CANEX Consolidates Land at the High-Grade Pit Zone at Gold Range and Announces $500,000 Financing

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[{"type":"text","content":"CANEX Consolidates Land at the High-Grade Pit Zone at Gold Range and Announces $500,000 FinancingCALGARY, AB / ACCESSWIRE / February 26, 2020 / CANEX Metals Inc. (TSXV:CANX) (\"CANEX\" or the \"Company\") is pleased to announce that its wholly owned subsidiary CANEXCO Inc. has entered into a formal Option Agreement to acquire a 100% interest in a single lode mining claim located adjacent to the Company's Pit Zone target on the Gold Range Property, Arizona.Dr. Shane Ebert, President of the Company stated, \"The acquisition of this key claim will enable CANEX to systematically explore the entire area around the Pit Zone, including projections of the mineralized trends. The optioned claim contains a portion of a quartz vein system that has seen considerable historic underground mining and contains multiple workings and adits. Multiple parallel veins have been observed along the zone, the largest quartz vein ranges from 0.5 to 1.5 metres wide and has been traced intermittently for 500 metres along strike to the southwest of the Pit Zone. Seven grab and chip samples from this vein have returned gold grades ranging from 0.17 to 28.90 g/t, averaging 12.85 g/t. The optioned claim also covers a sizable reclaimed leach pad composed of crushed material sourced from the adjacent open pit.\"Terms of the OptionThe Option Agreement gives CANEXCO Inc., a wholly owned subsidiary of CANEX Metals, the exclusive right, at its election, to acquire a 100% interest in the \"Never Get Left\" lode mining claim from the Vendor by making staged cash payments over 4 years totaling US$90,000. The Vendor will retain a 2% net smelter royalty, half of which can be bought back by CANEX for US$500,000, and the remaining half can be bought back for an additional US$500,000. In addition, the Vendor is entitled to 10% of any profits realized from the processing and recovery of metals from the existing leach pad material located within the Vendors claim.About the Pit Zone The Pit Zone contains a 150-metre-long by 40-metre wide open pit and adjacent leach pad that was mined in the 1980's by Houston Kingman Mining Company, along with deeper underground workings below and adjacent to the pit that were mined between the 1880's and early 1900's. The Pit Zone represents a complex structural setting where northeast, north-south, and east-west trending zones of mineralizati...

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