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CANEX Metals Completes Gibson Option Agreement With Altius Resources Inc. and Announces 2017 Exploration Plans
CALGARY, ALBERTA--(Marketwired - May 18, 2017) - CANEX Metals Inc. ("CANEX" or the "Company") (TSX VENTURE:CANX) announces it has signed a formal option agreeme
About this update from Canex Metals Inc
[{"type":"text","content":"CALGARY, ALBERTA--(Marketwired - May 18, 2017) - CANEX Metals Inc. (\"CANEX\" or the \"Company\") (TSX VENTURE:CANX) announces it has signed a formal option agreement to acquire a 100% interest in the Gibson Prospect from Altius Resources Inc. (\"Altius\"), a wholly held subsidiary of Altius Minerals Corp (TSX:ALS). Permits for exploration at Gibson have been submitted and planning is underway for a 2017 exploration program. Terms of the Agreement CANEX Metals can earn a 100% interest in the Gibson prospect from Altius by issuing 3,545,000 common shares in 3 stages, spending $500,000 on exploration within 18 months, and taking over the obligations of an underlying option agreement as outlined in the Company's April 4, 2017 news release. CANEX issued 1,125,000 shares to Altius on signing of the Option Agreement and Exchange approval. Altius will retain a right to purchase an underlying 1.5% NSR royalty and preferential rights on any future royalties or streams granted on the Property. Altius will also have a pro rata right to participate in future equity financings of CANEX for two years. 2017 Exploration Plans A Notice of Work permit application has been submitted to the British Columbia Ministry of Energy, Mines and Petroleum Resources to conduct trenching and drilling at the Gibson Prospect. Pending receipt of the necessary exploration permits, the Company is planning 2 phases of exploration at Gibson. The first phase will consist of surface exploration work including mechanical trenching of known historic high grade Au-Ag zones, along with detailed geologic mapping and sampling. Phase 1 is estimated to cost just over $100,000 and take 3 weeks to complete. With just under $500,000 in cash and $294,000 in short term investments, CANEX is fully funded to undertake the Phase 1 exploration program. The second phase of exploration at Gibson will be dependent on successful Phase 1 trenching and would include drill testing of high grade zones. Planning for Phase 1 exploration is underway and the program can commence once the necessary exploration permits are received. The Gibson Prospect The Gibson prospect is 887 Ha in size and located in central British Columbia, approximately 95 kilometres northwest of Fort St. James. The area is accessible via a network of all weather logging roads. Gibson contains mesothermal gold-silver mineral...