Surface Results Expand Main Mineralized Trends At Gold Range And Identify New Exploration Targets

CALGARY - CANEX Metals Inc. reported exploration results for 670 soil samples and 42 rock samples from the Gold Range Project, Arizona. These surface sampling results combined with geologic mapping have added new exploration targets and increased our understanding of, and confidence in, the 3-kilometer-long oxide gold exploration target at Eldorado-Malco-Excelsior.

The Excelsior soil anomaly is defined by a low-level gold in soil anomaly 1000 meters long by 250 to 500 meters wide that overlaps and extends from the known zone of mineralization at Excelsior. Prospecting within the Excelsior soil anomaly has discovered multiple mineralized outcrops with chip samples returning 8.06 g/t gold over 0.6 meters and 0.71 g/t gold over 0.7 meters. The majority of the Excelsior soil anomaly remains unexplored and the zone trends under cover to the northeast. Forty lode mining claims have recently been staked to cover the projected strike of the zone along with a second area of open ground to the south.

Surface sampling at the Malco Zone has defined a gold in soil anomaly up to 750 meters long by up to 350 meters wide within the central part of the larger Excelsior-Malco-Eldorado trend. Previous sampling has identified multiple high-grade gold veins within this zone, and recent surface work identified two more veins which returned 29.6 g/t and 5.44 g/t gold in grab samples. Malco contains multiple historic underground workings along a 500 meter strike length. The drill is currently focused on drill testing Malco over 300 meters of strike length.

Sampling at the Lillian Zone has expanded the Central Zone gold in soil anomaly to the northwest connecting it to Lillian. This combined Central-Lillian soil anomaly now covers an area 1100 meters long by up to 200 meters wide. New rock sampling within this anomaly have identified a mineralized outcrop which returned 1.15 g/t gold in a grab sample. Multiple old workings and prospect pits occur through the Central-Lillian soil anomaly and 2 recent drill holes have tested the zone, with results pending.

Shane Ebert. President, said, "We are very pleased to see our surface exploration efforts increasing the size of our exploration targets and giving us multiple new target areas for drill testing. Surface mapping and sampling have identified additional zones of mineralized quartz stockwork veining that run parallel to the known Excelsior zone on the east side. The identification of multiple subparallel mineralized zones within the Excelsior soil anomaly certainly increase the near surface tonnage potential of the zone."