Canex Metals Inc. (TSXV:CANX) has received strong results from 11 reverse circulation drill holes from the Gold Range Project located in northern Arizona and the receipt of an amended exploration permit for the project.
Highlights
- Hole GR22-91 has made a new drill discovery at the Central Zone returning 0.7 g/t gold over 9.15 metres and 0.6 g/t gold over 18.29 metres, for a cumulative mineralized interval of 27.44 metres grading 0.6 g/t gold.
- The Central Zone discovery occurs within a 1000 by 200 metre gold in soil anomaly associated with intrusive dikes, alteration, and quartz veining and is emerging as another area on the property with potential to host near-surface bulk tonnage gold resources.
- Gold mineralisation was also encountered at Lillian near the northwest end of the Central Zone, with hole GR22-92 returning 1.0 g/t gold over 4.57 metres.
- Step out drilling at Excelsior continues to expand mineralisation, with hole GR22-86 intercepting 0.5 g/t gold over 18.29 metres, hole GR22-87 intersecting 1.2 g/t gold over 7.62 metres, and hole GR22-90 intersecting 1.2 g/t gold over 12.19 metres.
- An amended exploration permit has been received allowing the Company to construct up to 40 additional drill pads on federal lands. This permit will enable further drill expansion of known zones, testing of new targets, and drill evaluation of the recently recognised 3.2 kilometre by 500 metre wide oxide gold trend running from Eldorado to Excelsior.
- Assay results for 18 drill holes from the current drill program are pending.
Assay results for drill holes GR22-86 to 96, from the Excelsior, Central, Lillian, and Malco zones, have been received and are presented here. Nine of the 11 holes encountering significant gold mineralisation (holes GR22-89 and GR22-94 did not encounter significant mineralisation).
A single hole, GR22-91, was drilled at the Central Zone during the January to March 2022 drilling programme resulting in a new drill discovery. Hole GR22-91 intersected 2 mineralized intervals returning 0.7 g/t gold over 9.15 metres from 15.24 metres depth and 0.6 g/t gold over 18.29 metres from 47.26 metres depth including 1.1 g/t gold over 7.62 metres.
Hole GR22-91 intersected a cumulative mineralised interval of 27.44 metres grading 0.6 g/t gold and demonstrates the potential for Central to host significant zones of gold mineralisation.
Hole GR22-92 was drilled 490 metres to the northwest and also intersected mineralisation returning 1.0 g/t gold over 4.57 metres. Follow up drilling has been conducted at the Central Zone as part of the current drill programme.
Holes GR22-86 to 90 were drilled at Excelsior and focused on extending and defining the southern part of the mineralized zone which has now been defined over a 500 metre strike length and remains open. Hole GR22-86 intersected four mineralised zones for a cumulative total of 36.58 metres of mineralisation between 0 and 79.27 metres depth, the largest zone being 18.29 metres grading 0.5 g/t gold from 60.98 metres. Hole GR22-87 intersected three mineralised zones including 1.2 g/t gold over 7.62 metres from 6.1 metres depth. Hole GR22-90 intersected 1.2 g/t gold over 12.19 metres from 33.54 metres depth.
Hole GR22-93 to 96 tested the Malco Zone, with hole GR22-93 returning 0.7 g/t gold over 4.57 metres from 22.87 metres depth and hole GR22-96 returning 0.4 g/t gold over 7.62 metres. Two follow up drill holes have tested the east side of Malco during the current drilling programme, focusing on an area where recent sampling has produced strong gold in soil and gold in rock results.
“We are very pleased to have identified bulk tonnage gold potential in drilling at the Central Zone,” Dr. Shane Ebert, President of the company, said.
“The drill discovery remains open in all directions and will see substantial expansion drilling as the project advances. The large size of the Central Zone gold in soil and alteration footprint suggests a sizable exploration target in this area, second only to the larger Excelsior to Eldorado trend to the south.
“Drilling at Excelsior continues to return strong grades, locally exceeding 1.0 g/t gold, and we are happy to see the zone expanding with each successive drill programme.”
For further information please visit: https://canexmetals.ca/
