VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 7, 2014) - Canamex Resources Corp. (TSX VENTURE:CSQ) (OTCQX:CNMXF) (FRANKFURT:CX6) (the "Company") is pleased to announce that it has commenced diamond drilling at its Bruner gold project located in Nye County, Nevada.
The 2014 drilling program will consist of approximately 1000 metres (3280 feet) of core drilling and 9000 metres (29,500 feet) of reverse circulation ("RC") drilling. Core drilling will start with an offset of the last RC hole drilled in 2013, B-1340, which penetrated the interpreted "feeder zone" of the historic resource area and intersected 57.9 metres of 5.23 gpt gold (190 feet at 0.155 opt gold), before losing circulation in a fracture zone while still in mineralized material (see Canamex News Release dated November 5, 2013). A total of 5 core holes and 24 RC holes are planned to test this high-grade feeder zone in the historic resource area.
Drilling at the Penelas East discovery area will focus on testing the prominent VLF-EM current density and coincident gold-in-soil anomalies that are similar, and appear to be extensions of, the prominent VLF- EM current density anomaly that is coincident with the 38 gold-bearing drill hole intercepts completed in 2012-2103 at the Penelas East discovery area (see Canamex News Release dated October 25, 2013). A total of 24 holes are planned in the Penelas East discovery area, one or two of which will be drilled as core for geologic control.
Plan maps showing the proposed drill hole locations at both deposit areas are posted to the web site at the following link: http://www.canamex.us/?page_id=709.
The Company is embarking on the above-referenced 2014 exploration drilling program at the Bruner Project upon closing of the recently announced private placement (see News Release dated February 28, 2014). The drilling program is expected to take six months to complete, and cost approximately $1.75 million. The Company believes it is sufficiently financed to carry out the subject drilling program.
Canamex President and COO Greg Hahn Comments:
"We are excited to be able to recommence drilling at the Bruner gold project and to follow-up on the exciting drill hole intercepts we encountered at both the historic resource area and the Penelas East discovery area in 2013. The drilling of the high-grade feeder zone at the historic resource area has the potential to materially assist in the assessment of the grade of any future NI 43-101 mineral resource estimate on the property, as demonstrated by the positive impact the results of drill hole B-1340 had on the average grade of the intercepts on the section on which it was drilled. The drilling of the extensive VLF-EM current density anomalies at the Penelas East area has the potential to significantly increase the size of that discovery area. In combination, the 2014 drilling program has the potential to significantly advance our efforts in proceeding to delineate our first National Instrument 43-101 mineral resource estimate on the Bruner gold project."
Greg Hahn, President & COO and a Certified Professional Geologist (#7122) is the Qualified Person under National Instrument 43-101 ("NI 43-101") responsible for preparing and reviewing the scientific and technical information contained in this press release.
ON BEHALF OF THE BOARD
Robert Kramer, CEO and Director
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release are forward-looking statements that involve various risks and uncertainties. Forward-looking statements in this news release include statements in relation to the timing, cost and other aspects of the planned 2014 drilling program on the Bruner property; the potential for establishing a NI 43-101 mineral resource estimate; the potential mineralization and geological merits of the Bruner property; and other future plans, objectives or expectations of the Company. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's plans or expectations include the risk that actual results of current and planned exploration activities, including the results of the Company's planned 2014 drilling program(s) on the Bruner property, will not be consistent with the Company's expectations; the geology, grade and continuity of any mineral deposits and the risk of unexpected variations in mineral resources, grade and/or recovery rates; fluctuating metals prices; possibility of accidents, equipment breakdowns and delays during exploration; exploration cost overruns or unanticipated costs and expenses; uncertainties involved in the interpretation of drilling results and geological tests; availability of capital and financing required to continue the Company's future exploration programs and preparation of geological reports and studies; delays in the preparation of geological reports and studies; the metallurgical characteristics of mineralization contained within the Bruner property are yet to be fully determined; general economic, market or business conditions; competition and loss of key employees; regulatory changes and restrictions including in relation to required permits for exploration activities (including drilling permits) and environmental liability; timeliness of government or regulatory approvals; and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. In connection with the forward-looking information contained in this news release, the Company has made numerous assumptions, including that the Company's 2014 exploration programs will proceed as planned and within budget. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as otherwise required by applicable securities legislation.