VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jun 25, 2014) - Canamex Resources Corp. (the "Company") (TSX VENTURE:CSQ)(OTCQX:CNMXF)(FRANKFURT:CX6) is very pleased to announce ongoing results from reverse circulation drilling at the Bruner Gold Project located in Nye County, Nevada.
Historic Resource Area*
RC Hole B-1419
Reverse circulation drill hole B-1419, drilled at the historic resource area* intersected 175 feet (53.4 metres) grading 0.054 oz/ton Au (1.84 g/tonne Au ) from 215-390 feet (65.5-118.9 metres) depth, within an aggregate interval of 295 feet (89.9 metres) from 55-125 feet (16.8-38.1 metres) and 215-440 feet (65.5-134.1 meters) grading 0.035 oz/ton (1.21 g/tonne) Au. This intercept connects mineralized intervals drilled in holes B-1404C and B-1416 and reported previously (Canamex press releases dated May 21 and June 10, 2014). The cross section displaying the drill hole results demonstrates the gold mineralized zone trends to surface above the reported intercepts. A plan view map will be posted to the web site that displays the location of all holes drilled to date at the historic resource area, along with a cross section displaying the drill holes described in this release.
Mineralized intercepts in hole B-1419 are reported in the table below:
|Hole ID||From-To |
RC Hole B-1418
Reverse circulation drill hole B-1418 was drilled below hole B-1419, and intersected the mineralized zone about 75 feet below the reported intercept in hole B-1419. Hole B-1418 intersected multiple mineralized zones totaling 250 feet grading 0.024 oz/ton (76.2 metres grading 0.82 g/tonne) as reported in the table below:
|Hole ID||From-To |
On the section containing these two holes, the main mineralized zone is approximately 210 feet (64.0 metres) wide, 320 feet (97.6 metres) thick, and lies within 20 feet of surface.
The Main Mineralized Zone of the historic resource area* remains open along strike to the north and is largely untested by drilling. Work is underway to assess the best access to drill stations to continue drilling the northern extension of this mineralized zone.
The assay results reported corroborate our interpretation that there is a higher grade interior zone within the historic resource area* that has not been fully defined or adequately tested by historic drilling. The entire main mineralized zone lies at very shallow depths below the surface, making it readily amenable to open pit mining. Many historic drill holes penetrated beneath the main mineralized zone and failed to intersect this shallow zone. With ongoing drilling of this exciting mineralized zone we continue to advance our understanding of the host geology and the distribution of gold at Bruner. Once this additional drilling is completed we should have enough detailed information to quantify the historic resource* under NI 43-101 standards for reporting purposes.
Drill hole samples are stored on site and are retrieved by ALS Minerals personnel or an independent contractor and transported in their custody to the ALS Minerals laboratory in Reno/Sparks, Nevada, where they were photographed, sawed, sampled, and analyzed by ALS Minerals laboratory for gold and silver. Duplicates, blanks, and standards were inserted at regular intervals for QA/QC purposes. All drill samples are prepared by crushing the entire sample to 70% passing 2mm size, splitting out 1 kilogram of sample and pulverizing this split to 85% passing -75 microns in size. From the 1 kilogram pulp 30 grams is split out for fusion and fire assay with an AA finish. If results return greater than 3 g/tonne Au another 30 gram split is re-run by fusion and fire assay with a gravimetric finish. Greg Hahn, President and interim CEO 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 reported in a press release by Miramar Mining Company in 1993 and is not in compliance with NI 43-101 standards. The non-compliant resource estimate was done by industry professionals in accordance with standard industry practices prevalent at the time, and is believe to be reliable, but with no assurances as to how much of the resource would qualify as measured, indicated, or inferred under current industry reporting 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.
ON BEHALF OF THE BOARD
Greg Hahn, Interim CEO and President
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.