CANEX Metals Inc. and its 100% owned Arizona subsidiary CANEXCO Inc. announced that an exploration permit amendment has been accepted for the Gold Range Project, Arizona, and a surface exploration program will commence in March. In January 2024, the Company filed an exploration permit amendment for the Gold Range project to allow for new drill pads at the WestGold area to further expand upon a new gold discovery announced on May 8, 2023, where hole GR23-120 intersected 35 metres grading 0.7 g/t gold, including 7.6 metres grading 2.5 g/t gold. The permit amendment has been accepted by the Bureau of Land Management (BLM) subject to an increase in the reclamation bond amount of $6,060 (USD).

In total the Gold Range exploration permit (Notice of Work) allows for the construction of an additional 34 drill pads located mainly along the 4-kilometre strike length of the known mineralized trend. In March 2024, the Company will undertake a surface sampling and mapping program designed to fill in surface sampling and mapping gaps within and surrounding the WestGold area to aid in future drill planning. The Company sees potential to significantly expand the area of known gold mineralization at the Eldorado zone and further work will be conducted at that zone.

Additional target areas on the property will also be advanced and evaluated as future drill targets. The Company is planning to conduct shortwave infrared and near-infrared spectroscopy studies on samples from across the main deposits and along the entire 4-kilometre mineralized trend to identify alteration minerals and look for alteration patterns that might provide useful exploration vectors. CANEX personnel will also inventory and document the condition of recently acquired mine buildings and other assets at the Excelsior Mine.