Third Drill Program To Commence Shortly At The Gold Range Project

CALGARY - CANEX Metals Inc. reported that its third reverse circulation drilling program is scheduled to start at the Gold Range Project, Arizona, in early August. The program will consist of around 50 drill holes and in excess of 3000 meters of drilling. The third phase of drilling will initially focus on expanding high grade near surface mineralization identified at the Excelsior Zone, which was tested in early 2021 and returned 1.6 g/t gold over 35.1 meters including 2.2 g/t gold over 24.4 meters. The drill program will also look to expand mineralization at Eldorado and Malco, and test additional targets in the central and northern part of the project area. A field crew is currently on site at Gold Range building drill pads and completing a 700 sample soil program over key target areas.

Shane Ebert, President, said, "We are excited to commence a follow up drill campaign at our new discoveries on the Gold Range property. To date, we have identified a +3km long mineralized target and have successfully intersected oxide gold mineralization at the Eldorado, Malco and Excelsior zones. Follow up drilling will focus on expanding these zones along strike and at depth."