Excelsior Mine Intersections At The Gold Range Project

CALGARY, AB - CANEX Metals Inc. reported that assay results have been received for 6 additional drill holes from the Company's 2021 reverse circulation drilling program at the Gold Range Project, Arizona. Highlights: Hole GR21-45 from the historic Excelsior Mine returned 1.1 g/t gold over 19.8 meters , including 1.8 g/t gold over 10.7 meters; Holes GR21-42 and 43 intersected the mineralized zone roughly 150 meters northeast of previously release hole GR21-37 (1.6 g/t gold Au over 35.1 meters), confirming good continuity to the mineralized system over the length tested; and An amended exploration permit has been received allowing the Company to conduct a third round of exploratory and expansion drilling at Gold Range.

Results for reverse circulation drill holes GR21-40 to 45 from the Company's 2021 drilling program at the Gold Range project.

Holes GR21-40, 41, 44 and 45 all tested the middle portion of the Excelsior area and all holes returned strong mineralization. Hole GR21-45 intersected 1.1 g/t gold over 19.8 meters starting at 29 meters depth including 1.8 g/t gold over 10.7 meters . Holes GR21-42 and 43 were the northern most test of the Excelsior zone and both returned strong mineralization demonstrating the system is open for expansion to the northeast. Due to access constraints both holes GR21-42 and 43 were collared close to the Excelsior Vein and tested a limited portion of the hangingwall of the system.

The maiden drill program at Excelsior has now demonstrated good continuity and grade in all locations tested and the zone is open for expansion along strike to the northeast, southwest, and at depth. The Bureau of Land Management (BLM) has approved a permit amendment allowing the Company to construct 20 additional drill pads on BLM administered lands, with multiple drill holes allowed from each pad. In addition, the Company now controls 2 patented claims (private land) where several additional holes are also be planned. Details for the next round of drilling at Gold Range will be announced once they are finalized.