Canex Metals reports new discovery at Gold Range in Arizona

Canex Metals (TSXV: CANX) says it has discovered a new “and potentially significant zone” of gold in its first drill hole testing the Shaft Target at the Gold Range project in northwestern Arizona.

The discovery hole was drilled in the northern part of the Gold Range property, about 1.5 km northeast of the Central Zone and 2.4 km north of the Excelsior Zone.

Drill hole GR22-110 intersected 27.4 metres of 1.1 grams gold per tonne starting 33.5 metres downhole, including 15.2 metres grading 1.7 grams gold and 1.5 metres grading 7.6 grams gold.

Canex notes that the historic shaft at the target contains a “strongly deformed northeast trending shear zone and quartz vein system that is covered by stream-wash gravels to the southwest.” It also states that 200 metres southwest of the discovery hole, a zone of historic placer mining took place along the trend, which it says suggests “continuity and size potential” of the target.

The company describes Gold Range as a “new bulk-tonnage oxide-gold target located within an underexplored metamorphic terrain in northern Arizona.”

Canex has the option to earn up to 100% of the Gold Range property.

In addition to the Shaft Target, the WestGold target is 400 metres by 125 metres, remains open, and contains the strongest gold-in-soil anomaly on the property so far, the company points out in its latest corporate presentation.

The Excelsior Zone is open along strike and the company says it has “excellent open pit geometry and expansion potential.” Assays from Excelsior have included 59.5 metres grading 1 gram gold; 18.3 metres of 2.2 grams gold; and 35.1 metres of 1.6 grams gold.

The Central zone is a 1,000-metre by 200-metre gold in soil anomaly with drill results including 4.6 metres of 1 gram gold and 9.2 metres of 0.7 gram gold.

According to its December presentation, the company has drilled a total of 144 reverse circulation drill holes for 12,249 metres.

Altius Minerals (TSX: ALS) owns about 7.2% of Canex.

At presstime Canex was trading at 9¢ per share within a 52-week trading range of 6¢ and 20¢.

It has about 95 million common shares outstanding for a market cap of roughly $8.5 million.