Continued Program At The Gold Range Project
CALGARY - CANEX Metals Inc. reported that results have been received for 7 additional drill holes from the Company's 2021 reverse circulation drilling program at the Gold Range Project, Arizona. Highlights: Hole GR21-37 from the historic Excelsior Mine returned 1.6 g/t gold over 35.1 meters starting from surface, including 2.2 g/t gold over 24.4 meters . This is the best hole drilled on the property to date and is considered high grade for a bulk tonnage target:Hole GR21-37 returned high grade intercepts of 4.4 g/t gold over 10.7 meters , including 8.2 g/t gold over 4.6 meters; Hole GR21-36 returned 1.1 g/t gold over 19.8 meters, including 6.9 g/t gold over 1.5 meters; Hole GR21-38 returned 1.2 g/t gold over 18.3 meters within a larger interval grading 0.8 g/t gold over 27.4 meters; and The mineralization intersected at Excelsior is 1 kilometer from the historic Malco Mine and 2.7 kilometers from the initially drill tested Eldorado, with all three areas occurring along a district scale mineralized structure that remains open for expansion .
Shane Ebert, President, said, "We are delighted to see the initial drill results from the Excelsior zone return very strong gold grades with the zone remaining open in all directions. These grades and widths highlight the potential of the Gold Range property and the success our team is having targeting and defining zones of near surface, oxidized, bulk tonnage style gold mineralization. Drilling to date has confirmed a 3 kilometer long mineralized target zone extending from the Eldorado to the Excelsior areas, and this target is gold bearing in every place we have drill tested it so far, suggesting sizable gold resource potential. We are currently planning additional surface exploration work on the recently acquired Excelsior Mine Property to further refine drill targets along the mineralized trend with a goal of resuming drill testing as soon as a drill is available.”