CANEX Metals Completes Drilling at Gibson
CALGARY, October 25, 2018 - CANEX Metals Inc.("CANEX" or the "Company") is pleased to announce the successful completion ofdrilling at the Company's Gibson Project located in central British Columbia.
The Company completed 10 holes for 1001 metres of drilling andexcavated two trenches during the program.Easy access to the project and proximity to infrastructure helped theCompany complete the program ahead of schedule and significantly under budget.
Dr. Shane Ebert President of the Companycommented, "This drill program is a critical step in demonstrating thepotential of the Project and understanding the nature and orientation of themineralization.Drilling has intersectedmultiple quartz-sulfide veins ranging from less than 0.5 metres to over 2.5metres wide, containing variable amounts of pyrite, sphalerite, galena, withminor chalcopyrite, arsenopyrite, and sulfosalts.Trenching and drilling also identified a newzone of quartz-sulfide veining located adjacent to the main Gibson trend,demonstrating excellent exploration potential in the large covered areasurrounding the known veins".
The drill core has been logged and sampled with assay results expectedin 8 to 10 weeks.
The Gibson Prospect
TheGibson prospect is 887 hectares in size and located in central BritishColumbia, approximately 95 kilometres northwest of Fort St. James.The area is accessible via a network of all-weatherlogging roads.Gibson contains epithermalgold-silver base metal mineralization hosted in highly altered sedimentary and volcanicrocks adjacent to the Hogem Batholith.The zone was discovered and explored by Noranda Exploration Company from1989 to 1991.Noranda drilled 9 holeswith 8 of the 9 holes intersecting significant gold and silver mineralization.The best drill intercept returned 4.26 metresgrading 6.77 g/t gold and 1828 g/t silver. Prior to the 2017 trenching program by CANEX no follow up trenching ordrilling has been conducted at Gibson since the highly successful Norandaprogram.Known mineralized zones at Gibson are located within a strong soil anomaly850 metres long by 500 metres wide, and only a small portion of that anomalyhas been explored by trenching or drilling.
The Noranda drillresults are reported in BC Assessment report 21762 for Noranda ExplorationCompany by Stewart and Walker (1991).This drilling was done prior to NI 43-101 and should be consideredhistoric in nature.The results have notbeen verified by CANEX and should not be relied upon.
About CANEX MetalsInc.
CANEX Metals is a Canadian based exploration company focused onacquiring and advancing high grade gold and silver deposits in stable miningjurisdictions.Company Management has aproven track record of exploration success, with key personnel being involvedin discoveries in Mexico, Newfoundland, and British Columbia.CANEX has optioned five British Columbiaexploration projects from Altius Resources Inc. and Altius is a significantshareholder of the Company.Please visitour website at www.canexmetals.ca for additionnelinformation.
Dr. Shane Ebert P.Geo., is the Qualified Person for CANEX Metals and hasapproved the technical disclosure contained in this news release.
"ShaneEbert"
Shane Ebert
President/Director
Neither the TSX Venture Exchange norits regulation services provider (as that term is defined in the policies ofthe TSX Venture Exchange) accepts responsibility for the adequacy or accuracyof this release.
Exceptfor the historical and present factual information contained herein, thematters set forth in this news release, including words such as "expects," "projects," "plans," "anticipates" and similar expressions, are forward-lookinginformation that represents management of CANEX Metals Inc. internalprojections, expectations or beliefs concerning, among other things, futureoperating results and various components thereof or the economic performance ofCANEX. The projections, estimates and beliefs contained in such forward-lookingstatements necessarily involve known and unknown risks and uncertainties, whichmay cause CANEX's actual performance and financial results in future periods todiffer materially from any projections of future performance or resultsexpressed or implied by such forward-looking statements. These risks anduncertainties include, among other things, those described in CANEX's filingswith the Canadian securities authorities. Accordingly, holders of CANEX sharesand potential investors are cautioned that events or circumstances could causeresults to differ materially from those predicted. CANEX disclaims anyresponsibility to update these forward-looking statements.
SOURCE: CANEX MetalsInc.