Canex Metals Inc. announced results from 19 reverse circulation drill holes from multiple targets across the Gold Range Project, Arizona. This drilling has intersected strong gold mineralization within the Excelsior Zone and demonstrates a new area with good gold potential at East Excelsior, located immediately east of Excelsior. Hole GR23-131 at the Excelsior Zone intersected 4.1 g/t gold over 6.10 metres including a high-grade vein returning 13.3 g/t gold over 1.53 metres; Hole GR23-136 at the Excelsior zone intersected 1.0 g/t gold over 15.24 metres including 2.4 g/t gold over 4.57 metres; 5 holes tested a 200-metre strike length at the East Excelsior Target with all 5 holes returning gold mineralization, confirming the exploration potential of the system; The East Excelsior Target contains multiple parallel mineralized structures within a zone up to 75 metres wide; The East Excelsior target is fully permitted for further drill testing, a permit amendment is underway to allow further drill testing and definition of the new WestGold discovery.

Assay results from drill holes GR23-119 and GR23-121 to 138 have been received and are presented here. These drill holes tested the Shaft Target, the East Excelsior Target, and Excelsior. These drill holes tested theShaft Target, the East Excel'sior Target, and Excels senior.

These drill holes tested the shaft Target, the East Exceling Target, and Excelsior". Gold Range Property drill hole location map showing the Excelsior to WestGold trend, the Central and Lillian Zones, Shaft, and drill hole locations included in this release. Hole GR23-131 tested a gap in the central part of the Excelsior zone and returned a high-grade gold intercept of 4.1 g/tgold over 6.1 metres including 13.3 g/tgold over 1.53 metres.

The drill encountered a historic underground working immediately below this high-grade zone where no recovery was obtained over 3 metres. Hole GR23-136 was located 100 metres northeast of hole GR23-131 and returned 1.0 g/t gold over 15.24 metres including a higher-grade intercept returning 2.4 g/t gold over 4.57 metres. Holes GR23-131 to 137 successfully added and extended mineralization within the main Excelsior zone.

Holes GR23-129, 130, and 138 tested the northeast and northwest extensions of the zone and did not encounter significant mineralization. Holes GR23-122 to 128 tested parallel mineralized trends at the East Excelsior Target with 5 of the 7 test holes encountering gold mineralization. One of the zones at East Excelsior was tested along a 200-metre strike length by holes GR123 to 127, with all 5 holes returning gold mineralization and confirming the exploration potential of the target which remains open along strike.

Results from this initial test include hole GR23-124 which returned 1.1 g/t gold over 4.58 metres, and hole GR23-127 which returned 0.4 g/t gold over 9.15 metres and another 2.3 g/t gold over 3.05 metres.