CANEX Metals Inc. (TSXV:CANX) has receive positive assay results for eight drill holes from the company’s ongoing reverse circulation drilling programme designed to expand oxide gold mineralisation at the Gold Range Project, Arizona.
Highlights
- Hole GR21-49 in the central part of the Excelsior zone intersected 0.5 g/t gold over 22.87 metres starting at 28.96 metres depth, including 0.8 g/t gold over 13.72 metres.
- Hole GR21-52 in the central part of the Excelsior zone intersected 0.5 g/t gold over 15.25 metres starting at 39.63 metres depth, including 0.7 g/t gold over 7.63 metres.
- Hole GR21-56 intersected 0.6 g/t gold over 12.19 metres starting at 27.44 metres depth.
- Hole GR21-60 near the northern end of the Excelsior system intersected 0.6 g/t gold over 9.14 metres starting at 79.27 metres depth demonstrating mineralisation extends to depth.
- Current step out drilling at the south end of the Excelsior zone has intersected broad zones of alteration and quartz veining prompting the company to add additional holes to the drill plan in this area.
- Holes GR21-49, 50, 51, and 52 are located near the centre of the Excelsior zone. Hole GR21-49 and returned 0.5 g/t gold over 22.87 metres from 28.96 metres down hole, including 0.8 g/t gold over 13.72 metres depth. Hole GR21-52 intersected 0.5 g/t gold over 15.25 metres from 39.63 metres depth. Hole GR21-50 intersected anomalous mineralisation with no significant intervals.
- Holes GR21-55 and 56 are located on the east side of section D-D’. Hole GR21-56 intersected 3 mineralized intervals including 0.6 g/t gold over 12.19 metres. Hole GR21-55 was located northwest of hole GR21-56 and only intersected anomalous gold indicating mineralization may be closing in this direction. Drilling is currently testing the southeast side of section D-D’ where mineralisation appears to strengthen and widen.
- Holes GR21-60 tested the northern part of the Excelsior zone at depth and returned 0.6 g/t gold over 9.14 metres along with additional narrow mineralized intercepts. The hole demonstrates Excelsior mineralization continues to the north and at depth.
Drilling to date indicates the Excelsior mineralisation widens toward the south, in proximity to a major fault intersection, and testing the size and extent of this covered zone is the current drill priority. Once this priority is complete step out and expansion drilling will resume along the three kilometre long prospective gold trend at Gold Range.
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