Intersections At The Eldorado Bulk Tonnage Oxide Gold Target

CALGARY, AB - CANEX Metals Inc. reported assay results have been received for 8 additional drill holes from the Company's 2021 reverse circulation drilling program at the Gold Range Project, Arizona. Highlights: Two zones of gold mineralization have been encountered in hole GR21-25, an upper zone containing 0.3 g/t gold over 10.6 meters starting at 22.9 meters depth, and a higher grade and thicker lower zone containing 1.3 g/t gold over 21.3 meters starting at 54.9 meters; The lower zone in hole GR21-25 intersected a higher grade interval containing 2.4 g/t gold over 10.6 meters including 5.1 g/t over 4.5 meters, and the hole ended in mineralization; The presence of 2 near surface stacked zones of gold mineralization opens up the size potential of the Eldorado target; and Results for 21 additional drill holes from the Gold Range Project are pending.

Results for reverse circulation drill holes GR21-20 to 27 from the Company's 2021 drilling program at the Gold Range project have been received and are presented here. These holes were drilled at the Eldorado Zone where the Company discovered bulk tonnage style gold mineralization potential in late 2020. The location, orientation. Holes GR21-24, 25 and 26 were all drilled from the same pad and oriented at different azimuths to test a broad area, and all three holes hit gold mineralization. Holes GR21-24, 25, and 27 are shown on cross section D-D'. Hole GR21-25 was oriented towards the north and tested a mostly covered area returning strong gold mineralization in two mineralized zones that are interpreted to be flat dipping. The upper mineralized zone in hole GR21-25 returned 0.3 g/t gold over 10.6 meters starting at 22.9 meter depth, the lower zone returned 1.3 g/t gold over 21.3 meters starting at 54.9 meters depth, with the hole ending in mineralization. The lower zone in hole GR21-25 contains a zone of higher grade mineralization containing 2.4 g/t gold over 10.6 meters, including 5.1 g/t gold over 4.5 meters. The upper and lower mineralized zones appear to increase in grade toward the northwest where they remain open for expansion. Holes GR21-25 and 26 are strongly oxidized over their entire lengths suggesting a deep level of oxidation within the mineralized area.

Shane Ebert, President, said, "All of the holes drilled at Eldorado to date have intersected anomalous gold and most have returned significant intervals grading 0.2 g/t and above. This drill program is confirming and expanding our initial discovery and helping us understand the zone which still remains open in multiple directions and at depth. Hole GR21-25 is especially significant as the recognition of multiple stacked gold zones further increases the size potential of the system. The intercept of 1.3 g/t gold over 21.3 meters seen in hole GR21-25 is a highly encouraging grade in the context of bulk tonnage oxidized gold targets in the Western United States, which can have cut off grades below 0.2 g/t and average grades around 0.5 g/t gold".