Contract For The Gold Range Arizona Project
CALGARY, AB - CANEX Metals Inc. has signed a reverse circulation drill contract with a major international drilling company to drill a minimum of 1829 meters (6000 feet) at the Companies Gold Range Project in Arizona. Drilling is scheduled to start and will include up to 30 drill holes testing multiple priority targets. Drilling will initially focus on confirming and expanding the recently discovered zone of bulk tonnage style mineralization at the Eldorado Zone. This zone is highlighted by drill hole GR20-9 which intersected 27.3 meters grading 0.9 g/t gold starting at surface. The Company anticipates up to 15 short holes in this zone to confirm and expand the near-surface bulk tonnage discovery.
The recently optioned Excelsior Mine which has seen considerable historic underground and more recent open pit production will be drill tested during the upcoming program. The target at Excelsior is very similar to Eldorado and contains a shallow dipping high grade vein, 0.5 to 2 meters wide, that has returned grades from limited chip sampling ranging from 3.8 g/t gold over 1 meter to 45.4 g/t gold over 0.5 meter. Surrounding this high-grade vein is a halo of quartz veinlets and altered and mineralized intrusive dikes that have returned grades ranging from 0.7 g/t gold over 1 meter to 20.9 g/t gold over 0.3 meters. Approximately 10 drill holes are planned at Excelsior to test the high-grade vein and the surrounding bulk tonnage halo.
Drilling is also being planned for the Central Zone and historic Lillian Mine area where CANEX has defined a gold in soil anomaly almost 1 kilometer long and which likely extends onto the Lillian Mine area, which has not yet been soil sampled. Drilling in this area will target a series of sub parallel veins within a 100 meter wide corridor that have returned strong gold values including 11.2 g/t gold over 1 meter, 8.8 g/t gold over 0.3 meters, and 7.4 g/t gold over 0.2 meters.
The Gold Range Property is located in Northern Arizona within an underexplored belt containing historic load and placer gold production. CANEX has identified widespread gold mineralization within a 3 kilometer by 5 kilometer area including two gold-in-soil anomalies that are up to a kilometer in scale. Drilling in August and September identified near surface bulk tonnage gold potential at the Eldorado Zone with Hole GR20-9 returning 0.9 g/t gold over 27.3 meters including 5.9 g/t gold over 1.5 meters. Hole GR20-8 drilled from the same pad as GR20-9 returned 0.5 g/t gold over 24.4 meters starting from surface. The new discovery correlates with a strong gold in soil anomaly and sheeted quartz veinlets and stockworks within metamorphic rocks.