Canex Samples Widespread High-Grade Gold At The Pit Zone On The Gold Range Property

CALGARY, AB - CANEX Metals Inc. reported assay results for 14 rock samples from the Pit Zone at the Company's Gold Range Property in Arizona. In October Company collected 14 grab and chip samples from the Pit Zone as part of a property wide prospecting and mapping program. All of the samples from the Pit Zone have returned high grade gold, highlighted by 11 grab samples over a 500 meter by 70 meter area that have returned between 8.8 and 48.1 g/t gold, averaging 25.5 g/t gold. In addition, a 0.5 meter chip sample returned 26.7 g/t gold, and chip samples across the northern face of the open pit have returned 2.3 g/t Au over 8 meters, with the zone remaining open in all directions. 

The Pit Zone contains a 150-meter-long by 40-meter wide open pit along with a northeast trending quartz vein with multiple historic workings along it that extends several hundred metres from the pit. Limited historical records indicate the pit was mined around 1981 by Houston Kingman Mining Company. Exposed in the pit is a sericite altered and quartz veined intrusive dike as well as quartz veining cutting and following foliation in the surrounding metamorphic rocks. At least 5 sub parallel mineralized quartz veins 0.5 to over 1 meter wide are exposed in the pit. Mineralized quartz veins contain copper oxide staining and locally minor amounts of chalcopyrite and galena. Current exposures indicate the quartz veined and altered zone is 30 metres wide or more. Fine visible gold within quartz was observed in 2 of the samples taken from the zone.

Dr. Shane Ebert, President, said, "Preliminary sampling from the Pit Zone is showing excellent potential for multiple zones of high-grade gold mineralization grading over 30 g/t gold associated with a wider mineralized halo as demonstrated by chip sampling which returned 2.3 g/t gold over 8 meters and only covered a portion of the potential width of the system. Mineralization is associated with elevated copper values and a wider zone of intensely altered and mineralized intrusive dikes than has been observed elsewhere on the property. These could be important clues to a district scale zonation that could help ongoing evaluation and targeting in the district. A field crew has just completed additional detailed mapping and sampling of the Pit Zone, which is a priority in our ongoing target evaluation program."