CANEX Metals Inc. (TSXV:CANX) closed a C$2.5 million private placement and attracted a new strategic investor onto its books.
The company will use the proceeds of the financing to significantly advance drill testing of the potential for bulk tonnage oxide gold along a recently expanded mineralised corridor that is now 3.2 kilometres long by up to 500 metres wide at the Gold Range property in Arizona, USA.
have been received from the Gold Range project confirming oxide gold mineralisation at three zones along the corridor. Recent soil and rock sampling has further expanded the target zones and has identified several parallel zones that remain to be drill tested. CANEX is waiting on the results of 28 reverse circulation drill holes.
Assay results for 28 RC drill holes are pending.
Michael Gentile, CFA was the lead investor in the financing and owns 10.7% (partially diluted) of the company.
Blair Schultz, a newly appointed director of CANEX also participated in the financing and owns 5.3% (partially diluted) of the company.
Altius Minerals (ALS-T), a founding shareholder of the company, owns 7.5% of CANEX.
Mr Gentile is considered one of the leading strategic investors in the junior mining sector, owning significant positions in over 15 small-cap mining companies. He is currently a strategic advisor to Arizona Metals and a director of Northern Superior Resources, Roscan Gold, Radisson Mining Resources and Solstice Gold. He recently co-founded Bastion Asset Management, an investment management firm based out of Montreal, Quebec and was previously a Senior Portfolio Manager with Formula Growth Limited.
Mr Schultz has over 25 years of capital markets and financial experience including several mining senior executive roles and brings significant merger and acquisition experience to the board.
Among his successes includes time spent at Klondex Mines where he played an active role with the Board and Management orchestrating a recapitalization from an insolvent explorer into a producer, concluding with the sale of Klondex to Hecla Mining Company.
About Gold Range
The Gold Range project is a new bulk-tonnage oxide-gold target located within an underexplored metamorphic terrain in Northern Arizona.
CANEX controls five kilometres of strike length along a highly prospective district scale structure where mineralisation is being defined through surface sampling, mapping, and reverse circulation drilling.
The main exploration target defined by surface work is 3200 metres long by up to 500 metres wide with multiple subparallel exploration targets identified. The target zone remains open along strike under basin cover.
Drilling by CANEX has returned strong results including 1.0 g/t gold over 59.5 m, 1.6 g/t gold over 35.1 m, 2.2 g/t gold over 24.4 m, and 0.3 g/t gold over 62.5 m.
For further information please visit: https://canexmetals.ca/
