Canex Metals Inc. Advances with Louise Project and Completes Exploration at Gold Range

CANEX Metals Inc., a company based in Calgary, AB, has received approval from the TSX Venture Exchange for an option agreement related to the Louise copper-gold porphyry deposit in British Columbia. In addition, the company has announced the successful completion of a mapping and sampling program at its Gold Range Project in Arizona.

The terms of the option agreement for the Louise Project allow CANEX to potentially acquire a 100% interest by making incremental payments totaling $775,000 in shares or cash over five years. Additionally, CANEX has issued 200,000 shares to the vendor at $0.05 per share, with these shares being held until August 9, 2024. The agreement also includes milestone bonuses and gives CANEX the right to purchase part of the net smelter royalty.

Past drilling at the Louise Project has revealed promising copper and gold grades, suggesting potential for significant mineral deposits at greater depths. CANEX plans to analyze historic data and develop an exploration plan for the Louise Project.

In Arizona, the company successfully carried out surface mapping and sampling at the Gold Range Project, discovering two new occurrences of gold mineralization. A total of 151 surface rock and soil samples were collected, with assay results anticipated in May.