Canamex Resources Corp.

Canamex Resources Corp.

January 30, 2013 11:17 ET

Canamex Announces 2012 Drilling Results and 2013 Exploration Plans for Bruner Gold Project, Nye County, Nevada

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 30, 2013) - Canamex Resources Corp. ("Canamex" or the "Company") (TSX VENTURE:CSQ)(OTCQX:CNMXF)(FRANKFURT:CX6) is pleased to announce 2012 drill results and 2013 exploration plans for the Bruner gold project, Nye County, Nevada.

Penelas East New Discovery Area: Highlights

Canamex completed eleven reverse circulation ("RC") holes and one core hole at the Penelas East new discovery area during the fourth quarter of 2012. Eleven of the twelve holes intersected significant thicknesses of gold grading +0.34 gpt (+0.01 opt) Au over potentially minable widths along a length of 180 meters of strike, and across widths of up to +100 meters (see following Summary Table). All totaled in 2012, twenty holes were drilled into the new Penelas East discovery area, wherein nineteen of the holes hit mineralization with an average overall thickness of 48.2 meters (158 feet) averaging 1.4 gpt (0.041 opt) Au. The gold-bearing zone remains open both to the north of section 540mN and to the south of section 380mN, and these extensions will be the focus of continued drilling in the spring of 2013 when the snow comes off the ground.

Two historic drill holes immediately north of the area drilled in 2012 intersected 15.2 meters (50 feet) grading 6.14 gpt (0.179 opt) Au in BRU-105 and 29 meters (95 feet) grading 1.95 gpt (0.057 opt) Au in BRU-085, which we now interpret as the upper extension of the Penelas East new discovery area and which we intend to test in 2013 at lower elevations of 6300-6000 feet, which is believed to be the major boiling zone and where the best gold intercepts have been encountered to date.

Penelas East New Discovery Area: Interpretation

Gold and silver mineralization is associated with brecciated and silicified rhyolite porphyry within a large rhyolite porphyry flow-dome complex. Some of the gold-bearing breccias are vertically oriented, some appear to follow flow foliation within the rhyolite, which dips dominantly to the northeast, and some appear to follow faults and structures of various orientations that are associated with northwest-trending normal and strike-slip faults that cross the property. The network of mineralized breccias in general follow a northerly trend defined by an eastern bounding fault which is intruded by late-stage mafic dikes, and parallel to sub-parallel structures that appear to have been preferable hosts for the emplacement of breccias and gold mineralization. Gold mineralization can be followed from near the surface to depths in excess of 180 meters (~600 feet). All gold-bearing mineralization is oxidized to the penetration depth of the drill holes, which in some holes exceeds +200 meters (~700 vertical feet).

The gold bearing zone appears to be capped by a flow-banded phase of the rhyolite porphyry, which in places is argillized and unmineralized, except along narrow high-angle silicified breccia zones which lead downward into wider breccia zones that are variably mineralized. Outcrops of silicified and brecciated flow-banded rhyolite continue north of the area drilled to date for another several hundred meters, and suggest continuity of mineralization at depth that remains to be tested with additional drilling in 2013. Further to the north widely spaced shallow drilling by Newmont and Miramar intersected gold-bearing stockwork silica and brecciated rhyolite near the bottoms of the shallow holes which suggest the entire mineral system could continue beyond the area of silicified and brecciated outcrops for another several hundred meters. All together this mineral system appears to be over 600 meters long, one hundred meters wide, and intersected over a vertical range of up to 200 meters.

President and COO Greg Hahn Comments

"We are excited to have tapped into what appears to be a large and robust gold bearing mineral system, and look forward to continued drilling along the open extensions to the system that has been defined to date," stated President and COO Greg Hahn.

Bruner Gold Project: H1 2013 Drilling Program

The Company's Technical Advisory Committee met last week and has recommended to the Board of Directors a 6,700 meters (22,000 feet) RC drilling program for the first half of 2013 to be split roughly evenly between the new discovery area drilled in 2012 (the area referenced above) and the northern extension to the historic resource area. Historic work by Morrison-Knudsen, Miramar, Glamis, Newmont, Kennecott and others identified a low grade resource near the southwest portion of the property. The work by Newmont, Kennecott and Miramar was summarized in a report by John Schilling in 1991. The resource section of the report identifies approximately 383,000 ounces (15 million tons at 0.026 opt) of gold within the July-Duluth area of the project. This is not a NI 43-101 defined resource and a qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves, and Canamex is not treating the historical estimate as current mineral resources or mineral reserves. The Company identifies this as the historic resource area.

Recently acquired rock and soil sampling over the historic resource area completed by Newmont shows a gold anomalous area roughly 100 meters wide by 200 meters long the contains samples up to +50 gpt Au and which has not been drilled. Combined, these two target areas could add significantly to the mineral inventory at the Bruner property. Also, an area roughly 100 meters by 100 meters located to the east of the historic resource area contains highly anomalous gold in soils and rock chips and which contains no drill holes. This area will be a focus of detailed geologic mapping and follow-up sampling in anticipation of drilling in the second half of the year.

