(August 12, 2014) Canamex Resources Corp. (the “Company”) (TSX-V: CSQ) (OTCQX: CNMXF) (FSE: CX6) is very pleased to announce ongoing results from reverse circulation drilling at the Bruner Gold Project located in Nye County, Nevada.
RC Hole B-1436
Reverse circulation drill hole B-1436, drilled at the open northern extension of the Penelas East Zone, intersected 9.1 metres (30 feet) grading 11.9 g/tonne Au (0.347 oz/ton Au) at the bottom of the hole from 228.6-237.7 metres (750-780 feet) depth. Unfortunately, the hole bottomed at 237.7 metres (780 feet) in 25.9 g/tonne Au (0.755 oz/ton Au) material from 236.2-237.7 metres (775-780 feet). The full extent of this mineralized zone remains untested and will be the target of follow-up drilling. The rock type encompassing the high grade mineralization is a bi-lithic breccia similar to the host rock identified in core in previous drilling within the nearby Penelas East Zone. These drill results suggest the potential presence of a new, deeper, gold bearing breccia body.
The high grade zone intersected in hole B-1436 remains open to the west and north. Drill hole B-1437 was drilled about 50 meters (164.0 feet) to the north of B-1436, but assay results for this hole are still pending.
The mineralized intercept in hole B-1436 is reported in the table below:
RC Hole B-1433
Reverse circulation drill hole B-1433, drilled at the old Penelas Mine target area, intersected 29.0 metres (95 feet) grading 1.46 g/tonne (0.043 oz/ton Au) from 120.4-149.4 metres (395-490 feet). This target area is located approximately half-way between the historic resource area* and the Penelas East Zone, and indicates a broad zone of disseminated gold mineralization is associated with the hanging wall and a parallel splay of the Penelas vein/structure at this location. Further drilling is warranted to follow-up on this mineralized zone.
“We remain impressed by the diverse geologic environments where we are discovering gold on the Bruner Project. While this challenges our geologic team to understand the geology fully, it encourages us to continue drilling to fully flesh out the extent of these gold intercepts and the potential resources” remarks Greg Hahn, President & Interim CEO.
Cross sections showing the intercepts in this release will be posted to the Canamex web site. The reverse circulation drill rig was moved back to the historic resource area east zone after completion of hole B-1437 and has drilled six holes into that target area, with assay results pending.
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.
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 in a press release by Miramar Mining Corporation 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 program.
ON BEHALF OF THE BOARD
SIGNED: “Greg Hahn”
Greg Hahn, Interim CEO and President
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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.