Canamex Resources Corp.

Canamex Resources Corp.

May 06, 2014 08:30 ET

Canamex Provides Update on Drilling Progress at Bruner Gold Project, Nye County, Nevada

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 6, 2014) - Canamex Resources Corp. (the "Company") (TSX VENTURE:CSQ)(OTCQX:CNMXF)(FRANKFURT:CX6) provides the following update on the Bruner Gold Project, Nye County, Nevada.

Core Drilling at Historic Resource Area*

Core drilling continues at the main mineralized zone of the historic resource area. Core holes B-1302C, B-1303C, B-1304C, and B-1306C have been completed, and B-1308C is in progress. Assay results for these five core holes will be reported as a unit, so the results may be placed in an appropriate geological context. Mineralized intervals consist of strongly silicified rock surrounded and cut by clay and limonite filled fractures and breccias. Based upon observations underground and drill results to date, we believe these features host the gold at the historic resource area.

Core Drilling at Penelas East Discovery Area

Once B-1308C has been completed the core drill will mobilize to the Penelas East discovery area and a core hole will be drilled to offset a significant intercept of gold in volcanic breccia encountered in the last hole at Penelas East in 2013. B-1341C intersected 79.9 metres of 1.509 gpt gold (262 feet of 0.044 opt gold) (see Canamex News Release dated December 4, 2013).

Reverse Circulation ("RC") Drilling at Penelas East

A Foremost Prospector RC drill rig arrived on the property April 16, 2014 and began drill testing the prominent VLF-EM (Very Low Frequency and Electron Magnetic) geophysical anomalies which are coincident with gold-in-soil anomalies. These anomalies may 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). To date three RC holes have been completed with the objective of evaluating two of the five untested VLF-EM anomalies. Silicified and clay altered rocks have been encountered in all three holes completed to date, which matches the modelled interpretation of the VLF-EM targets. Assay results are pending on all of the drill holes.

Drilling Plans Going Forward

Once core drilling is completed at the historic resource area the RC rig will be moved into the area and drilling will continue to define the geometry and grade of the main mineralized zone. Further RC drilling of the VLF-EM anomalies at Penelas East will be determined once assay results from the holes completed to date have been received and interpreted.

Foremost Prospector RC Drill Rig

The Foremost Prospector drill rig is incredibly versatile and has a rotating table on which the mast is situated, and allows for the ability to drill multiple azimuths and inclinations from a single set up without having to physically move the drill rig. This is an advantage in reducing the surface disturbance associated with exploration drilling in complying with our limited surface disturbance allowable under our Notice of Intent with the Bureau of Land Management. It is also an advantage given the tight drill sites we have available to us in steep terrain in the historic resource area on the Bruner property.

Greg Hahn, President and COO and a Certified Professional Geologist (#7122) is the Qualified Person under NI43-101 responsible for preparing and reviewing the data contained in this press release.

* The historic resource area refers to an area on the Bruner property that was the subject of a historical resource estimate reported on the property not in compliance with NI 43-101 standards. A qualified person (within the meaning of NI 43-101) has not done sufficient work to classify the historical estimate as current mineral resource or mineral reserves, and the Company is not treating the historical estimate as current mineral resources or mineral reserves. The historical estimate is relevant solely for purposes of directing target areas for the Company's current exploration programs.


Robert Kramer, Chairman and CEO

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.

Forward-Looking Statements:

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.

Contact Information

  • Canamex Resources Corp.
    Robert Kramer
    Chairman and CEO
    (604) 828-0067