CALGARY - CANEX Metals Inc. ('CANEX' or the 'Company') is pleased to announce the results from 10 reverse circulation drill holes from the Eldorado Zone at the Gold Range Project located in northern Arizona.
The Company is also pleased to announce that reverse circulation drilling has resumed at Gold Range.
Highlights
Hole GR21-73 intersected 1.8 g/t gold over 6.1 metres within a wider interval of 0.6 g/t gold over 30.5 metres starting at 12.2 metres depth.
Hole GR21-77 intersected 5 mineralized horizons including 1.1 g/t gold over 7.6 metres.
Hole GR21-71 intersected 3 mineralized horizons including 0.5 g/t gold over 10.6 metres beginning at surface.
Hole GR21-69, a 220 metre step out hole to the north of Eldorado, intersected 3 mineralized horizons ranging from 3 to 30.5 metres thick (drill intercepts) demonstrating good expansion potential.
Reverse circulation drilling has resumed at Gold Range.
Assay results for 18 drill holes are pending from multiple targets on the property.
Dr. Shane Ebert, President of the Company stated, 'We are very pleased to resume drilling at Gold Range and continue to test and understand this significant mineralized system which we have successfully expanded with each exploration program. Drilling will start at the Excelsior zone which is proving to be a higher-grade part of the system and will then expand outwards to test the large-scale potential of the project. The results from the Eldorado zone confirm multiple mineralized horizons over a sizable area and we look forward to additional results from the Malco and Excelsior zones which occur along strike, to better understand the potential to expand and possibly join the 3 zones into one larger deposit.'
A reverse circulation drill rig has been mobilized to Gold Range and will continue to expand known zones and test new targets within the existing permit areas. A new exploration permit amendment is in progress and once received will allow systematic drill testing of the larger scale exploration potential recently defined over a strike length exceeding 3.2 kilometres and over widths up to 500 metres.
About Gold Range
The Gold Range project is a new bulk-tonnage oxide-gold target located within an underexplored metamorphic terrain in Northern Arizona. CANEX controls 5 kilometres 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 3200 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.
About CANEX Metals
CANEX Metals (TSX.V:CANX) is a Canadian junior exploration company with a new gold discovery at the Gold Range Project in Northern Arizona, and high silver and gold mineralization at the Gibson property in British Columbia. CANEX is led by an experienced management team which has made three notable porphyry and bulk tonnage discoveries in North America and is sponsored by Altius Minerals (TSX: ALS) the Company's largest shareholder.
Contact:
Shane Ebert
Tel: 1.250.964.2699
Web: http://www.canexmetals.ca
Except for the historical and present factual information contained herein, the matters set forth in this news release, including words such as 'expects', 'projects', 'plans', 'anticipates' and similar expressions, are forward-looking information that represents management of CANEX Metals Inc. internal projections, expectations or beliefs concerning, among other things, future operating results and various components thereof or the economic performance of CANEX. The projections, estimates and beliefs contained in such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause CANEX's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, those described in CANEX's filings with the Canadian securities authorities. Accordingly, holders of CANEX shares and potential investors are cautioned that events or circumstances could cause results to differ materially from those predicted. CANEX disclaims any responsibility to update these forward-looking statements.
CANEX METALS INC. 
