CANEX Provides Exploration Update on the Gold Range Property, Arizona - Stakes 46 Additional Claims

CANEX Metals Inc.

CANEX Provides Exploration Update on the Gold Range Property, Arizona - Stakes 46 Additional Claims

Monday, November 18, 2019 8:00 AM

CALGARY, AB / ACCESSWIRE / November 18, 2019 / CANEX Metals Inc. (TSXV:CANX) ("CANEX" or the "Company") is pleased to provide an update on the exploration program at the Company's Gold Range Property in Arizona.

A trenching and surface exploration program commenced at Gold Range on October 14th. A total of 8 trenches were excavated with 6 trenches targeting mineralized zones along the Adit Shear Zone and 2 trenches dug at the Discovery Zone. All of the trenches successfully exposed bedrock and have been mapped and sampled. A total of 182 rock samples were collected during the program and have been sent for assay with results expected in about 4 weeks. Photographs of the October 2019 trenching program are available here.

As part of the program the Company completed considerable geologic mapping and target evaluation within the Gold Range Property and in the surrounding areas. Forty-six additional claims have been staked to cover new zones of mineralization that have been discovered during prospecting as well as numerous historical workings. The Gold Range Property now consists of 72 lode mining claims (552 Ha) staked on land administered by the Bureau of Land Management. Photographs of historic workings and new mineralized zones added to the claim block are available here. Visible gold has been observed in several quartz-sulfide veins within the new areas recently staked. A new presentation on the Gold Range Property is available here or on our website at

The first phase of trenching and prospecting is complete. Reconnaissance soil grids are being planned to further evaluate new targets, and the Company is looking to commission a property wide airborne magnetic survey to help evaluate the structural and geological setting and target additional zones for follow up work, additional trenching, and drilling.

About the Gold Range Property

The Gold Range Property is located in Northern Arizona within an area that has seen historic lode and placer gold production but limited systematic 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, including 28.1 g/t gold over 1 metre.

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

For Further Information Contact:

Shane Ebert at 1.250.964.2699 or
Jean Pierre Jutras at 1.403.233.2636

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.