CANEX Metals Comments on the Geology and Style of Mineralization Intersected in 2018 Drilling at Gibson
CALGARY, November 13, 2018 - CANEX Metals Inc.("CANEX" or the "Company") (TSX-V: CANX) is pleased to provide comments on the geology andstyle of mineralization at the Company's Gibson Gold-Silver Project followingobservations made during the recent 2018 drilling program.
The Gibson Gold-SilverProperty is located in north central British Columbia, 50 kilometres west ofthe Mount Milligan Cu-Au Mine and 40 kilometres southeast of the Kwanika Cu-Audeposit.The property sits within anorthwest trending belt of alkalic porphyry deposits and related prospectslocated within the prolific Quesnellia Terrain. Gibson contains base-metal rich quartz veins and breccias hosted inhornfelsed sedimentary and volcanic rocks of the Lower Jurassic TaklaGroup.The mineralization is locatedwithin about 500 metres of the contact of the Early Jurassic HogemBatholith.CANEX Metals has the right toearn a 100% interest in the property from Altius Resources Inc. by issuingshares and spending $500,000 on exploration.
In October 2018 the Company completed 10 drill holes at Gibson andexcavated two trenches.Assay resultsfor this program have not yet been received and are expected in 5 to 6 weeks.The drilling successfully intersected zonesof quartz-sulfide veining consistent with those described in historic drillingfrom the zone.
Observations from drill core indicate quartz-sulfide veins andbreccias occur along fault zones which locally contain altered and mineralizedrhyolite dikes.Larger veins containpronounced halos of clay and sericite alteration, grading outward into anassemblage of chlorite, epidote, calcite, and pyrite.Veins range from less than 0.2 metres to over2.5 metres wide and contain quartz and calcite with variable amounts ofsulfides consisting mainly of pyrite, sphalerite, and galena, with minorchalcopyrite and arsenopyrite.Sulfidecontent in veins ranges from trace amounts up to 50% or more.Drilling and trenching show mineralizedzones occur along both flat and steeply dipping fault structures, locally withmultiple episodes of veining, brecciation, and fault movement.Some holes hit up to 5 separatequartz-sulfide veins showing multiple veins within the main Gibson zone.
Photographs from the2018 Gibson exploration program are available here and in the photo gallery on the Company's website at www.canexmetals.ca.The photographs show the new zone discoveredin Trench 10, the drill rig used for the program, and examples of drill coreshowing quartz-sulfide veins and breccias along with vein textures.Many of the veins contain coarse banding ofsulfides and quartz, including crustiform banding and cockade textures.The bandedtextures, the association with quartz-carbonate-sulfide veins and brecciaslocally with open space fillings, and the pronounced clay-sericite alterationhalos grading outward into propyllitic assemblages are all features consistent with an epithermal style system.Analogies for this style of mineralization inBritish Columbia include the Bruckjack Mine, the Lawyers Mine, and the SilbakPremier Mine.
The Gibson Prospect
The Gibson prospect is 887 hectares in size and located in central British Columbia, 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 Noranda program.Knownmineralized zones at Gibson are located within a strong soil anomaly 850 metreslong by 500 metres wide, and only a small portion of that anomaly has beenexplored 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 additionalinformation.
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.