CANEX Metals Inc. (formerly Northern Abitibi Mining Corp.) is a Canadian Junior Exploration Company with an experienced exploration team that is focused on identifying, acquiring and developing high potential North American exploration projects in a timely, responsible and cost-effective manner.
CANEX has entered into a Letter of Intent to acquire a 100% interest in the high grade Gibson Prospect in British Columbia from Altius Resources Inc. Historic work at Gibson has returned 12.9 g/t gold and 144 g/t silver over 1.5 meters from surface sampling and 6.8 g/t gold and 1828 g/t silver over 4.26 metres in drilling. The zone remains open in all directions.
CANEX also has the Cariboo Gold Property in British Columbia where historic drilling has encountered intercepts of 11 metres grading 1.41 g/t Au, 6 metres grading 2.18 g/t Au, 6 metres grading 1.72 g/t Au, and individual assays up to 4.5 g/t Au. The known mineralized zones have not been fully drill tested or delineated and significant geophysical and geological targets on the property remain untested.
Northern Abitibi owns 11 million shares shares of Spruce Ridge Resources Ltd. (22.7%) which owns the Viking Gold Project located in Newfoundland and Labrador. In 2009 Northern Abitibi discovered a new gold trend at Viking (Thor Trend) and defined it by drilling over a strike length of 1300 metres. Drilling highlights include 4.8 metres grading 41.4 g/t gold, 3.7 metres grading 50 g/t gold, 27 metres grading 7.9 g/t gold, and 23 metres grading 5.12 g/t gold. The Viking project contains a NI 43-101 compliant resource estimate dated December 7, 2011. At a cut-off grade of 0.20 g/t gold, the Thor Trend deposit contains an indicated resource of 98,000 ounces gold (3,232,000 tonnes at an average grade of 0.95 g/t) plus an inferred resource of 45,000 ounces gold (2,123,000 tonnes at an average grade of 0.66 g/t). The deposit remains open for expansion. In 2013 Northern Abitibi sold the Viking Gold deposit to Spruce Ridge.
** Mineral resources are not mineral reserves and by definition do not demonstrate economic viability. There is no certainty that all or any part of the mineral resource will be converted into mineral reserves. An ‘Indicated Mineral Resource’ is that part of a Mineral Resource for which quantity, grade or quality, densities, shape and physical characteristics can be estimated with a level of confidence sufficient to allow the appropriate application of technical and economic parameters, to support mine planning and evaluation of the economic viability of the deposit. An ‘Inferred Mineral Resource’ is that part of a Mineral Resource for which quantity and grade or quality can be estimated on the basis of geological evidence and limited sampling and reasonably assumed, but not verified.