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CANEX Signs Letter of Intent to Add the Excelsior Mine Property to the Gold Range Project, Including 3 Past Producing Gold Mines
CALGARY, AB / ACCESSWIRE / January 13, 2021 / CANEX Metals Inc. ("CANEX" or the "Company") i...
About this update from Canex Metals Inc
[{"type":"text","content":"CANEX Signs Letter of Intent to Add the Excelsior Mine Property to the Gold Range Project, Including 3 Past Producing Gold MinesCALGARY, AB / ACCESSWIRE / January 13, 2021 / CANEX Metals Inc. (\"CANEX\" or the \"Company\") is pleased to announce that, through its 100% owned Arizona subsidiary CANEXCO Inc., it has signed a binding letter of intent (the \"LOI\") 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 deal adds 3 historic past producing gold mines to the Gold Range Property providing multiple drill ready targets.The Excelsior Mine contains a 20 to 50 metre wide zone of alteration and quartz veining surrounding a shallow dipping high grade quartz vein and shows excellent potential for near surface bulk tonnage and high grade vein mineralization.Due diligence chip sampling conducted by CANEX has confirmed gold mineralization with values from chip samples including 31.9 g/t gold over 1 metre, 11.2 g/t gold over 1 metre, and 45.4 g/t gold over 0.5 metres.The LOI 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.CANEX and the property Vendors have committed to complete a definitive option agreement within 30 days. The LOI and the definitive option agreement will be subject to TSX-Venture approval.The Excelsior Mine PropertyThe Excelsior Mine Property contains 3 past producing gold mines, The Excelsior Mine, the Malco Mine, and the Lillian Mine, and all have had historic underground production centered on high grade gold quartz veins.The Excelsior Mine has seen near surface historic production on multiple levels and more recent exploitation from small open pits centered along a high-grade flat dipping quartz vein and gouge zone 0.5 to 2 metres wide. There are currently small scale gold extraction facilities set up on the patented claim covering the ma...