Canex Metals drills 21.3 metres of 1.3 g/t gold at Gold Range Project, Arizona

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Canex Metals Inc. [CANX-TSXV; NOMIF-OTC] reported assay results have been received for eight additional drill holes from its 2021 reverse circulation drilling program at the 100%-optioned Gold Range Project min northern Arizona.

Two zones of gold mineralization have been encountered in hole GR21-25, an upper zone containing 0.3 g/t gold over 10.6 metres starting at a 22.9-metre depth, and a higher grade and thicker lower zone containing 1.3 g/t gold over 21.3 metres starting at 54.9 metres.

The lower zone in hole GR21-25 intersected a higher-grade interval containing 2.4 g/t gold over 10.6 metres, including 5.1 g/t over 4.5 metres, and the hole ended in mineralization.

The presence of two near-surface stacked zones of gold mineralization opens up the size potential of the Eldorado target.

Results for 21 additional drill holes from the Gold Range project are pending.

Results for reverse circulation drill holes GR21-20 to 27 from the company’s 2021 drilling program at the Gold Range project have been received and are presented here. These holes were drilled at the Eldorado Zone, where the company discovered bulk-tonnage-style gold mineralization potential in late 2020.

Holes GR21-24, 25 and 26 were all drilled from the same pad and oriented at different azimuths to test a broad area, and all three holes hit gold mineralization.

Dr. Shane Ebert, President, stated: “All of the holes drilled at Eldorado to date have intersected anomalous gold and most have returned significant intervals grading 0.2 g/t and above. This drill program is confirming and expanding our initial discovery and helping us understand the zone, which still remains open in multiple directions and at depth. Hole GR21-25 is especially significant as the recognition of multiple stacked gold zones further increases the size potential of the system. The intercept of 1.3 g/t gold over 21.3 metres seen in hole GR21-25 is a highly encouraging grade in the context of bulk-tonnage oxidized gold targets in the Western United States, which can have cut-off grades below 0.2 g/t and average grades around 0.5 g/t gold.”

Results for an additional 21 drill holes are pending and will be released as they are received, compiled and interpreted.


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