Canex Metals Inc. (TSXV:CANX) has received further strong assay results from eight reverse circulation drill holes from the company’s new oxide gold discovery at the Gold Range Project, Arizona.
Highlights
- Hole GR21-63 near the far northeast end of the Excelsior zone intersected 0.5 g/t gold over 22.87 metres starting at 25.91 metres depth, including 0.6 g/t gold over 16.77 metres.
- Hole GR21-64 near the northeast side of Excelsior intersected 1.1 g/t gold over 10.67 metres starting at 30.49 metres depth.
- Drill results to date demonstrates good continuity of gold mineralisation at Excelsior along 250 metres of strike length, with surface work indicating the strike length could be 500 to 1000 metres.
- Recent soil and rock sampling and surface mapping demonstrate Excelsior is on the edge of a 1000 metre long by up to 500 m wide zone that contains multiple parallel exploration targets. This large target zone remains open along strike under shallow basin cover to the northeast.
- Assay results for 28 drill holes from multiple targets on the property are pending.
Holes GR21-61 to 64 all tested the northeast part of the Excelsior zone.
Hole GR21-61 encountered 0.6 g/t gold over 10.67 metres from 71.65 metres depth.
Hole GR21-63 encountered 0.5 g/t gold over 22.87 metres including 0.6 g/t gold over 16.77 metres and is shown on section I – I’.
Section I – I’ shows a shallow dipping mineralised zone with a broad anomalous halo that has a favourable geometry to potentially host near-surface open-pitable oxide gold resources.
Hole GR21-64 encountered 1.1 g/t gold over 10.67 metres, and hole GR21-62 which was the north-eastern most test of the zone, encountered anomalous gold from 27.44 to 44.21 metres downhole including 4.57 metres grading 0.3 g/t gold.
Concurrent with drilling, surface exploration work has identified a 90 m wide gold in soil anomaly located 65 m east of hole GR21-62, indicating a second parallel mineralised zone, or a step or shift eastward of the Excelsior zone.
Holes GR21-65 to 68 tested the western side and southern edge of the Excelsior zone and all holes returned anomalous gold or narrow intervals of mineralisation and bound the system on the west side.
Previously successful Hole GR21-57 which returned 1.0 g/t gold over 59.45 m is located roughly 70 metres east of most of these holes, indicating the main mineralised zone could be shifted to the east in the southern area. Multiple drill holes have been completed to trace the mineralization in hole GR21-57 to the south with results pending.
“We are very pleased to see the core of the mineralised zone at Excelsior showing good continuity and a favourable open pit geometry with room for expansion,”President of the company, Dr. Shane Ebert, said
“The northern portion of Excelsior appears to have grades in line with average heap leach grades in Western USA of around 0.5 g/t gold, whereas the central and southern parts of the system have significantly higher grades, around 1.0 to 2.0 g/t gold.
“Continued successful drill results are building our understanding of the geometry and controls of this new gold discovery, and recent surface work indicates potential for significant expansion along strike and the presence of multiple parallel mineralised zones, which could open up significant near surface tonnage potential.
“We look forward to receiving additional drill hole results from Eldorado, Malco, and Central-Lillian zones, to identify additional bulk tonnage targets, and move the project toward resource definition.”
For further information please visit: https://canexmetals.ca/
