Definitive Option Agreement For Excelsior Mine Property At Gold Range Project
CALGARY, AB - CANEX Metals Inc. reported that, through its 100% owned Arizona subsidiary CANEXCO Inc., it has signed and completed a definitive agreement to option the Excelsior Mine Property comprised of 11 lode mining claims and 2 patented mining claims covering 3 past producing historic gold mines. The Excelsior Mine Property sits within the boundaries of the Company's Gold Range Project in Arizona.
Highlights: The agreement gives CANEX control of an additional 2 kilometers of strike length of highly prospective ground along a major mineralized structure that runs from the Company's Eldorado bulk tonnage discovery to the past producing Excelsior Mine; In early 2021 CANEX drilled 18 holes into the Excelsior Mine Property with 14 holes testing the Excelsior Mine and 4 holes testing areas along strike. Assay results for these holes are pending; and The agreement allows CANEX to earn a 90% interest in the Excelsior Mine Property by issuing 2,750,000 shares and spending US$4.5 million on exploration and development in 3 stages over 4.5 years. For the 1st stage of the agreement CANEX must issue 750,000 shares to the Vendors and spend US$500,000 on exploration within 2.5 years. Stages 2 and 3 require bonus payments based on gold equivalent ounces defined in resources and reserves.
Shane Ebert, President, said, "Completing this option agreement and consolidating a large area of very prospective ground is a great step forward for the Gold Range project. With this deal CANEX now controls 3 kilometers of strike length along a mineralized corridor that is showing excellent potential for both bulk tonnage and high-grade gold targets. We look forward to the results from the initial drill test of the zone and will plan follow up surface work and additional drilling accordingly."