CANEX Metals Inc. (TSXV:CANX) has obtained positive results from seven reverse circulation drill holes from the Excelsior Zone at the Gold Range Project located in northern Arizona.
Six of the seven drill holes have returned multiple gold mineralised intercepts and continue to expand the potential of the Gold Range project.
Highlights
- Multiple drill holes have intersected wide zones of oxide gold mineralisation close to surface.
- Hole GR21-82 intersected 1.0 g/t gold over 48.8 metres from surface including a high-grade intercept returning 9.7 g/t gold over 1.5 metres.
- Hole GR21-83 intersected 0.9 g/t gold over 44.2 metres from 35.1 metres depth including 2.7 g/t gold over 10.7 metres.
- Hole GR21-84 intersected 3 separate mineralised horizons including 1.0 g/t gold over 10.7 metres beginning at surface, 0.9 g/t gold over 4.6 metres and 0.9 g/t gold over 7.6 metres
- Hole GR21-85 intersected 2.4 g/t gold over 9.2 metres from 13.7 metres depth, including a high-grade intercept returning 9.0 g/t gold over 1.5 metres.
- Assay results for 19 drill holes are pending and drilling is in progress on the property.
These Excelsior holes were focused on defining and extending results from hole GR21-57 which contains the longest continuous zone of mineralisation encountered on the Gold Range property to date, intersecting 1.0 g/t gold over 59.45 metres starting from surface including 1.4 g/t gold over 32 metres.
Hole GR22-82 was mineralised from the start of the hole to 48.78 metres depth returning 1.0 g/t gold over 48.8 metres, including a high-grade zone that returned 9.7 g/t gold over 1.52 metres.
Hole GR22-83 was drilled from the same pad as hole 82 but at a steeper angle and intersected four mineralised zones within the upper 79.3 metres of the hole containing a cumulative mineralided length of 57.9 metres. Results from GR22-83 are highlighted by 0.9 g/t gold over 44.21 metres from 35.06 metres depth, including a high-grade zone of 2.7 g/t gold over 10.67 metres.
Hole GR22-84 intersected 3 mineralized zones including 1.0 g/t gold over 10.67 metres from surface and 0.9 g/t gold over 7.62 metres from 73.17 metres depth. Hole GR22-85 intersected four mineralised zones within the upper 73.17 metres of the hole with a cumulative mineralised length of 21.34 metres, highlighted by 2.4 g/t gold over 9.15 metres from 13.72 metres depth.
Holes 82 and 84 both intersected a second deeper zone of mineralisation on the southeast side of the system that could represent a new subparallel mineralised zone within the larger 500 metre-wide prospective corridor defined by gold in soil anomalies and intermittent exposure of gold bearing quartz veins and veinlets. This new subparallel zone remains to be traced toward surface and along strike, and the larger corridor needs to be systematically tested for similar zones of mineraliSation to the southeast.
“The intercept of 1.0 g/t gold over 48.8 metres is another impressive result from the Excelsior zone. The pinch and swell nature of this style of mineralisation and the potential for multiple parallel zones within a larger corridor is becoming evident with each successful drill programme. We look forward to stepping out and continuing to test the larger scale potential of this emerging district,” Dr. Shane Ebert, President of the company, said.
A reverse circulation drill rig is currently active at Gold Range and will continue to expand known zones and test new targets within the existing permit areas.
A new exploration permit amendment is in progress and once received will allow systematic drill testing of the larger scale exploration potential recently defined over a strike length exceeding 3.2 kilometres and over widths up to 500 metres.
For further information please visit: https://canexmetals.ca/
