CALGARY, AB - CANEX Metals Inc. ('CANEX' or the 'Company') is pleased to announce surface soil results from summer 2022 exploration and the purchase of a lode mining claim covering a past producing gold mine at the Gold Range Project, Arizona.

Highlights

Surface exploration has identified a new gold in soil anomaly (GoldWest) that is 400 metres long, over 125 metres wide, and remains open along strike, with gold in soil values ranging from 122 to 612 parts per billion.

This anomaly stands out as the strongest gold in soil zone on the Gold Range Property to date and has never been drill tested.

A field crew is being dispatched to further sample and map the target in preparation for drill testing.

A lode mining claim directly adjacent to the new gold in soil anomaly has been purchased from an unrelated 3 rd party. This claim covers multiple shafts and workings and was a small-scale underground gold producer from 1901 to 1911.

Results from 18 reverse circulation drill holes from Gold Range are pending.

Assay results have been received for 170 surface soil samples taken during summer 2022 exploration at the Gold Range Property. These samples returned gold values ranging from below detection (

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