Exploration And Expansion Work Underway At Gold Range
CANEX Metals Inc. (TSXV:CANX) has commenced a reverse circulation drill programmme at the Gold Range Project, Arizona.
The company’s President, Dr Shane Ebert, said three holes have been completed at the Excelsior Zone and a fourth is in progress in a planned 50 hole drilling programme.
“We are very pleased to have started our third drill program at Gold Range and are excited to follow up our recent bulk tonnage discoveries and work to expand the zones and further test the underexplored mineralised trend that hosts mineralisation,” he said.
“With continued success this programme could provide a solid foundation for a larger resource definition program”.
The current reverse circulation drill programme will consist of up to 50 drill holes and a minimum of 3000 metres of drilling. The programm3 will initially focus on expanding high grade near surface mineralisation identified at the Excelsior Zone before expanding outward along the three kilometre long mineralised trend linking the historical Excelsior, Malco, and Eldorado Mines.
The Excelsior Zone was first drill tested by the company in February of this year and returned very strong grades such as 1.6 g/t gold over 35.1m including 2.2 g/t gold over 24.4m.
The programme will also look to expand mineralisation at the Eldorado and Malco zones and test multiple areas along the known trend. A few holes are planned to test larger targets in the central and northern part of the claim block. The drill program is expected to run into late October with assay results released in several batches as they become available.
The main exploration targets at Gold Range are near surface bulk tonnage gold zones hosted in metamorphic rocks and cretaceous intrusive dikes. Mineralization contains disseminated stockwork style quartz veinlets surrounding high grade gold veins. Free gold has been observed within high grade veins and within stockwork veinlets.
Eight bottle roll samples from across the system achieved final cyanide soluble gold recoveries ranging from 94 to 99%, averaging 97%. These exceptional cyanide soluble recoveries confirm the project as a valid heap leach type target.
Numerous heap leach style mining operations are currently active in the Western United States and Northern Mexico, and these deposit types are sought after by mining companies as they are low cost to build and can be operated highly profitably at very low average gold grades.
For further information please visit: https://canexmetals.ca/