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CANEX Drill Results Continue to Expand New Oxide Gold Discovery in Northern Arizona
CALGARY, AB / ACCESSWIRE / March 21, 2022 / CANEX Metals Inc. ("CANEX" or the "Company") is ...
About this update from Canex Metals Inc
[{"type":"text","content":"CANEX Drill Results Continue to Expand New Oxide Gold Discovery in Northern ArizonaCALGARY, AB / ACCESSWIRE / March 21, 2022 / CANEX Metals Inc. (\"CANEX\" or the \"Company\") is pleased to announce assay results for 8 reverse circulation drill holes from the Company's new oxide gold discovery at the Gold Range Project, Arizona.HighlightsHole GR21-63 near the far northeast end of the Excelsior zone intersected 0.5 g/t gold over 22.87 metres starting at 25.91 metres depth, including 0.6 g/t gold over 16.77 metres.Hole GR21-64 near the northeast side of Excelsior intersected 1.1 g/t gold over 10.67 metres starting at 30.49 metres depth.Drill results to date demonstrates good continuity of gold mineralization at Excelsior along 250 metres of strike length, with surface work indicating the strike length could be 500 to 1000 metres.Recent soil and rock sampling and surface mapping demonstrate Excelsior is on the edge of a 1000 metre long by up to 500 metre wide zone that contains multiple parallel exploration targets. This large target zone remains open along strike under shallow basin cover to the northeast.Assay results for 28 drill holes from multiple targets on the property are pending.Assay results for holes GR21-61 to 68, all from the Excelsior zone, have been received and are presented here. A drill hole location map is shown on Figure 1, cross section I - I' showing drill hole GR21-63 is shown on Figure 2. These holes are relatively shallow holes that test the main mineralized zone identified at Excelsior but do not test subparallel mineralized targets that have recently been identified to the east through soil and rock sampling and surface mapping shown of Figure 3 (previously released, see March 9, 2022 news release).Holes GR21-61 to 64 all tested the northeast part of the Excelsior zone. Hole GR21-61 encountered 0.6 g/t gold over 10.67 metres from 71.65 metres depth. Hole GR21-63 encountered 0.5 g/t gold over 22.87 metres including 0.6 g/t gold over 16.77 metres and is shown on section I - I'. Section I - I' shows a shallow dipping mineralized zone with a broad anomalous halo that has a favorable geometry to potentially host near-surface open-pitable oxide gold resources. Hole GR21-64 encountered 1.1 g/t gold over 10.67 metres, and hole GR21-62 which was the northeastern most test of the zone, encountered anomalous gold fr...