Final Drill Results From The Excelsior Mine

CALGARY, AB - CANEX Metals Inc. reported assay results have been received for the final 3 drill holes from the Company's winter 2021 reverse circulation drilling program at the Gold Range Project, Arizona.

Highlights: Hole GR21-46 from the historic Excelsior Mine returned 2.2 g/t gold over 18.3 meters, including 3.4 g/t gold over 10.7 meters; Holes GR21-47 returned 1.2 g/t gold over 15.2 meters, including 6.4 g/t gold over 2.5 meters; The mineralized zone encountered in holes GR21-46 and 47 starts at surface, has been traced to 50 meters depth, and remains open for expansion at depth and along strike; and A field program is underway at Gold Range consisting of geologic mapping, soil sampling, and drill pad construction in preparation for a third drill program on the property.

Holes GR21-46 to 48 all tested the middle portion of the Excelsior area and all holes returned strong mineralization. Hole GR21-46 intersected 2.2 g/t gold over 18.3 meters starting at 16.8 meters depth, including 3.4 g/t gold over 10.7 meters starting at 19.8 meters depth. This includes two high grade gold intervals of 8.2 g/t over 1.5 meters and 5.1 g/t over 1.5 meters. Hole GR21-47 intersected 1.2 g/t gold over 15.2 meters starting at 7.6 meters depth, including 6.4 g/t gold over 2.5 meters.

Shane Ebert, President, said, "The Excelsior zone continues to return very strong gold results and is showing excellent potential to host a substantial near surface gold deposit. CANEX has now completed 48 drill holes on the Gold Range property and has identified a new mineralized trend that is 3 kilometers long and potentially composed of multiple flat to moderately dipping mineralized zones showing substantial width potential. Within this trend the Company has intersected significant widths of oxidized and mineralized material exceeding 1 g/t gold, with zones locally exceeding 2 g/t gold. The large size potential and strong grades provide a compelling exploration target which the Company plans to aggressively advance".

A field program is currently underway at Gold Range including additional geologic mapping, up to 700 soil samples, and construction of drill pads in preparation for the next drilling program which could start later this month. Details of the next round of drilling at Gold Range are being finalized and will be announced shortly.