Canex Metals (TSXV: CANX) has released assay results from the first five drill holes at its Gold Range project in northern Arizona's Mohave County.
The 10-sq.-km project sits within a historic mining district that contains multiple historic workings dating as far back as the 1880s, but which has seen little modern exploration, according to the company.
The project's Pit Zone contains a small open pit that was mined in the 1980s, with the material heap leached in the adjacent valley, the company says.
Canex drilled 14 holes totalling 1,481 metres during August and September. Drilling concentrated on five different targets across the property, with 1,044 drill samples sent for analysis. The company said all five holes intersected zones of gold mineralization.
Holes 20-01, 20-02, and 20-03 were drilled in the Pit zone. Drill hole 20-01 intersected 3 metres grading 2.3 grams gold per tonne starting from surface, and 20-02 cut 3 metres grading 1.4 grams gold from 3 metres downhole. Drilled on the north side of the pit, hole 20-03 returned 9 metres grading 1 gram gold from surface.
Holes 20-04 and 20-05 were drilled to test the recently discovered Pit Extension zone, which, the company said, is interpreted to be the fault offset extension of the Pit Zone. Hole 20-04 intersected 5 metres grading 5.9 grams gold starting from 3 metres, including a higher-grade core of 2 metres grading 10 grams gold, and 20-05 cut 3 metres grading 3 grams gold from 2 metres.
The two holes tested mineralization from Trench 10, which was constructed during the summer exploration program and returned 12.97 grams gold over 3 metres within a larger zone of 6.12 grams gold over 9 metres.
"The maiden drill confirmation of near-surface gold zones in the 1 to 10 g/t range directly adjacent to a former heap leach mine is a very promising start to the program," Shane Ebert, Canex's president, said in a statement. "The Pit Extension Zone is demonstrating good continuity and widths and remains open for expansion to the north, where the mineralized zone may parallel surface topography providing a shallow low strip exploration target."
At press time in Toronto, Canex was trading at 19 ? per share within a 52-week trading range of 7 ? and 33 ?. The company has 53 million common shares outstanding for a $10.1-million market capitalization.