Hole #1 Completed Into KM-Size Anomaly Defined From 2022 Airborne Survey Greenwood BC

VANCOUVER, BC / ACCESSWIRE / October 3, 2022 / CanXGold Mining Corp., (TSX-v:CXG)(FRANKFURT:3G8C)(OTC Pink:GDMRD), ("CanXGold" or the "Company"), announces that the first drill hole has been completed at its Phoenix Property, part of the Greenwood Precious Metals project in southeastern BC.

The first drill hole targeted a large, 1 km diameter conductivity anomaly identified in the 2022 VTEM survey, located north of the historic Phoenix open pit mine. The hole was drilled to 337 meters depth. It penetrated the base of the Mesozoic Bonanza Group volcanic rocks and limestone at 141 meters and passed into the Paleozoic Knob Hill Complex. Trachyte dikes and/or sills ranging from 1.5 to 4.0 meters in core length were encountered between 65 and 140 meters within the Bonanza Group.

The contact between the Mesozoic and Paleozoic units in hole 1 is marked by a deformation zone from 136.5 to 165 meters. The zone is characterized by brecciated carbonaceous limestone grading to foliated brecciated limestone and then to foliated and brecciated black to grey chert and argillite with local limestone lenses. Foliated rocks are carbonaceous and locally graphitic. The deformation zone marks the Snowshoe Fault. It is intruded by undeformed trachyte that is Tertiary in age.

Photo of core from hole PHX22-01 showing brecciated and foliated zone above and below Snowshoe Fault contact (yellow) between Bonanza Group (limestone) and underlying Knob Hill Complex (chert - argillite).

The hole encountered disseminated pyrite in propylitic altered (chlorite-epidote-calcite) Bonanza volcanic rocks, and pyrite veinlets and seams in the underlying Knob Hill units at the depth of the anomaly.

Photo of core from hole PHX22-01 showing pyrite mineralization in Knob Hill units.

The next hole to be drilled will target a second anomaly (conductivity and magnetic) detected by the 2022 airborne geophysical survey. The anomalous area is located about 2 kilometers east and a bit north from the historic Phoenix open pit mine.

Map of VTEM Conductivity (TauSF) showing target areas of high conductivity in purple. Hole 1 drilled at site A and second hole to be drilled at site B.

Readers are cautioned that historical records referred to in this News Release have been examined but not verified by a Qualified Person. Further work is required to verify that historical records referred to in this News Release are accurate.

Technical disclosure in this news release has been approved by Dr. Mathew Ball, P.Geo., President of the Company and a Qualified Person as defined by National Instrument 43-101.

For more details, please see the most recent National Instrument 43-101 Technical Report on the Company's website at www.CanXGold.com.

On behalf of the Board of Directors:

CANXGOLD MINING CORP.

Per: "Christopher R. Anderson"

Christopher R. Anderson CEO

For further information, please contact:

CanXGold Mining Corp. - Corporate Communications:
Tel: 604-288-2610
Email: Office@CanXGold.com

Forward-Looking Statement Cautions: This news release contains certain "forward-looking statements" within the meaning of Canadian securities legislation, relating to, among other things, preliminary plans for a consolidation of the Company's Shares. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "aims," "potential," "goal," "objective," "prospective," and similar expressions, or that events or conditions "will," "would," "may," "can," "could" or "should" occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSX Venture Exchange, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include the possibility that the TSX Venture Exchange will not approve the proposed share consolidation, and that the Company may not be able to raise sufficient additional capital to continue its business. The reader is urged to refer to the Company's reports, publicly available through the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com for a more complete discussion of such risk factors and their potential effects. This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of securities of the Company in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The Company's securities have not been and will not be registered under the United States Securities Act of 1933 (the "1933 Act") or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.

THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL, OR THE SOLICITATION OF AN OFFER TO BUY, NOR SHALL THERE BE ANY SALE OF SECURITIES OF THE COMPANY IN ANY JURISDICTION IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF ANY SUCH JURISDICTION.

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SOURCE: CanXGold Mining Corp.