Cyanide Soluble Gold Recoveries From The Eldorado Zone At Gold Range

CALGARY, AB - CANEX Metals Inc. reported favorable cyanide soluble gold recoveries from mineralized samples from the Eldorado Zone at the Gold Range Project, Arizona. Highlights: Cyanide soluble gold analyses from sample pulps from the Eldorado Zone show excellent recoveries and support a bulk tonnage heap leach target; 200 samples of oxidized and transitional material average 79.5% cyanide soluble gold; and 8 samples have been submitted for bottle roll test work to provide a more detailed metallurgical characterization of Gold Range mineralization.

Two hundred pulp samples from reverse circulation drilling at the Eldorado zone have been analyzed for cyanide soluble gold using a 2 hour cold cyanide leach on 15 gram pulp samples. The 200 samples returned a range of 25 to 127% cyanide soluble gold, averaging 79.5%. The samples analyzed are mainly from visibly oxidized zones, although some mixed oxide and sulfide (transitional) material was noted deeper in the system.

Shane Ebert, President, said, "These cyanide soluble gold results from Eldorado confirm the potential as a bulk tonnage heap leach target and further de-risk the exploration concept. The average cyanide soluble gold value of 79.5% compares very well to current heap leach producers and development projects in western North America. The Company has submitted 8 samples for advanced bottle roll test work to further understand the leaching characteristics and chemistry of the Gold Range mineralization".

In early 2021 the Company successfully completed 34 reverse circulation drill holes across 2.5 kilometers of strike length along the southern portion of the Gold Range Property. In total 2357.6 meters were drilled in holes ranging from 38 to 137 meters deep. Fifteen holes were drilled at the Eldorado Zone to test and expand the Company's previously announced bulk tonnage oxide discovery, 5 holes tested various targets across the southern part of the property and 14 holes tested the Excelsior Mine area.

Reverse circulation drill cuttings were collected in numbered cloth sample bags from 5 foot (1.52m) intervals during drilling and were picked up from site and analyzed. A 1000g pulp was prepared and gold was assayed using a 50g fire assay with an atomic absorption finish (method FA-01-50g). Gold samples greater than 5 g/t are redone using a 50g fire assay method with a gravimetric finish (method FA-02 50g). Cyanide soluble gold analyses were done by Skyline using a 2 hour cold cyanide leach on 15 grams of pulp material with an atomic absorption finish (Skyline code CN-1-H2-15g). The Company included certified reference standards, blanks, and duplicates in every sample batch and then checked to ensure proper quality assurance and quality control.