Business
Canex Signs Definitive Option Agreement for the Excelsior Mine Property at the Gold Range Project Arizona
CALGARY, AB / ACCESSWIRE / June 3, 2021 / CANEX Metals Inc. ("CANEX" or the "Company") is pl...
About this update from Canex Metals Inc
[{"type":"text","content":"Canex Signs Definitive Option Agreement for the Excelsior Mine Property at the Gold Range Project ArizonaCALGARY, AB / ACCESSWIRE / June 3, 2021 / CANEX Metals Inc. (\"CANEX\" or the \"Company\") is pleased to announce that, through its 100% owned Arizona subsidiary CANEXCO Inc., it has signed and completed a definitive agreement to option the Excelsior Mine Property comprised of 11 lode mining claims and 2 patented mining claims covering 3 past producing historic gold mines. The Excelsior Mine Property sits within the boundaries of the Company's Gold Range Project in Arizona.HighlightsThe agreement gives CANEX control of an additional 2 kilometres of strike length of highly prospective ground along a major mineralized structure that runs from the Company's Eldorado bulk tonnage discovery to the past producing Excelsior Mine.In early 2021 CANEX drilled 18 holes into the Excelsior Mine Property with 14 holes testing the Excelsior Mine and 4 holes testing areas along strike. Assay results for these holes are pending.The agreement allows CANEX to earn a 90% interest in the Excelsior Mine Property by issuing 2,750,000 shares and spending US$4.5 million on exploration and development in 3 stages over 4.5 years. For the 1st stage of the agreement CANEX must issue 750,000 shares to the Vendors and spend US$500,000 on exploration within 2.5 years. Stages 2 and 3 require bonus payments based on gold equivalent ounces defined in resources and reserves.Dr. Shane Ebert President of the Company stated, \"Completing this option agreement and consolidating a large area of very prospective ground is a great step forward for the Gold Range project. With this deal CANEX now controls 3 kilometres of strike length along a mineralized corridor that is showing excellent potential for both bulk tonnage and high-grade gold targets. We look forward to the results from the initial drill test of the zone and will plan follow up surface work and additional drilling accordingly.\"Terms of the OptionThe option agreement allows CANEX to earn into the Excelsior Mine Property (\"the Property\") from the private Vendors over 3 stages. During stage 1 CANEX can earn a 25% interest in the Property by issuing 750,000 shares of CANEX and spending US$500,000 on exploration. During stage 2 CANEX can earn 51% interest in the Property by issuing 1 million shares of CANEX...