Drilling Has Commenced On The Gold Range Project

CALGARY, AB  - CANEX Metals Inc. reported that drilling has commenced at the Company's Gold Range Project in Northern Arizona. The Drill program will consist of a minimum of 6,000 ft and will test multiple targets that have been identified. The first 2 holes of the 2021 program have been completed and the drill is working on the third hole. Drilling is currently focused on the Eldorado Zone where up to 15 holes are planned to confirm and expand the Company's previously announced bulk tonnage oxide discovery. The Eldorado Zone discovery was highlighted by hole GR20-9 which intersected 27.4 metres grading 0.9 g/t gold starting at surface.

The Eldorado Zone and the recently optioned Excelsior Mine have similar characteristics and structural controls and are interpreted to be part of the same large mineralizing system that has been traced through mapping and sampling over a strike length of 3 kilometers. Bulk tonnage target widths for this zone based on drilling and surface mapping range from 24 to 80 meters. The current drill program will focus on testing the Eldorado Target and the zone of historic underground and more recent open pit mining at Excelsior. Twelve to 15 holes are planned for the Excelsior Mine and a few holes are planned test the zone along strike between Eldorado and Excelsior.

The Excelsior Mine has seen near surface historic production on multiple levels and more recent exploitation from small open pits centered along a high-grade zone 0.5 to 2 meters wide and surrounded by a halo of sheeted quartz and quartz carbonate veins that form a 20 to 50 meter wide zone with bulk tonnage potential. Sampling by CANEX from various locations along the main Excelsior Vein returned gold values up to 45.4 g/t over 0.5 meters, 13.3 g/t over 0.4 meters, 6.6 g/t over 1 meter, and 3.8 g/t over 1 meter. Chip samples from the halo surrounding the main vein have returned strong gold mineralization including 1.9 g/t over 1 meter, 1.7 g/t over 1 meter, 0.7 g/t over 1 meter, and 0.5 g/t over 1.5 meters. A 0.3 meter chip sample across an 8 meter wide strongly altered and quartz veined post-metamorphic granite dike located in the hangingwall of the Excelsior Vein returned 20.9 g/t gold.

The Company recently completed a $1.7 million private placement and is well funded for 2021 exploration activities.