|By Marketwired .||
|May 21, 2014 11:21 AM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/21/14 -- Canamex Resources Corp. (the "Company") (TSX VENTURE: CSQ)(OTCQX: CNMXF)(FFRANKFURT: CX6) is very pleased to announce ongoing results from the core drilling program at the Bruner gold project located in Nye County, Nevada.
Historic Resource Area(i)
Core Hole B-1404C
Core hole B-1404C, drilled at the historic resource area(i) at nearly right angles to the interpreted strike of mineralization, intersected 230 feet grading 0.092 oz/ton Au ((70.1 metres grading 3.17 g/tonne Au) from 262-492 feet depth, including 5 feet grading 2.98 oz/ton (1.5 metres grading 102 g/tonne) from 332-337 feet. This is the second best drill hole intercept in the historic resource area(i) next to reverse circulation (RC) hole B-1340. B-1340 was the last hole drilled at the historic resource area(i) in 2013, and intersected 190 feet grading 0.155 oz/ton Au (57.9 metres grading 5.23 g/tonne Au). These two drill hole intercepts are approximately 100 feet apart and indicate continuity of a high-grade portion within this mineralized zone of the historic resource area(i). A plan view map has been posted to the web site that displays the location of holes B-1404C and B-1340, along with the locations of other historic drill hole intercepts that define this mineralized portion of the historic resource area(i). Results of ongoing drilling between these two holes are pending, and will provide further definition of this zone.
Core hole B-1406C
Core hole B-1406C was drilled on the same azimuth as hole B-1404C, but at a shallower inclination of 45 degrees from horizontal, and intersected the mineralized zone about 100 feet above the intercept in hole B-1404C. Hole B-1406C intersected 290 feet grading 0.019 oz/ton ((88.4 metres grading 0.645 g/tonne) from 271-561 feet ( 82.6-121 metres), including higher grade intervals as noted below:
From-To Thickness Grade Grade Hole ID (ft) (ft/m) oz/ton Au g/tonne Au -------------------------------------------------------------------------- B-1406C 271-321 50(15.2) 0.041 1.419 Incl. 281-291 10(3.1) 0.176 6.040 361-386 25(7.6) 0.019 0.666 416-491 75(22.9) 0.013 0.455 531-561 30(9.1) 0.051 1.713 Incl. 541-551 10(3.1) 0.133 4.555
Together the two drill hole intercepts have tested the approximate center of this portion of the historic resource area(i), as portrayed on the cross section and plan view map posted to the web site. On the section containing these two core holes the mineralized zone is approximately 250 feet (76.2 metres) thick, 400 feet (122 metres) wide, lying approximately 100 feet (30.5 metres) below the surface. Drilling on five other sections, targeting two inclined holes per section, is underway with the reverse circulation ("RC") drill to further define this high-grade portion of the historic resource area(i) and determine the strike length of this mineralized zone.
Core Holes B-1402C and B-1403C
Core holes B-1402C and B-1403C were drilled on the southern end of the mineralized trend, shown on the plan view map posted on the Canamex website, and intersected the distal tail of the mineralized zone as summarized in the following intercept table.
From-To Thickness Grade Grade Hole ID (ft) (ft/m) oz/ton Au g/tonne Au -------------------------------------------------------------------------- B-1403C 36-191 155/47.3 0.014 0.488 B-1402C 15-42 27/8.2 0.014 0.474 147-167 20/6.1 0.017 0.571 232-247 15/4.6 0.012 0.425 307-327 20/6.1 0.013 0.459 431.25-447 15.75/4.8 0.010 0.342 ---------------------------------------------------------- Sub-total 97.75/29.8 0.013 0.462
In addition, core hole B-1408C was drilled 100 feet beneath historic drill hole BRU-094, which intersected 80 feet grading 0.038 oz/ton Au (24.4 metres at 1.31 gm/tonne Au) from 5 to 85 feet (1.5-24.4 metres). However, we have no descriptions from this historic hole to place the intercept in a geologic context. Results from B-1408C are pending.
The results reported above corroborate our interpretation that there are high-grade zones (cores or roots) within the historic resource area(i) that have not been identified or adequately tested by historic drilling. Continued drilling is needed to define these zones which are considerably higher in grade than the reported average grade of the historic resource area(i). With ongoing drilling of this exciting mineralized zone, we continue to develop our understanding of the host geology, geometry and distribution of gold mineralization at Bruner, which should allow us to quantify the gold mineralized zones under NI 43-101 standards for reporting purposes after sufficient drilling has been completed.
Penelas East Exploration Drilling
RC drilling commenced April 17th at the Penelas East discovery area. The current program has been designed to test coincident VLF-EM and soil geochemical anomalies, one of which outlines the gold-bearing drill intercepts from 2012 and 2013 in the discovery area. Those results will be reported separately, when complete results have been received and interpreted. The core rig has been moved to the Penelas East discovery area and has completed two holes that offset core hole B-1341C, which intersected 262 feet grading 0.044 oz/ton Au (79.9 metres grading 1.509 g/tonne Au). B-1411C was drilled to test for an up-dip extension of mineralization, and B-1422C to test for both up-dip and southern extensions of mineralization. Assays are pending.
Drill core samples are stored on a locked storage facility 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.
Greg Hahn, President and interim CEO, 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.
(i)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.
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.
Canamex Resources Corp.
Interim CEO and President