Gold Range Project Additional Drill Holes

CALGARY, AB  - CANEX Metals Inc. reported that results have been received for 5 additional drill holes from the Company's 2021 reverse circulation drilling program at the Gold Range Project, Arizona.

Highlights: Drill holes GR21-31 and 32 tested the historic Malco Mine area and represent a 1.2 kilometer step out from the Eldorado Zone along the same district scale mineralized structure and highlights the size potential of the mineralized structure; Broad mineralized intervals were encountered in the holes including 0.3 g/t gold over 62.5 meters in hole GR21-31, including 0.7 g/t gold over 16.8 meters, with the hole ending in mineralization; and The zone returned higher grade intercepts of 1.4 g/t gold over 7.6 meters, 0.9 g/t gold over 10.7 meters, and 4.9 g/t gold over 1.5 meters.

Shane Ebert, President, said, "We are very encouraged to have hit broad zones of gold mineralization with a large step out, reinforcing our structural interpretation of a mineralized oxide gold target now supported by drill hole assays over 1.2 kilometers in strike length. The results of the 2021 drill campaign are really opening up the size potential of the Gold Range property with multiple targets open for expansion over a large area. The Company looks forward to receiving results from 16 additional holes that tested the historic Excelsior Mine area, a zone which is further along strike to the east and has seen considerable historic underground and surface mining but no modern exploration".

Holes GR21-31 and 32 tested the historic Malco Mine area located half-way between the Eldorado and Excelsior zones. Hole GR21-31 intersected 62.5 meters grading 0.3 g/t gold from 74.7 meters to the end of the hole at 137.2 meters, with mineralization remaining open at depth. The hole also intersected higher grade zones including 0.7 g/t gold over 16.8 meters and 1.4 g/t gold over 7.6 meters. Hole GR21-32 intersected 0.9 g/t gold over 10.7 meters from 42.7 meters depth, including 4.9 g/t gold over 1.5 meters. The mineralized zone in holes GR21-31 and 32 appears to significantly widen with depth and the holes are interpreted to have hit a steeply dipping mineralized structure that conceptually sits above a zone of flat dipping mineralization analogous to Eldorado.

Hole GR21-30 was located 400 meters southeast of the Eldorado zone and was drilled from an existing stream wash to minimize surface disturbance. The hole encountered anomalous gold from 0 to 13.7 meters depth returning 0.2 g/t gold over 13.7 meters before encountering the contact zone structure and hitting barren rocks in the footwall. The hole successfully demonstrates that mineralization continues in the hangingwall of the contact zone structure. Future test holes will be stepped back to the north to allow for a wider test of the prospective hangingwall target.