Dr. Shane Ebert reports

CANEX RECEIVES EXCHANGE APPROVAL FOR OPTION OF LOUISE COPPER-GOLD PORPHYRY AND COMPLETES FIELD PROGRAM AT GOLD RANGE

Further to its news release dated March 5, 2024, Canex Metals Inc. has received TSX Venture Exchange approval for the option of the Louise copper-gold porphyry deposit in British Columbia and has successfully completed a surface mapping and sampling program at the Gold Range project in Arizona.

Louise option approved

The exchange has approved the terms of the option agreement on the Louise copper-gold porphyry in British Columbia. The option agreement allows Canex to earn a 100-per-cent interest in the Louise project by making the following payments over a five-year period:

• $10,000 in shares or cash on regulatory approval;
• $25,000 in shares or cash on or before March 1, 2025;
• $50,000 in shares or cash on or before March 1, 2026;
• $90,000 in shares or cash on or before March 1, 2027;
• $200,000 in shares or cash on or before March 1, 2028;
• $400,000 in shares or cash on or before March 1, 2029.

Canex issued a total of 200,000 shares upon receipt of regulatory approval to the vendor at a price of five cents per share. These shares are subject to a hold period of four months plus one day or until Aug. 9, 2024. There are no expenditure commitments with the option, allowing Canex to advance the project as market conditions allow. The vendor, Bernie Kreft, will retain a 2.5-per-cent net smelter royalty (NSR), with Canex having the right to buy back 40 per cent of the NSR (1 per cent of the 2.5-per-cent NSR) for $1.5-million. Canex will retain a right of first refusal on the sale of Kreft's royalty.

A milestone bonus of $50,000 in shares or cash will also be payable if Canex drills over 4,250 metres of core, and a second milestone bonus of $50,000 in shares or cash will be payable if Canex publishes a resource estimate with greater than 1.5 million contained ounces of gold.

Louise project summary

The Louise project is road accessible and located approximately 35 kilometres west of Smithers in west-central British Columbia. Previous drilling has defined a near-surface mineralized zone 1,000 metres long by 100 metres to 200 metres wide, extending to about 270 metres depth. Previous drilling has intersected strong copper and gold grades, highlighted by hole LL04-03, which returned an interval of 158 metres grading 0.41 per cent copper and 0.40 gram per tonne gold starting at 53.5 metres downhole. Such strong grades, which appear to increase with depth, suggest good grade potential could exist in the main body of the porphyry system, which is hypothesized to occur at depth or adjacent to the known mineralized zone.

The company is assembling and analyzing the historic data for the Louise project and will formulate an exploration plan for the project once data interpretation is complete.

Gold Range surface exploration program completed

Canex successfully completed a surface exploration program at the Gold Range Project in Arizona in March. The program included detailed surface mapping and sampling at the WestGold area, resulting in increased understanding and further refinement of strong drill targets at the zone. Two new occurrences of gold mineralization were discovered and sampled in other parts of the property and their potential will be further evaluated once assay results have been received. In total, 151 surface rock and soil samples were collected and submitted for assay and an additional 125 samples of drill hole pulps were collected for alteration studies by short-wave infrared and near-infrared spectroscopy. Assay results from the program are expected in May.

About Canex Metals Inc.

Canex Metals is a Canadian junior exploration company focused on advancing its 100-per-cent-owned Gold Range project in northern Arizona. With several near-surface, bulk-tonnage gold discoveries made to date across a four-kilometre gold-mineralized trend, the Gold Range project is a compelling early-stage opportunity for investors. Canex is led by an experienced management team that has made three notable porphyry and bulk-tonnage discoveries in North America and is sponsored by Altius Minerals, a large shareholder of the company.

Dr. Shane Ebert, PGeo, is the qualified person for Canex Metals and has approved the technical disclosure contained in this news release.

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