Canex Metals drills 12.19 m of 1.2 g/t Au at Gold Range, Arizona

Canex Metals Inc. [CANX-TSXV; NOMNF-OTC] reported results from 11 reverse circulation drill holes from the 100%-optioned Gold Range Project in northern Arizona and the receipt of an amended exploration permit for the project.

Highlights include Hole GR22-91 that made a new drill discovery at the Central Zone returning 0.7 g/t gold over 9.15 metres and 0.6 g/t gold over 18.29 metres, for a cumulative mineralized interval of 27.44 metres grading 0.6 g/t gold.

The Central Zone discovery occurs within a 1,000 by 200-metre gold in soil anomaly associated with intrusive dikes, alteration, and quartz veining and is emerging as another area on the property with potential to host near-surface bulk tonnage gold resources.

Gold mineralization was also encountered at Lillian near the northwest end of the Central Zone, with hole GR22-92 returning 1.0 g/t gold over 4.57 metres.

Step-out drilling at Excelsior continues to expand mineralization, with hole GR22-86 intercepting 0.5 g/t gold over 18.29 metres, hole GR22-87 intersecting 1.2 g/t gold over 7.62 metres, and hole GR22-90 intersecting 1.2 g/t gold over 12.19 metres.

An amended exploration permit has been received allowing the Company to construct up to 40 additional drill pads on federal lands. This permit will enable further drill expansion of known zones, testing of new targets, and drill evaluation of the recently recognized 3.2-km by 500-metre wide oxide gold trend running from Eldorado to Excelsior. Assay results for 18 drill holes are pending.

Assay results for drill holes GR22-86 to 96, from the Excelsior, Central, Lillian, and Malco zones, have been received and are presented in the original press release. Nine of the 11 holes encountered significant gold mineralization (holes GR22-89 and GR22-94 did not encounter significant mineralization).

GR22-91 was drilled at the Central Zone during the January to March 2022 program resulting in a new drill discovery. Hole GR22-91 intersected two mineralized intervals returning 0.7 g/t gold over 9.15 metres from 15.24 metres depth and 0.6 g/t gold over 18.29 metres from 47.26 metres depth including 1.1 g/t gold over 7.62 metres.

Hole GR22-91 intersected a cumulative mineralized interval of 27.44 metres grading 0.6 g/t gold and demonstrates the potential for Central to host significant zones of gold mineralization. Hole GR22-92 was drilled 490 metres to the northwest and also intersected mineralization returning 1.0 g/t gold over 4.57 metres. Follow up drilling has been conducted at the Central Zone.

Holes GR22-86 to 90 were drilled at Excelsior and focused on extending and defining the southern part of the mineralized zone, now defined over a 500-metre strike length and remains open. Hole GR22-86 intersected four mineralized zones for a cumulative total of 36.58 metres of mineralization between 0 and 79.27 metres depth, the largest zone being 18.29 metres grading 0.5 g/t gold from 60.98 metres. Hole GR22-87 intersected three mineralized zones including 1.2 g/t gold over 7.62 metres from 6.1 metres depth. Hole GR22-90 intersected 1.2 g/t gold over 12.19 metres from 33.54 metres depth.

Hole GR22-93 to 96 tested the Malco Zone, with hole GR22-93 returning 0.7 g/t gold over 4.57 metres from 22.87 metres depth and hole GR22-96 returning 0.4 g/t gold over 7.62 metres. Two follow up drill holes have tested the east side of Malco.

Dr. Shane Ebert, president, “We are very pleased to have identified bulk tonnage gold potential in drilling at the Central Zone. The drill discovery remains open in all directions and will see substantial expansion drilling as the project advances. The large size of the Central Zone gold in soil and alteration footprint suggests a sizable exploration target in this area, second only to the larger Excelsior to Eldorado trend to the south.

“Drilling at Excelsior continues to return strong grades, locally exceeding 1 g/t gold, and we are happy to see the zone expanding with each successive drill program.”

During the current RC drill program, 18 holes were completed for 3,027 metres. This brings the total number of holes by Canex at Gold Range to 144, for a total of 12,249 metres.

The Gold Range project is a new bulk-tonnage oxide-gold target located within an underexplored metamorphic terrain. Canex controls 5 km of strike length. 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 is sponsored by Altius Minerals [ALS-TSX], its largest shareholder.