High Resolution Airborne Magnetic Results At The Gold Range Property

CALGARY, AB - CANEX Metals Inc. has received results from a high-resolution drone magnetic survey conducted at the Company's Gold Range Property, Arizona. A 394-line kilometer drone magnetic survey was flown at Gold Range by Pioneer Aerial Surveys Ltd. A GEM Systems GSMP-35UA (Potassium vapor) magnetometer was used with a 50 meter line spacing and at an altitude of 40 metres above ground. Survey results show excellent resolution and are helping CANEX understand the complex structural framework of the area and make key observation on the controls of several known mineralized zones. Positive magnetic results have prompted the Company to commission additional drone magnetic surveying over two priority targets to obtain increased resolution and positioning. This additional surveying is scheduled to commence shortly.

Highlights of the Magnetic Survey: Multiple large-scale structures have been identified in multiple orientations: The Adit Shear Zone has been traced through magnetics and surface work for over 5 kilometers of strike length and contains multiple zones of mineralization along it with new targets identified; The Pit Zone is located at the southern end of the Adit Shear Zone near the intersection of two major fault systems; A prominent magnetic low is directly associated with known mineralization at the Pit Zone and greatly expands the size potential of the target to an area at least 450 long by 130 metres wide.

Shane Ebert, President of the Company said, "The new magnetic data is proving to be very useful for identifying major faults through the area, putting known high-grade gold zones into a structural context, and identifying new and untested target areas. We plan to use this data, along with our growing mapping and geochemical data sets, to help focus work on targets showing potential for scale. We look forward to getting a field crew on the ground shortly to prospect, map, and sample new target areas".

In December detailed sampling was conducted at the Pit Zone and at several other targets on the Gold Range property. Over 100 rock samples and over 400 soil samples were collected and submitted for assay, with results pending. These will be released once they are received and evaluated.

Near-term plans for additional field work at Gold Range will be finalized once assays have been received and targets from airborne magnetics have been prioritized. The Company has filed an appended exploration permit application with the Bureau of Land Management to allow for an expanded trenching and drilling program to include several new targets recently identified on the property. Once the amended permit has been received a second trenching program is anticipated.

The company’s address is #815, 808-4th Avenue SW, Calgary, AB T2P 3E8, (403) 233-2636, www.canexmetals.ca.