Hole #2 Completed And Drilling Continues To Test Conductive-Magnetic-Anomalies

VANCOUVER - CanXGold Mining Corp. reported that the second drill hole has now been completed at its Phoenix Property, part of the Greenwood Precious Metals project in southeastern BC. The second hole was completed at 328 meters depth. This hole targeted a large conductive anomaly and a coincident magnetic anomaly detected by the 2022 airborne geophysical survey, located 2 kilometers east of the historic Phoenix open pit mine. Depth to the top of the anomalous conductivity is approximately 150 meters, based on resistivity-depth sections. The hole cored Mesozoic Bonanza Group sedimentary strata (sharpstone conglomerate with intervals of limestone), with hematite and epidote alteration and local copper sulphide (chalcopyrite) mineralization. The Bonanza Group overlies Paleozoic Knob Hill Complex metasedimentary and metavolcanic strata but the contact between the two groups is below the geophysical target depth.