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Canex Metals samples up to 94.7 g/t Au at Gold Range

2019-12-03 10:32 ET - News Release

Mr. Shane Ebert reports

CANEX SAMPLES MULTIPLE NEW HIGH GRADE ZONES ON THE GOLD RANGE PROPERTY, ARIZONA, INCLUDING 94.7 G/T GOLD IN TRENCHING

Canex Metals Inc. has released partial rock sample results from its Gold Range property in Arizona.

A trenching and surface exploration program was conducted at Gold Range in October, 2019; results for 168 out of 182 rocks samples have been received and are presented here. Prospecting in October resulted in the discovery of five new zones, East, Central, Tin Shack, Shear/Shaft and Pit, that are now part of the expanded Gold Range claim block (previously disclosed in Nov. 18, 2019, news release). Assay results for preliminary sampling from four of the five new zones are presented in the attached table, along with trench sampling results. Results from the Pit zone will be released once they are received, compiled and interpreted.

New zones

All of the new zones have returned very strong gold grades from the preliminary round of sampling with the East and Central zones locally containing very high silver. Samples were taken from historic workings, exposed quartz-sulphide veins, altered and quartz veined intrusive dikes and sills, and quartz boulders. Sample highlights are summarized in the attached table.

Highlights include:

  • East zone grab sample with 92.5 grams per tonne (g/t) gold (Au), 758 g/t silver (Ag) and 8.9 per cent copper (Cu);
  • Central zone grab samples, including 42.7 g/t Au and 36 g/t Ag and 26.2 g/t Au and 375 g/t Ag;
  • Tin Shack zone grab sample with 7.6 g/t Au and a chip sample with 4.7 g/t Au over 0.5 metre;
  • Shear/Shaft zone grab sample with 14.5 g/t Au.

A total of 14 samples were taken from the East zone over an area 0.8 kilometre (km) by 0.6 km and ranged from trace to 92.5 g/t Au, averaging 17.5 g/t Au. A grab sample from the zone returned 92.5 g/t Au and 757.6 g/t Ag, along with 8.9 per cent Cu. This exceptionally high-grade sample comes from an area with shallow cover and the source of the mineralization is not exposed. Where exposed, the mineralized structures sampled at the East zone typically range from 0.5 to three metres wide, trend northeast, and are locally associated with altered and quartz veined intrusive dikes and sills.

Twenty-five samples were taken from the Central zone over a one-kilometre-by-one-kilometre area and returned results ranging from trace to 42.7 g/t Au, with an average of 6.5 g/t Au. The mineralized structures at the Centre zone are similar to those at the East zone, although east-west orientations are more prominent within the Central zone. Multiple quartz vein samples containing free gold have been identified in the East and Central zones.

Seven samples were taken from surface and underground workings at the Tin Shack zone, which contains adits and workings that exploited a series of subparallel quartz-sulphide veins focused along the margins of mafic dikes. The samples ranged from 0.3 to 7.5 g/t Au, averaging 2.7 g/t Au. Underground exposures at the Tin Shack zone are accessible and the zone is scheduled for detailed underground mapping and systematic sampling in early December.

The Shaft/Shear zone is a poorly exposed zone where two historic workings expose a zone of strong shearing and quartz veining up to three metres wide. Three samples from the Shaft/Shear zone ranged from 1.1 to 14.5 g/t Au.

HIGHLIGHTS OF OCTOBER, 2019, PROSPECTING AT GOLD RANGE

Sample         Zone             Type       Au       Ag
                                         (g/t)    (g/t)

546291         East   1.5-metre chip      1.2      0.3   
546298         East             Grab     48.5     36.0  
546299         East             Grab     92.5    757.6 
546301         East             Grab      4.4    142.7 
546302         East             Grab     21.3     34.8  
547160         East             Grab     41.5      4.1   
547161         East             Grab      6.7      3.3   
547163         East             Grab     25.5     17.0  
546274      Central             Grab     23.7     13.2  
546275      Central             Grab      5.6      6.5   
546276      Central             Grab     10.0     14.2  
546277      Central             Grab      8.7      8.9   
546278      Central             Grab     42.7     36.2  
546281      Central             Grab      5.1      7.6   
546293      Central             Grab     16.3      7.0   
547165      Central             Grab     26.2    375.5 
547166      Central             Grab     22.5      8.8   
547167      Central             Grab      3.4      0.8   
546292    Tin Shack   0.5-metre chip      4.7      1.4   
547155    Tin Shack   One-metre chip      3.1      1.6   
547156    Tin Shack   One-metre chip      1.8      1.9   
547157    Tin Shack             Grab      7.6      2.8   
546296  Shaft-Shear             Grab     14.5      4.6   
546297  Shaft-Shear             Grab      1.1      0.7   
547159  Shaft-Shear             Grab      3.6      0.9   

All grab and chip samples reported were taken by Canex staff with all chip samples taken perpendicular to the strike of the structures sampled. Grab samples are selective in nature and are not necessarily representative of mineralization on the property

Trenching results

Eight trenches were completed in October, with six trenches targeting the Adit Shear zone, along 1,000 metres of strike length and two trenches targeting the Discovery zone. The highlight of the trenching program came from sample 546225, which returned 94.67 g/t gold from a 10-centimetre-wide iron oxide-rich sheared margin along a 0.6-metre-wide quartz vein in trench 8, at the northern end of the Adit Shear zone. This material was panned in the field and abundant fine-grained free gold was recovered, confirming the gold-rich nature of the zone.

