CANEX Initiates Field Program at Gold Range, Arizona

CALGARY, AB / ACCESSWIRE / May 27, 2020 / CANEX Metals Inc. (TSXV:CANX) ("CANEX" or the "Company") is pleased to announce that a soil sampling program is underway at the Gold Range Property, Arizona.

A local contractor is currently conducting a 777 sample soil program at Gold Range which is expected to take about 7 days to complete. The sampling program will follow up and expand on multiple new gold-in-soil anomalies identified in the southern part of the claim block and expand coverage around 2 new high grade gold in outcrop discoveries (previously announced see May 11, 2020 news release). A summary map showing gold in soil anomalies and the 2 new gold discoveries from the southern part of the claim block is available here.

Additional sampling will be conducted at the Central Zone gold-in-soil anomaly which is currently 730 metres long by up to 250 metres wide and open to the north, a map of the Central Zone gold-in-soil anomaly is available here. Grid soil sampling is also planned around the Tin and Shaft Zones to help assess their strike potential, and several reconnaissance soil lines will be conducted in the northern part of the claim block over areas that have seen limited prior exploration.

The Company will continue to advance Gold Range in preparation for drill testing as travel and other restrictions allow.

About the Gold Range Property

The Gold Range Property is located in Northern Arizona within an area that has seen historic lode and placer gold production but limited systematic modern lode gold exploration. Fieldwork by the Company has identified numerous gold exploration targets on the property with grab samples from outcropping quartz veins returning multiple values in the 20 to 40 g/t gold range, and chip sampling returning values of 53.2 g/t gold over 0.6 metres, 31.7 g/t gold over 1 metre, 24.3 g/t gold over 1.5 metres, 28.1 g/t gold over 1 metre, 17.2 g/t over 1.1 metre, and 8.47 g/t gold over 5.6 metres. Please visit our website at www.canexmetals.ca for additionnel information.

Dr. Shane Ebert P.Geo., is the Qualified Person for CANEX Metals and has approved the technical disclosure contained in this news release.

"Shane Ebert",

Shane Ebert
President/Director

Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Except for the historical and present factual information contained herein, the matters set forth in this news release, including words such as "expects", "projects", "plans", "anticipates" and similar expressions, are forward-looking information that represents management of CANEX Metals Inc. internal projections, expectations or beliefs concerning, among other things, future operating results and various components thereof or the economic performance of CANEX. 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. These risks and uncertainties include, among other things, those described in CANEX's filings with the Canadian securities authorities. Accordingly, holders of CANEX shares and potential investors are cautioned that events or circumstances could cause results to differ materially from those predicted. CANEX disclaims any responsibility to update these forward-looking statements.

For Further Information Contact:

Shane Ebert at 1.250.964.2699 or
Jean Pierre Jutras at 1.403.233.2636
Web: http://www.canexmetals.ca

SOURCE: CANEX Metals Inc.

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