Bruner Vein Target Area

The newly defined Bruner vein target area is approximately 1.5 kilometers north of the Penelas East new discovery area. During Q4 of 2012, Chief Geologist Dr. Ellen Leavitt took rock chip samples from this newly defined area of interest which returned up to +5 gpt Au. Based on an historic rock geochem map obtained in H2 2012, the Company has determined that historic rock chip samples have returned over 7 gpt Au in an area on the property near the Bruner Vein that has seen absolutely no follow-up mapping or sampling since the samples were taken in the late 1980s. Importantly, there has been no drilling in the Bruner Vein target area. The Company anticipates it will be ready to drill this area in the second half of 2013.

Bruner Gold Project: Additional Actions

The Company plans to commence initial metallurgical work on drill cuttings from the Penelas East new discovery area. The ultimate objective will be to compare the very positive metallurgical results announced on September 10, 2012 for the historic resource area with those for the Penelas East new discovery area. In addition, the Company will address preparation of a Plan of Operations that will allow extensive drilling of these resource areas and additional target areas going forward. The Company is currently operating under Notice of Intent for the drilling planned in 2013 and does not require approval of a Plan of Operations for any drilling contemplated at the Bruner gold project during 2013.


A complete summary of the drill hole intercepts follows. Interpretive assay sections will be posted to the Company's web site once they are completed. All drill cuttings were collected in 1.5 meter (5 feet) interval, consisting of 2-3 kilogram homogenized splits which were shipped to ALS Minerals laboratory in Reno for analyses. Blanks and standards were included in the samples analyzed by the lab. Analysis for gold was done using 30 gram fire assays and AA analyses were completed for silver. The drill holes all intersect the complex mineral system at different angles and therefor a true width for each intercept cannot be determined at this time.

"With the successful discovery of a new mineral system on the property and the acquisition of historic geochemical and geophysical data generated by Newmont and others that highlights open extensions to the historic resource and identifies new target areas never before drilled, we are excited to enter 2013 with an aggressive program to quantify and expand resources in both resource areas and to test new targets that could add considerably to the mineral inventory on the property. With the successful financings completed in 2012 we now have the capital resources with which to execute our exploration program" concluded President & COO Greg Hahn.

Greg Hahn, President and COO and a Certified Professional Geologist (#7122) is the Qualified Person under NI 43-101 responsible for preparing and reviewing the data contained in this press release.


Robert Kramer, Chairman and CEO

Forward-Looking Statements:

This note contains forward-looking statements regarding future events and Canamex's future results. These statements are based on current expectations, estimates, forecasts, and projections about the industry in which Canamex operates and the beliefs and assumptions of Canamex's management. Words such as "expects", "anticipates", "targets", "goals", "projects", "intends", "plans", "believes", "seeks", "estimates", "continues", "may", variations of such words, and similar expressions, are intended to identify such forward-looking statements. In addition, any statements that refer to projections of Canamex's future financial performance, Canamex's anticipated growth and potentials in its business and other characterizations of future events or circumstances are forward-looking statements. Readers are cautioned that these forward-looking statements are only predictions and are subject to risks, uncertainties, and assumptions that are difficult to predict, including those identified elsewhere herein and Canamex's filings on Therefore, actual results may differ materially and adversely from those expressed in any forward-looking statements. Canamex undertakes no obligation to revise or update any forward-looking statements for any reason.

Penelas East 2012 Drilling Results
Hole No. From (ft) To (ft) thickness Au opt Au gpt
B-1115 295 545 250 0.034 1.17
B-1201 290 650 360 0.119 4.08
B-1202 120 140 30 0.037 1.27
275 290 15 0.033 1.13
335 390 55 0.015 0.51
490 570 80 0.017 0.58
B-1203 285 315 30 0.014 0.48
360 400 40 0.019 0.65
550 615 65 0.016 0.55
B-1204 320 430 110 0.027 0.93
465 480 15 0.015 0.51
585 640 55 0.015 0.51
B-1205 365 375 10 0.016 0.55
440 455 15 0.01 0.34
590 605 15 0.015 0.51
B-1206 620 720 100 0.016 0.55
B-1207C 188 240 52 0.06 2.06
564 684 120 0.066 2.26
B-1208C no intercepts > 0.01 opt Au. Went down shear zone
B-1209 325 355 30 0.018 0.62
395 425 30 0.018 0.62
560 570 10 0.015 0.51
630 645 15 0.014 0.48
655 670 15 0.012 0.41
B-1210 660 680 20 0.012 0.41
775 790 15 0.014 0.48
B-1211 385 405 20 0.101 3.46
440 465 25 0.01 0.34
500 525 25 0.01 0.34
635 645 10 0.01 0.34
660 675 15 0.01 0.34
710 765 55 0.01 0.34
B-1212 585 630 45 0.035 1.20
770 780 10 0.013 0.45
B-1213 365 390 25 0.017 0.58
560 600 40 0.014 0.48
620 645 25 0.019 0.65
B-1214 520 715 195 0.041 1.41
B-1215 470 500 30 0.057 1.95
680 710 30 0.012 0.41
B-1216 430 440 10 0.059 2.02
595 646 50 0.017 0.58
B-1217 60 65 5 0.796 27.29
360 485 125 0.049 1.68
655 665 10 0.023 0.79
B-1218 195 220 25 0.042 1.44
265 620 355 0.026 0.89
B-1219 335 350 15 0.048 1.65
380 480 100 0.023 0.79
545 750 205 0.024 0.82
Average of 19 holes158 0.041 1.41
(w/o B-1208C)

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