|By Marketwired .||
|April 7, 2014 08:30 AM EDT|
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 04/07/14 -- Canamex Resources Corp. (the "Company") (TSX VENTURE: CSQ)(OTCQX: CNMXF)(FRANKFURT: CX6) announces further to its News Release of March 7, 2014 that diamond drilling of five planned core holes in the historic resource area(i) of the Bruner Gold Project, Nye County, Nevada is proceeding as planned. The five core holes are planned to test the high-grade "feeder zone" identified in drill hole B-1340, the last reverse circulation ("RC") hole drilled in 2013 (see Canamex News Release dated November 5, 2013).
Results to Date
The first core hole of the 2014 exploration season (B-1401C) was designed to go beneath the trace and mineralized intersection of hole B-1340. Hole B-1401C intersected only weak mineralization grading 0.018 opt (0.628 gpt) gold between 266-311 feet (81 -95 metres), and would appear to be outside of the "footwall" of the main gold bearing zone hosted in fragmental rocks. Fragmental rocks were not present in hole B-1401C, suggesting the hole is outside of the mineralized zone. Down hole surveying reveals the two holes are roughly 25-30 feet (8-9 metres) apart. The proximity of these two holes with dramatically different results exemplifies how sharp the contact can be between mineralized and non-mineralized rock at Bruner which is similar to the Rawhide Mine, which we believe is a geological analog to Bruner. The Rawhide Mine is 30 miles to the west of Bruner and was mined by Kennecott between the late 1980s and the early 2000s, and produced 1.6 million ounces of gold.
A second core hole (B-1402C) was collared from the same site as hole B-1401C, but on a different orientation to intersect the mineralized zone at a higher level. Now complete, B-1402C intersected fragmental rocks of various types, and silicification and moderate to strong iron staining from roughly 100 feet to 350 feet (33- 107 metres) depth, and holds promise for being a better gold bearing intercept than was encountered in hole B-1401C.
A third core hole (B-1403C) is now being drilled from the same location and on the same azimuth but at a shallower angle than B-1402C, with the intent to intersect the mineralized system on the same section but above the trace of hole B-1402C.
Two more core holes are planned for the historic resource area, and then it is anticipated the core rig will be moved one mile away to the discovery area at Penelas East. The Company expects a RC rig will arrive on site mid-April to commence further exploration drilling. The Company believes it will be in a position to report the assay results of B-1402C and B-1403C by the end of April or early May, depending upon laboratory turnaround times. Reporting of all assay results will attempt to place the results in an appropriate geological context.
President and COO Greg Hahn Comments
"We are still trying to understand the geometry and gold distribution of the high-grade feeder zone of the historic resource area that we encountered in our first hole into the target (B-1340) drilled late in 2013. Clearly we have further work to define the high-grade feeder zone and its dimensions and limits, but I am confident the drilling program designed for the first half of 2014 will succeed in characterizing the geometry, orientation, and grade of this portion of the historic resource area," stated Greg Hahn, President and COO.
Drill samples are stored in a locked storage facility on site and are either 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. Duplicates, blanks, and standards were inserted at regular intervals for QA/QC purposes.
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.
(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
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.
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.
Chairman and CEO
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