CANEX Metals Inc. (TSXV:CANX) has obtained positive results and made a discovery with five reverse circulation drill holes from the maiden drill test of the WestGold Target at the Gold Range Project, Arizona.
Highlights
- The first holes ever drilled into the WestGold Target have resulted in a new drill discovery with hole GR23-120 returning 0.7g/t gold over 35m including 1.9g/t gold over 10.67m and 2.5g/t gold over 7.6m
- Hole GR23-118 intersected 0.2g/t gold over 54.9m including 0.4g/t gold over 15.2m, along with three additional mineralized intervals at depth
- A flat dipping structural control on the WestGold discovery combined with significant mineralized intercepts in holes GR23-118 and 120, indicate potential for a large near-surface zone of oxide-gold mineralization at WestGold
- WestGold is located 450m west of known mineralization at Eldorado, extending the known strike length of the main mineralized trend on the property to 4km
- Results for 19 drill holes are pending, including holes testing the Shaft Target, targets parallel to Excelsior, and the main Excelsior Zone along strike and to depth
“These significant drill intercepts at WestGold further highlight the prospectivity of the Gold Range Project and our Teams ability to identify and successfully drill test new targets,” President, Dr Shane Ebert, said.
“Recognising a flat dipping structural control at WestGold is key to understanding the size potential of the mineralized zone, which could extend over an area hundreds of metres by hundreds of meters sitting in an ideal setting close to surface near the top of a large hill. We look forward to further advancing the WestGold zone through focused exploration work, including drilling, to fully assess the scale and grade of the mineralized system.”
Assay results from drill holes GR23-116 to 118, and GR23-120, all from the WestGold Target on the Gold Range Project, Arizona, have been received. All five holes successfully intersected gold mineralization with holes GR23-118 and 120 intersecting gold zones containing significant grades and widths.
The WestGold mineralized zone contains mineralized quartz veins occurring along a flat dipping shear zone that is surrounded by a wider halo of irregular quartz veins and veinlets giving rise to a potential bulk tonnage oxide gold target.
The zone has potential to extend over an area hundreds of meters by hundreds of metres and its location near the top of a hill allows for evaluation by shallow surface drilling and provides a favourable open pit geometry.
WestGold is located 450m west of known mineralization at Eldorado, extending the known strike length of the main mineralized trend on the property to four km from the previously outlined 3.5km.
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