Canex Metals makes new discovery at Gold Range, Arizona

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Canex Metals Inc. [CANX-TSXV] reported results from five reverse circulation drill holes from the maiden drill test of the WestGold target at the Gold Range project, Arizona.

Highlights: The first holes ever drilled into the WestGold target have resulted in a new drill discovery with hole GR23-120 returning 0.7 g/t gold over 35 metres, including 1.9 g/t gold over 10.67 metres and 2.5 g/t gold over 7.6 metres.

Hole GR23-118 intersected 0.2 g/t gold over 54.9 metres including 0.4 g/t gold over 15.2 metres, along with three additional mineralized intervals at depth.

A flat-dipping structural control on the WestGold discovery combined with significant mineralized intercepts in holes GR23-118 and 120, indicate potential for a large near-surface zone of oxide-gold mineralization at WestGold.

WestGold is located 450 metres west of known mineralization at Eldorado, extending the known strike length of the main mineralized trend on the property to 4 km.

Results for 19 drill holes are pending, including holes testing the Shaft target, targets parallel to Excelsior, and the main Excelsior Zone along strike and to depth.

Dr. Shane Ebert, president, stated: “These significant drill intercepts at WestGold further highlight the prospectivity of the Gold Range Project and our Teams ability to identify and successfully drill test new targets. Recognizing a flat dipping structural control at WestGold is key to understanding the size potential of the mineralized zone, which could extend over an area hundreds of metres by hundreds of metres sitting in an ideal setting close to surface near the top of a large hill. We look forward to further advancing the WestGold zone through focused exploration work, including drilling, to fully assess the scale and grade of the mineralized system.”

All five holes successfully intersected gold mineralization with holes GR23-118 and 120 intersecting gold zones containing significant grades and widths.

Holes GR23-118 and GR23-120 are excellent initial results from a large zone that remains wide open for testing and expansion.

The March to April reverse circulation drill program at Gold Range is now complete. A total of 24 holes were drilled for 3150.9 metres of drilling. Five holes were drilled at the WestGold target, 2 holes at the Shaft target, 7 holes tested targets parallel to Excelsior, and 10 holes tested the expansion potential of the Excelsior Zone along strike and down dip.

Results for 19 holes are pending and will be released as they are received, validated, and interpreted.

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