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CANEX Metals Inc. (NOMNF) is a Canadian exploration company that focuses on advancing its Gold Range Project in Northern Arizona. With numerous bulk-tonnage gold discoveries, including the recent WestGold area, the project demonstrates significant potential for investors. The company holds a 5-kilometer strike length along a prospective structure, aiming to define mineralization through surface sampling, mapping, and drilling activities. Along with strong drilling results like 1 g/t gold over 59.5 meters, CANEX is positioned for future exploration and growth.
CANEX Metals has increased its non-brokered private placement due to strong shareholder demand. The company will now offer up to 3,000,000 common shares at $0.045 each and up to 5,250,000 flow-through common shares at $0.06 each, for gross proceeds of up to $450,000.
Proceeds from the flow-through shares will be used for exploration at the Louise Property before December 2025, qualifying as 'critical mineral flow through mining expenditures' under the Income Tax Act. Non-flow through proceeds will advance the Gold Range Project and provide working capital.
The private placement is open to accredited investors, with a four-month plus one day hold period on securities issued. The financing is subject to TSX Venture Exchange and regulatory approval. No commissions will be paid to agents on this financing.
CANEX Metals Inc. (NOMNF) has announced a non-brokered private placement to raise up to $300,000 for advancing copper-gold exploration at its Louise property in British Columbia. The financing will consist of up to 777,778 common shares at $0.045 and up to 4,416,667 flow-through common shares at $0.06.
The funds will primarily support a modern deep-looking induced polarization survey to explore the Louise copper-gold porphyry system across 6 to 7 kilometres of strike length and depths up to 1000 metres. The Louise porphyry hosts a copper-gold deposit drill-defined over an area 1000 meters long by 400 meters wide and to approximately 300 meters depth, with notable grades including 158 metres grading 0.41% copper and 0.40 g/t gold in hole LL04-03.
Proceeds from the flow-through shares will be used for Canadian exploration expenses at the Louise Property, qualifying as critical mineral flow-through mining expenditures. Non-flow-through proceeds will advance the Company's Gold Range Project and general working capital.
CANEX Metals Inc. has presented drill data compilation results from the Louise Cu-Au Porphyry project in British Columbia. The historic drilling has identified a mineralized zone measuring 1000 metres long by 400 metres wide, extending to a depth of approximately 300 metres. Notably, hole LL04-03 returned an interval of 158 metres grading 0.41% copper and 0.40 g/t gold starting at 53.5 metres downhole.
The company proposes a deep-looking induced polarization (IP) survey that could potentially explore up to 1000 metres deep across 6 to 7 kilometres of strike length. This survey is considered important for evaluating the discovery potential of the Louise project. CANEX believes there is excellent discovery potential laterally and vertically surrounding the known copper-gold zone.
Canex Metals Inc. (NOMNF) held its Annual & Special Meeting on August 6, 2024, where shareholders made key decisions for the company's governance. The meeting resulted in the re-election of five directors to the Board: Shane Ebert, Jean-Pierre Jutras, Lesley Hayes, Gregory Hanks, and Blair Schultz. Shareholders also approved maintaining the Board size at five members and ratified the company's stock option plan. Additionally, BDO Canada LLP was appointed as the company's auditors. These decisions reflect continuity in Canex's leadership and financial oversight, which could be significant for investors considering the company's future direction and governance structure.
CANEX Metals announced successful surface sampling at its Gold Range Project in Arizona, identifying multiple new areas of gold mineralization. The program collected 151 samples, revealing high-grade gold across three new zones.
Highlights include 19.4 g/t gold over 3 meters in an eastern zone, 11.2 g/t gold in a new area north of Excelsior, and 5.05 g/t gold in a west-central quartz vein. The WestGold target expanded to 800m by 400m, showing bulk tonnage potential with grades up to 6.67 g/t gold from grab samples. Drill testing is planned as market conditions improve.
Overall, the March program significantly expanded exploration targets, with the WestGold area now fully permitted for drilling.
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