CALGARY - CANEX Metals Inc. (TSXV: CANX) (OTC PINK: NOMNF) (FRA: NJM1) ('CANEX' or the 'Company') is pleased to announce that reverse circulation drilling has resumed at the Gold Range Project, Arizona, after a scheduled holiday break.
The drill is set up at the Excelsior Zone where several new holes have been added to the program to delineate the mineralized zone encountered in hole GR21-57, which intersected 1.0 g/t gold over 59.45 metres starting from surface and ending in mineralization. Hole GR21-57 intersected the longest continuous zone of mineralization encountered at Gold Range to date and represents a compelling target for the Company
The ongoing drill program is anticipated to consist of around 50 holes and 5000 metres of drilling and could be expanded with continued success. To date 30 holes have been completed and sent for assay. Results for 4 holes have been released and assays for the remaining 26 holes are pending and will be released in batches as they are received and processed. The Company anticipates steady news flow through Q1 of 2022.
Over the holiday break, the Company was able to both redesign its ongoing program to follow up on the GR21-57 wide intersection, as well as secure additional drill pipe in order to test the system to greater depths. Systematic soil sampling data over the Excelsior-Malco-Eldorado corridor has been received and is being compiled to guide drill targeting over this large bulk tonnage target.
Dr. Shane Ebert, President of the Company stated, 'We are excited to resume drilling at Gold Range and will initially focus on expanding the wide mineralized intercept encountered in hole GR21-57 with 8 or 9 additional holes. Hole GR21-57 was basically mineralized from top to bottom and the mineralized zone at Excelsior could be getting significantly wider toward the south, where the zone approaches a key structural intersection which conceptually is a great target for larger and/or higher-grade zones of mineralization. The southern projection of the zone is within a flat covered area that has not been systematically tested previously'.
Gold Range Exploration Summary
Since assembling the Gold Range property as a grass roots exploration target, CANEX has conducted extensive surface mapping, flown a drone magnetic survey, collected 692 surface rock samples, 3078 surface soil samples, conducted positive bottle roll metallurgical test work, and drilled 6853 metres in 78 holes. Ongoing surface exploration is adding to the understanding of existing targets and continually identifying new ones which will be systematically advanced, prioritized and drill tested.
To date, multiple large gold exploration targets have been identified highlighted by the 3 kilometre long mineralized corridor stretching from the Eldorado to the Excelsior Zones. This mineralized corridor hosts structurally controlled high grade and bulk tonnage style gold mineralization and initial drill testing has returned multiple intercepts of oxide gold mineralization starting at surface.
About CANEX Metals
CANEX Metals (TSX.V:CANX) is a Canadian junior exploration company focused on advancing its Gold Range Project in Northern Arizona. 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. CANEX has identified several bulk tonnage oxide gold targets at its Gold Range Project. Recent drilling has identified near surface bulk tonnage gold zones along a 3 km long highly prospective trend that has seen limited modern exploration. The Company's current focus is on step out drilling along strike and to depth to demonstrate the scale of the project.
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. 
