Canex Metals Advances Gold Discovery at Arizona Project, Sees Potential for Large-Scale System

• Canex Metals employs systematic, scientific approach to exploration at its Gold Range Project in Arizona.
• Recent work outlines large 1 km by 500m mineralized corridor surrounding the Excelsior zone.
• Geology compares favorably to world-class bulk-tonnage gold deposits like Peñasquito in Mexico.
• Scale potential completely changes; new data reveals opportunity for multi-million ounce district.
• Systematic exploration validating deposit model; Canex aims to ramp up drilling to demonstrate size potential.

About Canex Metals Corp

Canex Metals Corp. (TSXV: CANX) is a mineral exploration company focused on advancing its Gold Range Project located in Northern Arizona. Led by President Shane Ebert, Canex Metals employs a systematic, scientific approach to exploration in order to build a strong foundation of knowledge about its projects.

Interview with President, Shane Ebert

Systematic Exploration Reveals Exciting Gold Discovery

Over the past 6 months, Canex Metals has been actively exploring and drilling at the Gold Range Project. Recent work has increased understanding of the controls and geometry of mineralization, opening up sizable expansion potential.

According to Ebert, the company takes a methodical approach to exploration, focusing first on understanding basics like what mineralization style is present and what geological structures control it. This scientific foundation then guides drilling and sampling programs to vector into new discovery zones.

At the Excelsior zone, Canex has traced continuous mineralization over 250-300 meters with grades between 0.5 to 2 g/t gold. This confirms continuity in the known area, but recent exploration suggests Excelsior sits on the edge of a much larger mineralized system.

New Data Reveals Large-Scale Potential

Canex Metals' latest work has delineated a sizable 1,000 meter by 500 meter corridor of gold-in-soil anomalies surrounding Excelsior. Within this area, mapping indicates at least 3 to 4 subparallel mineralized trends that resemble Excelsior.

This points to a broad 500 meter wide zone containing multiple stacked mineralized horizons. For Ebert, this completely changes the scale potential at Gold Range. What started as a modest zone over a few hundred meters now appears to be a multi-km district scale opportunity. As Ebert explains, "We're actually in the realm of some of the bigger gold deposits."

Comparing to World-Class Analogues

To underscore the large size potential, Ebert compares Gold Range to the Peñasquito mine in Mexico owned by Newmont. With over 14 million ounces of gold resources, Peñasquito produces over 400,000 ounces per year from similar lower grade, bulk-tonnage mineralization.

While early stage, Ebert sees strong similarities - both have large mineralized corridors controlled by regional scale structures, with multiple subparallel zones of mineralization related to intrusive bodies. This validates Canex's exploration model and points to significant upside remaining via systematic drilling.

Advancing Towards Resource Definition

With increased understanding of the expansive mineralized system, Canex Metals is evolving its strategy to match the larger opportunity. More extensive drilling is required to test the breadth of the corridors. The company is working to permit larger programs, secure additional drills, and improve assay turnaround times.

The sizable footprint at Gold Range will require a ramp up in exploration intensity. Ebert aims to demonstrate scale potential through wider step outs, deeper drill holes, and tighter news flow. This could ultimately outline a district scale gold system amenable to open pit mining.

Excitement Builds as the Pieces Come Together

As at any early stage exploration play, investing in Canex Metals involves substantial risk. However, the improving understanding of mineralization geometry and controls provides Ebert with growing confidence in Gold Range's potential:

"I'm extremely pleased that as we advance this one we're getting good results with the drill but we're really opening up the size potential and by analogy this thing could have some good legs to it."

Conclusion

With systematic exploration validating the deposit model, Canex Metals appears to be honing in on a significant new gold discovery in mining-friendly Arizona. The company's progress in understanding the opportunity could make for an exciting year ahead.