill holes from the summer drill program will be released once they are complete and have been interpreted and compiled. Of these holes, 4 tested new targets in the central and northern part of the claim block in areas not drilled previously.

The exploration and drilling work completed on the Excelsior and Eldorado Zones, as well as multiple additional areas on the Gold Range Property are showing good potential to host near surface potentially bulk mineable oxide gold zones. Planning is currently underway for the next round of exploration drilling.

A preliminary surface mapping and sampling program has recently been completed at the Gold West Target also covering a recently purchased past-producing gold claim within the anomaly. The program focused on identifying structural and lithologic controls on mineralization, extending soil coverage in the area, and rock chip sampling of known and suspected mineralized exposures.

Highlights of this work include the discovery of quartz veining within granitic rocks intruding along a shallow dipping thrust fault directly correlating with the main GoldWest gold-in-soil anomaly; the recognition of multiple shallow dipping potentially mineralized horizons within a roughly 100-metre-thick sequence of exposed rocks; increased quartz veining and potential mineralization at the intersections of shallow dipping faults and steeply dipping feeder faults.

Results from 11 reverse circulation drill holes at Gold Range are pending and will be released once received, compiled and interpreted.

The Gold Range project is a new bulk-tonnage oxide-gold target located within an underexplored metamorphic terrain in northern Arizona. Canex controls 5 km of strike length along a highly prospective district scale structure where mineralization is being defined through surface sampling, mapping, and reverse circulation drilling. The main exploration target defined by surface work is 3,200 metres long by up to 500 metres wide with multiple subparallel exploration targets identified. The target zone remains open along strike under basin cover. Drilling by CanEx has returned strong results including 1 g/t gold over 59.5 metres, 1.6 g/t gold over 35.1 metres, 2.2 g/t gold over 24.4 metres, and 0.3 g/t gold over 62.5 metres.

CanEx Metals has also discovered high-grade silver and gold mineralization at the Gibson property in British Columbia.

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