CANEX Metals has begun the final procedural step to complete its takeover of Gold Basin Resources Corp., issuing 17,635,846 shares to settle dissenting holdings and finalize 100% ownership of the asset.

“CANEX is now completing the final procedural step in its successful takeover of Gold Basin. The process has taken about a year to complete and faced significant legal and regulatory complexities that our management team and consulting and advisory groups have done an exceptional job of navigating. The successful takeover of Gold Basin by CANEX was the first takeover bid ever launched against a cease-traded issuer in Canada and is the second successful start-to-finish hostile bid in Canada since regulatory reforms took effect in 2016. With the regulatory part of this process wrapping up we are excited to focus our efforts on exploring and advancing the consolidated oxide gold district in Arizona, and drill testing key targets at our Louise Copper-Gold Porphyry in British Columbia.”

— Dr. Shane Ebert, President and CEO

The transaction consolidates the Gold Basin and Gold Range properties in Mohave County, Arizona, forming a contiguous oxide gold district featuring mineralized trends exceeding 8 kilometres and over 950 historic and current drill holes. Prior drilling includes intervals such as 0.93 g/t gold over 138.7 metres in hole ST24-026 at Gold Basin and 1.0 g/t gold over 59.45 metres at Gold Range.

Following the share issuance, CANEX will have approximately 247.1 million shares outstanding. With ownership consolidated, management is turning its focus to exploration planning and drill targeting.

Permitting efforts are advancing in parallel. CANEX has secured a two-year extension on its Notice of Work exploration permit for the eastern Gold Range property, allowing up to 37 new drill pads. The company has also staked 79 new lode mining claims around Gold Basin and is preparing a permit application for the western part of the consolidated district.

In British Columbia, CANEX has received a five-year exploration permit for the Louise Copper-Gold Porphyry project, authorizing 11 drill holes and 52 line-kilometres of geophysical surveying. The company is also working on a permit to install a temporary bridge to establish drill access.

Regional activity continues to draw attention to the broader sector. Arizona Gold & Silver Inc. reported drilling results from its Philadelphia project within the surrounding district, intersecting 21.79 metres grading 4.10 g/t gold.

Read the full announcement: CANEX Successfully Acquires Gold Basin and Looks to Commence Exploration Activities