CANEX Announces July Drill Program at Gold Range

CALGARY, June 24, 2020 - CANEX Metals Inc. ("CANEX" or the "Company")(TSXV:CANX) is pleased to announce that fieldwork is scheduled to commence in early July at the Gold Range Property, Arizona. A drill program is scheduled to commence in the third week of July.

A surface exploration program will start at Gold Range around July 2 and will focus on field mapping and sampling over select zones in order to finalize and prioritize drill targeting. This will be immediately followed by mechanized trenching and drill pad construction. A drill contractor has been arranged and a 1675 metre (5500 foot) reverse circulation drill program is scheduled to commence during the third week in July and take roughly 25 days to complete. Select targets identified during the reverse circulation drill program may be followed up by core drilling.

Dr. Shane Ebert, President of the Company stated, "We are very excited to announce a drill program at Gold Range which will test several of the high-grade gold targets identified on the project to date. We initially plan to drill test 5 to 7 of our most advanced targets, many of which contain very strong gold mineralization exposed at surface. During this first pass drill testing, the Company plans to drill multiple holes into each target to help evaluate size, grade, and continuity of mineralization. Over the summer CANEX will continue surface exploration activities focusing on discovering, expanding, and understanding new zones of mineralization for future drill testing."

Results from a recently completed 777 sample soil sampling program at Gold Range should be available for release shortly.

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

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.

SOURCE: CANEX Metals Inc.