High Grade Gold Results At The Gold Range Property

CALGARY, AB  - CANEX Metals Inc. reported results from 8 rocks samples and 6 soil samples from the Gold Range property, Arizona. The samples were taken by CANEX personnel in May of this year during an initial property exam and focused on 2 zones, the new Discovery Zone, where a prospector recently discovered a quartz vein containing abundant visible gold, and a second zone containing historic adits and workings termed the Adit Zone.

Three rock samples were taken from the Adit Zone where a strong zone of quartz veining up to 30 meters wide has been traced for 250 meters along a northwest direction, with an alignment of historic workings and quartz vein outcrops traced for 1000 meters. A grab sample from the waste dump of the lower most adit returned 31.2 g/t gold. This adit exposes a 1 to 2 meter wide quartz vein containing trace amounts of galena and chalcopyrite. A second grab sample was taken from a 5 meter wide quartz vein exposed at the upper most adit and returned 25.4 g/t gold. This upper adit is located 60 metres to the northwest of the lower adit. Visible gold has been identified in several samples from these zones. A third grab sample of brecciated iron stained vein quartz material located 140 metres to the northwest returned 0.08 g/t gold.

At the Discovery Zone, a small hand pit 3 meters by 2 meters by 1.5 meters deep has been dug by prospectors and all gold bearing material has been removed. Existing exposure is limited and CANEX personnel were not able to observe or sample gold in outcrop. The geometry, orientation, and continuity of the zone remains unknown. CANEX personnel did observe gold in quartz vein fragments from the dump pile, and gold was also panned from these materials. CANEX collected 4 rock samples from the Discovery Zone. Three 0.8 meter chip samples were taken from different levels of weathered bedrock on the vertical wall of the hand pit. The deepest chip sampled contained quartz veinlets and pegmatite and returned 1.59 g/t gold. A second sample located 0.4 meters above the first contained 0.29 g/t gold, and the sample closest to surface contained 0.17 g/t gold. A grab sample from the zone also returned 0.37 g/t gold. This zone is scheduled for trenching so the gold bearing structure can be exposed and properly evaluated.

A line of 8 soil samples spaced roughly 10 metres apart was taken over the Discovery Zone. The soils returned gold values ranging from 15 to 838 parts per billion (ppb), with values of 838 and 202 ppb gold correlating very closely with the new discovery and surrounding area. The very high gold anomalies obtained from the test line confirms soil sampling should be very effective for delineating and tracing these zones. The Gold Range Property occurs in Northern Arizona within a larger district that has seen historic lode and placer gold production but limited modern lode gold exploration.