CALGARY, AB / ACCESSWIRE / June 14, 2021 / CANEX Metals Inc.
Drilling to date has confirmed a 3 kilometre long mineralized target zone extending from the Eldorado to the Excelsior areas, and this target is gold bearing in every place we have drill tested it so far, suggesting sizable gold resource potential.
Holes GR21-33 and 34 were drilled 250 metres south of the Excelsior zone, and holes GR21-35 to 39 tested the Excelsior area along a single cross section as shown on Figure 2.
Holes GR21-35 and 36 were drilled from the same pad as GR21-37 and also intersected significant mineralized intervals, including 0.5 g/t gold over 9.1 metres in hole GR21-35, and 1.1 g/t gold over 19.8 metres in hole GR21-35.
These holes will be deepened or re-drilled in future programs. Holes GR21-38 and 39 intersected large zones of anomalous gold with hole GR21-28 returning 1.2 g/t gold over 18.3 metres.
These first holes into the Excelsior zone demonstrate good continuity of mineralization and show strong grades within a 30 to 40 metre wide mineralized zone that has a moderate dipping geometry favorable for an open pit target.
Hole GR21-33 intersected 0.3 g/t gold over 7.6 meters starting at 3.1 metres depth and 0.4 g/t gold over 4.6 metres starting at 15.2 metres depth before encountering the Contact Zone structure and hitting mostly barren rocks in the footwall.
Fifteen holes were drilled at the Eldorado Zone to test and expand the Company’s previously announced bulk tonnage oxide discovery, 5 holes tested various targets across the southern part of the property and 14 holes tested the Excelsior Mine area.
Reverse circulation drill cuttings were collected in numbered cloth sample bags from 5 foot .
Led by an experienced management team, which has made three notable porphyry and bulk tonnage discoveries in North America, CANEX has identified and tested several targets which host the potential for bulk tonnage oxide gold mineralization at its Gold Range Project.
The projections, estimates and beliefs contained in such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause CANEX’s actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements.