Highlights
- Favorable geologic setting adjacent to copper gold mineralization with easy all-weather road access.
- Known high grade mineralization wide open for exploration.
- Historic drill intercept of 6.7 g/t Au and 1828 g/t Ag over 4.26 m.
- Trenching and drilling by CANEX has traced mineralization over a 200 m strike length and zone is open.
- Trench and drill results include: 2.5 m of 3.7 g/t Au and 321 g/t Ag, 1 m of 11.9 g/t Au and 301 g/t Ag, 0.5 m of 2.7 g/t Au and 872 g/t Ag.
- Wider zones of mineralization include 12 m of 1.6 g/t Au and 176 g/t Ag, and 31.5 m of 0.81 g/t Au and 40 g/t Ag.
Introduction
The Gibson prospect is 1256 Ha in size and located in central British Columbia, approximately 95 kilometres northwest of Fort St. James. The area is accessible via a network of all weather logging roads and a recently constructed access trail into the main showing.
CANEX Metals can earn a 100% interest in the Gibson prospect from Altius Resources Inc. by issuing shares, spending $500,000 on exploration ($400,000 already spent) and taking over the obligations of an underlying option agreement. Altius will retain a 2% net smelter returns royalty on the property less any royalty obligation in the underlying agreement.
Geology and Mineralization
The Gibson prospect contains intermediate sulfidation style gold-silver mineralization hosted in hornfelsed volcanic rocks of the Lower Jurassic Takla Group, within about 500 metres of the contact of the Early Jurassic Hogem Batholith. Zones of porphyry style Cu-Au mineralization have been intersected within the Hogem Batholith 2.5 to 3.5 kilometres northeast of the Gibson showing. Mineralization at Gibson consists of quartz-carbonate veins, stockworks, and breccias, within strong clay-sericite-quartz altered volcanic and sedimentary rocks. Sulfides within the mineralized zones include pyrite-galena-sphalerite-arsenopyrite, enveloped by larger zones with 5 to 10% pyrite. The target at Gibson is vein or breccia hosted high grade Au-Ag mineralization peripheral to a variably mineralized porphyry or intrusive centre.
CANEX Exploration Programs
The exploration area is road accessible facilitating low cost year round exploration potential. CANEX successfully trenched the zone in 2017 exposing multiple zones of mineralization. In 2018 the Company drilled 10 short holes and intersected and expanded the mineralized zone.
Highlights from the 2017 trenching Program are summarized in the table below. Trench 1 intersected 12 m grading 1.63 g/t Au and 176 g/t Ag, including a higher grade interval containing 1 m grading 5.3 g/t Au and 1380 g/t Ag.
2017 Trench Highlights
| Trench | Interval (m) | Au Eq g/t** | Au g/t | Ag g/t | Pb % | Zn % |
|---|---|---|---|---|---|---|
| Trench 1 | 12 | 4.0 | 1.63 | 176 | 1.8 | 0.3 |
| including | 1 | 24.1 | 5.3 | 1380 | 4.8 | 0.3 |
| Trench 1 | 3 | 5.9 | 4.7 | 90.5 | 1.4 | 0.2 |
| including | 1 | 10.7 | 10 | 49.5 | 0.76 | 0.2 |
| Trench 1 | 2 | 2.1 | 1.4 | 51.6 | 0.4 | 0.5 |
| Trench 2 | 1 | 8.3 | 5 | 243 | 1.4 | 0.3 |
| Trench 2 | 1 | 8.8 | 4.9 | 284 | 2.6 | 0.3 |
| Trench 2 | grab | 21.2 | 5 | 1190 | 3.5 | 1.4 |
| Trench 2 | grab | 23.9 | 3.1 | 1530 | 2 | 1.6 |
| Trench 3 | 1 | 1.8 | 0.75 | 77.5 | 0.3 | 0.1 |
| Trench 4 | 2.3 | 2.3 | 1.8 | 35.2 | 1.1 | 0.1 |
| Trench 4 | 0.3 | 5.8 | 4.5 | 93.2 | 0.3 | - |
| Trench 4 | grab | 11.7 | 10.5 | 91.5 | 4.7 | 3.1 |
| Trench 4 | 0.5 | 6.0 | 5 | 75.4 | 0.1 | 0.05 |
| Trench 5 | 16 | 1.3 | 1 | 19 | 0.13 | 0.08 |
| Trench 5 | 1 | 5.6 | 4.7 | 68.6 | 0.9 | 0.03 |
| Trench 5 | 1 | 4.2 | 3.8 | 32.3 | 0.28 | 0.03 |
| Trench 5 | 1 | 5.1 | 4.8 | 25.6 | 0.18 | 0.05 |
| Trench 6 | 6 | 3.3 | 2.6 | 50.6 | 0.37 | 0.45 |
| including | 3 | 5.5 | 4.4 | 83 | 0.7 | 0.3 |
| Trench 7 | 0.6 | 1.3 | 1.2 | 4.7 | - | 0.07 |
| Road Cut | 1 | 1.6 | 1.3 | 24.8 | 0.4 | 0.2 |
| Road Cut | 9 | 2.8 | 1.5 | 95 | 1.3 | 0.3 |
2018 Drill Highlights
| Drill Hole | From (m) | To (m) | Width (m)* | Au Eq** g/t | Au g/t | Ag g/t | Pb % | Zn % |
|---|---|---|---|---|---|---|---|---|
| G18-01 | 54.0 | 56.5 | 2.5 | 7.87 | 3.66 | 321 | 1.76 | 2.38 |
| including | 56.0 | 56.5 | 0.5 | 12.74 | 1.43 | 863 | 6.75 | 9.61 |
| G18-01 | 64.0 | 65.0 | 1.0 | 15.84 | 11.9 | 301 | 0.88 | 0.54 |
| G18-01 | 76.9 | 77.4 | 0.5 | 12.16 | 1.32 | 828 | 2.78 | 5.05 |
| G18-02 | 56.5 | 57.5 | 1.0 | 6.68 | 4.1 | 197 | 0.79 | 0.69 |
| G18-02 | 78.4 | 79.0 | 0.6 | 4.75 | 1.95 | 214 | 0.29 | 0.56 |
| G18-02 | 98.1 | 98.6 | 0.5 | 3.77 | 2.51 | 96.2 | 1.1 | 5.92 |
| G18-03 | 19.0 | 19.5 | 0.5 | 14.14 | 2.72 | 872 | 1.88 | 0.42 |
| G18-04 | 74.1 | 74.8 | 0.7 | 4.92 | 2.59 | 178 | 1.74 | 3.36 |
| G18-09 | 21.2 | 21.7 | 0.5 | 5.77 | 2.39 | 258 | 1.67 | 5.07 |
| G18-09 | 71.0 | 71.7 | 0.7 | 6.83 | 6.51 | 24.7 | 0.03 | 0.11 |
| G18-09 | 78.1 | 79.6 | 1.5 | 3.48 | 1.25 | 170 | 1.02 | 1.37 |
| G18-10 | 26.6 | 27.9 | 1.3 | 5.2 | 2.78 | 184.6 | 1.79 | 4.23 |
| including | 26.6 | 27.4 | 0.8 | 5.46 | 2.71 | 210 | 1.63 | 3.52 |
| G18-10 | 60.9 | 64.6 | 3.7 | 4.13 | 1.6 | 193 | 0.54 | 0.94 |
| G18-10 | 62.2 | 63.6 | 1.4 | 8.21 | 3.19 | 383 | 1 | 1.79 |
| including | 63.0 | 63.6 | 0.6 | 11.8 | 5.84 | 455 | 1.08 | 0.73 |
*Width refers to drill hole intercepts, true widths have not been determined.
**Gold equivalent (“AuEq”) values calculated using $1225 US per ounce for gold and $16 US per ounce for silver with metallurgical recoveries assumed to be 100%. Pb and Zn values are not included in Au Eq.
Drilling in 2018 intersected multiple mineralized zones and traced the main mineralized zone for 200 m along strike and the zone remains open in both directions and at depth.
Summary
Gibson contains a new gold silver discovery with good potential to extend mineralization along strike and to depth. High grades have been intercepted over withs up to 3 m and lower grade halos are locally present over widths up to 31.5 m. Multiple exploration targets outside of the main zone remain to be tested.