The trenching program started at the Adit zone, located in the central part of the Adit Shear zone, where trenches 1 to 4 exposed the zone over a 150-metre strike length. Trench 1 did not intersect the main vein due to offset along a previously unrecognized northeast-trending postmineral fault. Trench 2 intersected the main quartz vein adjacent to an exposure that returned 8.47 g/t gold over 5.6 metres (previously released in Aug. 20, 2019, news release). The main vein in trench 2 returned 2.3 g/t Au over two metres, surrounded by a limited low-grade halo with the immediate hangingwall returning 0.3 g/t Au over 2.5 metres and the footwall returning 0.4 g/t Au over two metres. The main vein pinches considerable in trench 3 then widens again a few metres to the south where it returned 6.8 g/t Au over one metre. Trench 3 intersected 1.6 g/t Au over four metres, representing the narrow main vein and the surrounding mineralized halo. The main vein was not encountered in trench 4 where another postmineral fault is interpreted to offset the zone by an undetermined amount.

Trench 5 tested the southern part of the Adit Shear zone and returned seven g/t Au over 1.2 metres, along with a second zone containing 1.1 g/t Au over two metres. Trench 8, located 1,000 metres north of trench 5, tested the northern portion of the Adit Shear zone and exposed a 0.6-metre-wide quartz vein with a hematite-rich and mineralized margin. A length-weighted composite chip sample across the vein and mineralized margin returned 15.54 g/t Au over 0.7 metre. This includes a 0.6-metre chip sample that returned 2.4 g/t Au and a 0.1-metre-wide sample from the margin of the vein that returned 94.7 g/t Au. A grab sample from the vein returned 10.9 g/t Au, consistent with the grade of a sample obtained from a historic inclined shaft 15 metres away which contained 14.87 g/t Au (previously disclosed in Aug. 20, 2019, news release).

Trenching along the Adit Shear zone confirms a mineralized system over a minimum 1,000 metres of strike length, with the zone remaining open in both directions. The mineralized zone locally contains very high gold grades with considerable grade variability as expected in veins containing coarse free gold (nugget effect). New exposures show the vein pinches and swells and is locally offset by a series of post mineral faults. To date, three defined segments along the Adit Shear zone are showing potential to host mineralized shoots ranging from 0.7 to 5.6 metres wide.


HIGHLIGHTS OF OCTOBER, 2019, TRENCHING AT GOLD RANGE

Sample          Trench               Type         Au
                                                (g/t)

546163        Trench 2     One-metre chip       2.69  
546164        Trench 2     One-metre chip       1.97  
546165        Trench 2     One-metre chip       0.54  
546181        Trench 3     Two-metre chip       1.62  
546182        Trench 3     Two-metre chip       1.55  
546258        Trench 5     Two-metre chip       1.11  
546259        Trench 5    0.75-metre chip       0.35  
546266        Trench 5     1.2-metre chip       7.02  
546219        Trench 8     0.6-metre chip       2.35  
546225        Trench 8     0.1-metre chip      94.67 
219 and 225   Trench 8     0.7-metre chip      15.54 
546222        Trench 8               Grab      10.87 
546220        Trench 8               Chip       0.32  
546226        Trench 8     0.5-metre chip       2.22  

All grab and chip samples reported here were taken by Canex staff with all chip samples taken perpendicular to the strike of the structures sampled. Grab samples are selective in nature and are not necessarily representative of mineralization on the property.

Trenches 6 and 7 at the Discovery zone exposed a four-metre-wide to eight-metre-wide zone of sericite altered intrusive containing strong quartz veining. Samples from the zone but did not return significant mineralization.

Continuing exploration

A high-resolution airborne drone magnetic survey is scheduled to start at Gold Range in early December. This survey will be used to enhance geologic and structural interpretation of the project and help with continuing targeting. A surface program focused on geologic mapping and detailed sampling of new targets will also commence in early December, potentially followed by grid soil sampling over select targets.

Quality control

All samples were taken by Canex representatives and shipped to American assay laboratories in Reno, Nev. (which is ISO/IEC 17025 accredited) for analyses. Gold was assayed using a 30-gram fire assay (method FA-PB30-ICP) with all gold samples greater than 10 g/t redone using a 30-gram fire assay method with a gravimetric finish (method GRAVAu30). Duplicates, blanks and certified standards are analyzed with every sample batch and then checked to ensure proper quality assurance and quality control.

About the Gold Range property

The Gold Range property is located in northern Arizona within an area that has seen historic lode and placer gold production but limited systematic modern lode gold exploration. Fieldwork by Canex has identified multiple gold exploration targets, including the Adit Shear zone, which has been traced for one km along strike and has returned chip sample results of 8.47 g/t gold over 5.6 metres, including 28.1 g/t gold over one metre.

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

We seek Safe Harbor.

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