CANEX Receives Exploration Permits for Gold Range Property, Arizona, Trenching to Commence in One Week
CALGARY, October 9, 2019 - CANEX Metals Inc. ("CANEX" or the "Company") is pleased to announce it has received all required exploration permits for the Company's Gold Range property in Arizona. A trenching and surface exploration program will commence on the property in one week.
Limited early stage work at Gold Range conducted by the Company between May and August of this year has identified multiple gold targets on the property. Previously disclosed results from this work include chip samples across a 5 metre wide quartz vein which returned 8.47 g/t gold over 5.6 metres, including 28.1 g/t gold over 1 metre along with multiple gold bearing grab samples returning up to 31.2 g/t gold (see August 20, 2019 news release). This mineralization is part of a mineralized quartz vein and shear zone that has been traced for over 1000 metres to date, but overall remains poorly exposed.
The upcoming exploration will include excavator trenching, surface rock and soil sampling, and geologic mapping. The focus of the program will be to better define and sample known mineralized zones across their entire width and explore them along strike. A key goal of the program is to understand controls on high grade gold mineralization and learn more about the width, grade, and continuity of mineralization.
The exploration permit allows for 10 trenches, 1000 metres of drilling in up 18 drill holes, along with 650 metres of road construction to access trenches and drill pads. The Company will start with the planned trenching and surface exploration program and follow up with geophysical surveys and drilling as appropriate.
A corporate presentation showing additional details of the Gold Range property and exploration targets is available here, please visit our website at www.canexmetals.ca for additional information.
About the Gold Range Property
The Gold Range Property occurs in Northern Arizona within an area that has seen historic lode and placer gold production but limited modern lode gold exploration. Earlier this year a prospector using a hand-held metal detector discovered a quartz vein containing abundant visible gold concealed under shallow soil cover on the property. Fieldwork by CANEX has identified multiple gold exploration targets, including the Adit Shear Zone which has been traced for 1 km along strike and has returned chip sample results of 8.47 g/t gold over 5.6 metres. CANEX has an option to earn a 100% interest in the property by making staged cash payments over 4 years totaling US$90,000 and completing exploration expenditures of US$80,000. The Vendor will retain a 2% net smelter royalty, half of which can be bought back by CANEX for US$500,000, and the remaining half can be bought back for an additional US$1,000,000.
Dr. Shane Ebert P.Geo., is the Qualified Person for CANEX Metals and has approved the technical disclosure contained in this news release.
"Shane Ebert"
Shane Ebert,
President/Director
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Except for the historical and present factual information contained herein, the matters set forth in this news release, including words such as "expects", "projects", "plans", "anticipates" and similar expressions, are forward-looking information that represents management of CANEX Metals Inc. internal projections, expectations or beliefs concerning, among other things, future operating results and various components thereof or the economic performance of CANEX. The projections, estimates and beliefs contained in such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause CANEX's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, those described in CANEX's filings with the Canadian securities authorities. Accordingly, holders of CANEX shares and potential investors are cautioned that events or circumstances could cause results to differ materially from those predicted. CANEX disclaims any responsibility to update these forward-looking statements.
SOURCE: CANEX Metals Inc.
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