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Canex Signs Drill Contract for the Gold Range Project, Arizona Drilling to Commence Shortly
CALGARY, AB / ACCESSWIRE / January 18, 2021 / CANEX Metals Inc. ("CANEX" or the "Company") i...
About this update from Canex Metals Inc
[{"type":"text","content":"Canex Signs Drill Contract for the Gold Range Project, Arizona Drilling to Commence ShortlyCALGARY, AB / ACCESSWIRE / January 18, 2021 / CANEX Metals Inc. (\"CANEX\" or the \"Company\") is pleased to announce it has signed a reverse circulation drill contract with a major international drilling company to drill a minimum of 1829 metres (6000 feet) at the Companies Gold Range Project in Arizona.Drilling is scheduled to start at the end of this week and will include up to 30 drill holes testing multiple priority targets. Drilling will initially focus on confirming and expanding the recently discovered zone of bulk tonnage style mineralization at the Eldorado Zone. This zone is highlighted by drill hole GR20-9 which intersected 27.3 metres grading 0.9 g/t gold starting at surface (previously released see November 2, 2020 news release). The Company anticipates up to 15 short holes in this zone to confirm and expand the near-surface bulk tonnage discovery.The recently optioned Excelsior Mine which has seen considerable historic underground and more recent open pit production will be drill tested during the upcoming program. The target at Excelsior is very similar to Eldorado and contains a shallow dipping high grade vein, 0.5 to 2 meters wide, that has returned grades from limited chip sampling ranging from 3.8 g/t gold over 1 metre to 45.4 g/t gold over 0.5 metre. Surrounding this high-grade vein is a halo of quartz veinlets and altered and mineralized intrusive dikes that have returned grades ranging from 0.7 g/t gold over 1 metre to 20.9 g/t gold over 0.3 metres. Approximately 10 drill holes are planned at Excelsior to test the high-grade vein and the surrounding bulk tonnage halo.Drilling is also being planned for the Central Zone and historic Lillian Mine area where CANEX has defined a gold in soil anomaly almost 1 kilometre long and which likely extends onto the Lillian Mine area, which has not yet been soil sampled. Drilling in this area will target a series of sub parallel veins within a 100 metre wide corridor that have returned strong gold values including 11.2 g/t gold over 1 metre, 8.8 g/t gold over 0.3 metres, and 7.4 g/t gold over 0.2 meters.For further information on the upcoming drill program please see an updated corporate presentation on the Companies website at www.canexmetals.ca.Figure 1. Map showing the Gold Rang...