VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 15, 2012) - Canamex Resources Corp. (TSX VENTURE:CSQ)(OTCQX:CNMXF)(FRANKFURT:CX6) is pleased to report all five outstanding Reverse Circulation (RC) drill holes at Bruner (B-1202 to B-1206) intersected significant disseminated gold mineralization associated with stockwork quartz veins within a silicified vuggy rhyolite. "We made a new discovery with drill hole B-1201, having nailed with that hole what we believe is a new deposit," stated Chairman and CEO Greg Hahn. "We drilled holes B-1202 to B-1206 in the two weeks following completion of Discovery Drill Hole B-1201, prior to the Company receiving results from the first hole, to test a different target, yet we appear to have "kissed" the edges of a large system and the significantly higher-grade discovery made in B-1201 with these subsequent five holes. Based on the stellar results of B-1201, we have contracted for the immediate return of a drill rig to Bruner," continued Hahn.
Bruner RC Drilling-June/July 2012
Results from RC drill holes B-1202 through B-1206 follow:
The geologic and assay sections of all drill holes from the June/July 2012 drilling program are posted to the website at www.canamex.us, along with a 3D model of the mineralization intersected and the target remaining to be tested.
The results indicate the drill holes intersected the upper part of a stockwork silica plus gold epithermal system, geologically above the primary level of gold mineralization that was intersected in drill hole B-1201. The rapid change in width and grade in intercepts within drill holes on section with B-1201 indicate a very quick transition downwards from narrow and low grades to wider and higher grades within tens to one hundred feet between B-1201 and adjacent holes. The increased width and grade between holes B-1203 and B-1204, and between B-1205 and B-1206, which are only tens of feet apart but on the same azimuths, confirm this interpretation of rapidly increasing gold mineralization with depth. We did not drill a hole beneath drill hole B-1202, so the vector of increasing grade with depth remains to be tested beneath drill hole B-1202. Nor have we drilled beneath the discovery intercept in B-1201, however, that will be the immediate focus of the September 2012 RC drill program (see below).
Drill samples were transported by a third party consultant from the drill rig and stored in a locked storage unit and retrieved by ALS-Chemex personnel, transported in their custody to the ALS-Chemex laboratory in Reno/Sparks, Nevada, where they were dried, crushed, and split, and representative splits sent to the ALS-Chemex laboratory in Vancouver for gold and silver analyses. Duplicates, blanks, and standards were inserted at regular intervals for QA/QC purposes.
Bruner Core Drilling-August 2012
The Company has contracted DOSECC Exploration Services, LLC of Salt Lake City, Utah to drill a core hole at Bruner. The drill arrived on site yesterday, and core drilling commenced today. The core hole is designed to twin the RC Discovery Drill Hole B-1201 in order to get a complete view of the 118 meters of 4.08 gpt Au (360 feet of 0.119 opt Au) interval encountered in that hole and announced July 18, 2012. Mineralization in B-1201 is characterized by silicification, silica veinlets, and brecciation, as deduced from microscopic examination of drill cuttings. The primary purpose of the core hole is to provide a complete sample interval of the mineralized zone for inspection and documentation of these features and their orientation. The results of logging of the core hole are expected to allow refinement of the next phase of RC drilling at Bruner, which is scheduled to commence no later than mid-September.
Bruner RC Drilling-September 2012
A further RC drilling program is planned to commence in mid-September at Bruner to follow-up the open extensions of the intercept in Discovery Drill Hole B-1201. The first several holes will be drilled at -60 and -75 and -90 degrees beneath the intercept in B-1201, which was drilled at -50 degrees, along the same azimuth as B-1201, to test the continuation of the intercept in B-1201 with depth. Hole traces across the expected mineralized zone will be 100-150 feet apart. A total of sixteen RC holes are planned to depths of between 700-800 feet to test peripheral to the intercept encountered in B-1201 at elevations of 6200 feet to 5800 feet, which is believed to be the level of major fluid boiling and deposition of gold during mineralization at the East Penelas target area.
CEO Greg Hahn Comments
"We are excited to embark on this follow-up drilling program to test the area surrounding Discovery Drill Hole B-1201. There are only a very few historic drill holes that exist in the one mile of distance between Discovery Hole B-1201 and the historic resource area to the west. As we flesh out the dimensions of the discovery in drill hole B-1201, and understand the host geology, we hope to be able to apply that information to fully test the one mile of intervening ground between the historic resource area and drill hole B-1201. Our current model for the property identifies this area as the most prospective corridor on the property," concluded Hahn.
Greg Hahn, Certified Professional Geologist (#7122) is the Qualified Person who has prepared and reviewed this press release in accordance with NI 43-101 reporting standards.
ON BEHALF OF THE BOARD
Gregory A. Hahn, Chairman and CEO
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 www.sedar.com. 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.
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