Canex Metals Receives BLM Permit for Gold Basin, Signs Drill Contract for 50-Hole Program

Canex Metals received a Bureau of Land Management exploration permit for its Gold Basin property in Arizona, allowing drilling across an 8-kilometre mineralized trend, and signed a drill contract for a minimum 50-hole reverse circulation program starting in the second half of November, Stock Titan reported on October 20, 2026.

Canex's Gold Basin Permit and Drill Plans

The notice level exploration permit was submitted and accepted by the Bureau of Land Management Kingman Field Office, allowing exploration drilling, trenching and other activities on federal land within the Gold Basin property. The permit has a 2-year duration and is extendable for a further 2 years. Canex also holds an existing notice level exploration permit covering the Gold Range property on the eastern side of the consolidated district.

The permit allows for the construction of up to 86 new drill pads along with exploration access and trenching. Fieldwork at Gold Basin and Gold Range will commence next week, led by experienced geologists, initially focusing on documenting controls on mineralization to optimize drill hole orientation. Drill pad construction will commence in early November, and the reverse circulation drill will operate 24 hours per day using 2 shifts.

Dr. Shane Ebert, President and CEO of Canex, said, "With drill permits in hand and a drill contractor lined up, CANEX can now focus on expansion and discovery through multi phased surface exploration work and drilling." The Bureau of Land Management is the U.S. federal agency that manages public lands; in August 2026, ABC4 Utah reported the agency denied allegations that it facilitates the sale of wild horses to slaughterhouses.

Canex's Gold Basin Acquisition and Funding

Canex completed its 100% acquisition of Gold Basin Resources Corporation following a final Supreme Court of British Columbia order on June 9, 2026, and shareholder approval on June 4, 2026 with 75.82% support, according to akta.pro company records. The acquisition consolidated the 42 km² Gold Basin Project into Canex's existing Gold Range holdings to create a district-scale Arizona oxide gold land package. Canex announced surface exploration results on June 17, 2026 from the combined district, including high-grade chip samples such as 14.83 g/t gold over 1 m at Golden Chalice and 12.15 g/t gold over 2.7 m at West Chalice.

Earlier Steps Toward the Arizona District

Canex successfully completed its tender offer for Gold Basin Resources on February 10, 2026, initially depositing 73,026,822 shares to obtain a controlling interest, Stock Titan reported. In August 2026, Canex began the final procedural step to complete its acquisition of Gold Basin Resources Corp., involving the issuance of shares to delinquent dissenting shareholders, Stock Titan reported. FinancialContent Business Page reported in August 2026 that Canex was completing the final procedural steps to finalize its hostile acquisition of Gold Basin Resources Corp., marking the first successful takeover bid against a cease-traded issuer in Canada.

What Comes Next at Gold Basin

Drilling is scheduled to start in the second half of November, with a minimum of 50 drill holes anticipated for the program. The program will likely be extended significantly subject to satisfactory performance, the company said.