Intersects 50.3 Metres Grading 0.5 G/T
CANEX Metals Inc. (TSXV:CANX) has discovered a new zone of disseminated gold mineralisation in recent reverse circulation drilling programme at the Gold Range Project in Arizona.
The results include 0.9 g/t gold over 27.4 metres within a larger interval grading 0.5 g/t Au over 50.3 metres starting from surface in strongly oxidised material. Importantly the discovery remains open in all directions.
Holes GR20-8 and GR20-9 were drilled on the west side of the Eldorado Zone to test a gold-in-soil anomaly and the down dip extension of the Eldorado Vein. Both holes were drilled from the same pad and oriented to the northwest, with hole eight drilled at a -45 degree angle and hole nine drilled at a -65 degree angle. Both holes intersected significant zones of gold mineralization starting immediately below 1.5m of surface overburden.
Hole GR20-8 intersected 0.5 g/t gold over 24.4m starting at 1.5m depth, plus a second mineralized zone grading 0.2 g/t gold over 25.9m from 61 to 86.9m depth. Hole GR20-9 intersected 0.5 g/t gold over 50.3m starting at 1.5m depth, including 0.9 g/t gold over 27.4 metres from 6.1 to 33.5m depth.
Hole GR20-9 contained highly elevated gold over its entire length averaging 0.2 g/t Au over 164.6 metres. Hole GR20-9 appears to have hit the Eldorado Vein at 18.29 metres depth, returning 5.9 g/t over 1.5 metres.
President Dr Shane Ebert said all the mineralised zones occur in rocks that are strongly oxidised.
“Holes GR20-8 and GR-20-9 represent a new discovery of disseminated gold mineralsation on the Gold Range Property,” he said,
“The holes hit mineralisation below 1.5 metres of cover and the zone remains open in all directions.
Dr Elbert said preliminary geologic interpretation indicates this could be part of an intrusion-related gold system, which would be significant, as these systems are highly sought after due to their large size potential.
“The company’s focused systematic approach to advancing and understanding the large mineralised footprint at Gold Range is paying off, and we have now drilled two zones showing significant mineralisation potential, the Pit Expansion and the Eldorado Zones.”
