Canamex Reports Final Drill Results from the 2014 Drilling Campaign, Bruner Gold Project, Nevada
ACCESS Newswire
Vancouver, BC / ACCESSWIRE / January 8, 2015 / Canamex Resources Corp. (the "Company") (TSX-V: CSQ) (OTCQX: CNMXF) (CX6.F) is pleased to announce the final assay results from core drilling at the Bruner Gold Project located in Nye County, Nevada.
Core Drilling at the Penelas East Discovery Area
Core drilling at the northern extension of the Penelas East discovery area intersected gold mineralization across a 170 feet (51.8 metres) interval in the last hole drilled in the target area in 2014. Drill hole B-1454C intersected 51.8 metres (170 feet) grading 0.444 gm/tonne (0.013 oz/ton) Au from 208.2-260 metres (683-853 feet). This intercept is roughly 36.6 metres (120 feet) along strike of the intercept reported previously in hole B-1446C which intersected 22.9 metres grading 3.29 gm/tonne Au ( Canamex press release dated October 21 2014), and occurs at roughly the same elevation as the intercept reported in hole B-1446C. Previous drill hole B-1437 intersected 25.9 metres near the surface from 6.1-32 metres depth grading 2.37 gm/tonne Au (Canamex press release dated October 7, 2014) Further drilling is required to determine if we can connect the deep intercepts in B-1454C and B-1446C with the shallower intercept in B-1437. These intercepts are also open to the north, and follow-up drilling will be planned for 2015 to determine whether these deeper intercepts can be extended roughly 100 metres northward towards similar intercepts encountered earlier in the year in reverse circulation (RC) holes B-1405 and B-1407.
Core Drilling at the Historic Resource Area*
Core drilling at the northeast extension of the historic resource area* intersected gold mineralization across a 105.3 feet (32.1 metres) interval in the next-to-last hole drilled in the target area in 2014. Core hole B-1463C intersected 105.3 feet (32.1 metres) from 51.7-157 feet (15.8-47.9 metres) grading 0.010 oz/ton (0.339 gm/tonne) Au. This intercept is the last drill hole in this area to the northeast of the historic resource area*, and there is considerable potential to expand the resource further northward. A prominent gold-in-soil and coincident potassium alteration anomaly continues north of the intercept in hole B-1463C for over 600 metres. This potential area for expansion is located entirely on patented claims and will be the focus of a proposed drilling program in 2015.
Statement by President Greg Hahn
The last drill holes of the 2014 drilling program demonstrate the exploration potential of both the Penelas East and the historic resource area* (HRA) as they remain open to the north. We will propose drilling programs in both resource areas in 2015 to continue to pursue these possible extensions. In the meantime we have delivered the entire drill hole data base and related geologic information to an independent engineer who is in the process of preparing a resource estimate and technical report for the entire property. We have completed over 300 density determinations of drill core within the resource areas for proper estimation of the tonnages in the resource areas drilled to date. Associated geostatistical analyses and 3D modelling have commenced. We anticipate being able to provide the results of the maiden resource estimate to the market in the first quarter of 2015.
QA/QC Statement
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 250 grams of sample and pulverizing this split to 85% passing -75 microns in size. From the 250 gram pulp 30 grams is split out for fusion and fire assay with an AA finish. If results return 3 g/tonne Au or greater, the lab performs a 30 gram fire assay with a gravimetric finish from the same pulp. In addition, a second sample is prepared by crushing the sample down to 90% passing 10 mesh and proceeding to a rotary split of 1 kg that is pulverized to 85% passing 200 mesh. From the 1 kilogram pulp 30 grams is split out for a second fire assay with gravimetric finish.
True widths of the drill hole intercepts announced herein remain to be determined.
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 in a press release by Miramar Mining Corporation in 1993. The 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 program.
ON BEHALF OF THE BOARD
SIGNED: "Greg Hahn"
Greg Hahn, President and COO
Contact: (720) 244-2022
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 2015 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 2015 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 2015 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.
