Business
Canex Options an Advanced Copper Gold Porphyry in British Columbia
CALGARY, AB / ACCESSWIRE / March 5, 2024 / CANEX Metals Inc. ("CANEX" or the "Company") is pleas...
About this update from Canex Metals Inc
[{"type":"text","content":"Canex Options an Advanced Copper Gold Porphyry in British Columbia CALGARY, AB / ACCESSWIRE / March 5, 2024 / CANEX Metals Inc. (\"CANEX\" or the \"Company\") is pleased to announce that it has entered into an option agreement on an advanced copper-gold porphyry deposit in British Columbia with excellent exploration upside.HighlightsCANEX has entered into a low up front cost option agreement to earn a 100% interest in the Louise copper-gold porphyry in British Columbia.The project is road accessible, contains a large historic copper-gold-molybdenum resource, and has only been explored to shallow depths.Previous drilling at Louise has returned strong copper and gold grades including 0.41% copper and 0.40 g/t gold over 158 metres, and several holes indicate increasing grades with depth.The Company is compiling and analysing the large high-quality historic database for the Louise Project and will develop a plan to advance the project once data evaluation is complete.Dr. Shane Ebert President of the Company stated, \"We are pleased to announce this new transaction to acquire the Louise Project which has very low up-front costs, no spending requirements, and provides the Company another excellent avenue to potentially create value for shareholders. The Management and Board of CANEX have decades of experience exploring porphyry deposits in Mexico and Canada, spanning from initial deposit discovery through to the sale of an advanced deposit. We can leverage this experience at the Louise Project which offers a low-risk, high value copper-gold opportunity with significant untested discovery potential that can be advanced as market conditions allow. The project is located in the safe mining jurisdiction of British Columbia, is road accessible, and contains a historic resource with 924,333 ounces of gold and 658 million pounds of copper in the inferred category plus an additional 183,902 ounces of gold and 132 million pounds of copper in the indicated category. This historic resource base is an excellent indicator of the exploration potential of the project and most of the historic drilling was shallow, completed to less than 350 metres, and in several drill holes grades were noted to increase with depth. The deposit and surrounding district have never been evaluated with a modern deep looking induced polarization geophysical survey, openi...