CANEX Metals Inc. (TSXV:CANX) has obtained positive exploration results from 670 soil samples and 42 rock samples from the Gold Range Project, Arizona.
These surface sampling results combined with geologic mapping have added new exploration targets and increased our understanding of, and confidence in, the three-kilometre-long oxide gold exploration target at Eldorado-Malco-Excelsior.
Highlights
- Surface sampling and mapping has increased the Excelsior-Malco-Eldorado trend to 3.2 kilometres of strike-length, and the zone remains open to the northeast under cover.
- A 1000 metre long by 250 to 500 metre wide gold in soil anomaly partially overlaps the known Excelsior mineralized zone and indicates exploration potential to the east and northeast. Rock sampling within this soil anomaly has identified several mineralized outcrops including one poorly exposed zone that returned 8.06 g/t gold over 0.6 metres.
- Forty new claims have been staked to cover the projected strike of the Excelsior mineralised trend.
- Soil sampling is proving to be a highly effected method for identifying zones with bulk tonnage potential and understanding large scale structural features associated with mineralisation.
- 47 holes and 5216 metres of reverse circulation drilling have been completed during the current programme.
- Results for 34 drill holes are pending and will be released in batches as they are received, validated, and interpreted.
.Rock samples include a mix of chip and grab samples with grades ranging from below detection to 66.6 g/t gold, with an average from all 42 samples of 2.8 g/t gold. Assay results for a further 169 rock samples are pending.
Of note is the large gold in soil anomaly extending from Eldorado to the southwest through Malco and to Excelsior in the northeast, a strike length of 3.2 kilometres.
The Excelsior soil anomaly is defined by a low-level gold in soil anomaly 1000 metres long by 250 to 500 metres wide that overlaps and extends from the known zone of mineralisation at Excelsior. Prospecting within the Excelsior soil anomaly has discovered multiple mineralised outcrops with chip samples returning 8.06 g/t gold over 0.6 metres and 0.71 g/t gold over 0.7 metres.
The majority of the Excelsior soil anomaly remains unexplored and the zone trends under cover to the northeast. Forty lode mining claims have recently been staked to cover the projected strike of the zone along with a second area of open ground to the south.
Surface sampling at the Malco Zone has defined a gold in soil anomaly up to 750 metres long by up to 350 metres wide within the central part of the larger Excelsior-Malco-Eldorado trend.
Previous sampling has identified multiple high-grade gold veins within this zone, and recent surface work identified two more veins which returned 29.6 g/t and 5.44 g/t gold in grab samples. Malco contains multiple historic underground workings along a 500 metre strike length. The drill is currently focused on drill testing Malco over 300 metres of strike length.
Sampling at the Lillian Zone has expanded the Central Zone gold in soil anomaly to the northwest connecting it to Lillian. This combined Central-Lillian soil anomaly now covers an area 1100 metres long by up to 200 metres wide.
New rock sampling within this anomaly have identified a mineralized outcrop which returned 1.15 g/t gold in a grab sample. Multiple old workings and prospect pits occur through the Central-Lillian soil anomaly and two recent drill holes have tested the zone, with results pending.
“We are very pleased to see our surface exploration efforts increasing the size of our exploration targets and giving us multiple new target areas for drill testing,” Dr. Shane Ebert. President of the company said.
“Surface mapping and sampling have identified additional zones of mineralized quartz stockwork veining that run parallel to the known Excelsior zone on the east side.
“The identification of multiple subparallel mineralised zones within the Excelsior soil anomaly certainly increase the near surface tonnage potential of the zone.”
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