(October 7, 2014) Canamex Resources Corp. (the “Company”) (TSX-V: CSQ) (OTCQX: CNMXF) (FSE: CX6) is pleased to announce ongoing results from reverse circulation drilling at the Bruner Gold Project located in Nye County, Nevada.
RC Hole B-1437
Reverse circulation drill hole B-1437, drilled at the northern extension of the Penelas East Zone, intersected 25.9 metres (85 feet) grading 2.37 g/tonne Au (0.069 oz/ton Au) at the top of the hole from 6.1-32.0 metres (20-105 feet) depth. This zone starts at the bottom of the 20 foot casing and may extend to the surface, as the material drilled during the setting of the casing was not sampled. This interval is part of a much thicker intercept that extended from 6.1-62.5 meters (20-205 feet) grading 1.33 g/tonne (0.039 opt) Au. In addition, several other zones were intersected in the hole as referenced in the table below. These intercepts are at the far northern end of drilling at the Penelas East discovery area, and the closest drill hole to the north is over 100 meters away. As a result the Penelas East discovery area remains wide open to the north for expansion with additional drilling.
True widths of the above reported intercepts are currently unknown.
Hole B-1437 was drilled the day after hole B-1436 was completed, and long before assays were received from hole B-1436. As a result geologists were not aware of the high grade at the bottom of hole B-1436 from 750-780 feet (TD), and hole B-1437 was terminated before reaching the projection of the high-grade zone encountered in hole B-1436.
To follow up on the high-grade intercept in RC hole B-1436 a core rig was positioned at the collar and a core hole (B-1446C) was drilled as close to RC hole B-1436 is possible, given core holes do not deviate as much. The core hole was completed on September 21st, and the core is in the ALS Minerals laboratory in Reno, NV for photographing and sawing prior to sampling and assaying. The core hole intersected a zone of dark matrix breccia with abundant visible gold from 239 to 246 metres (775-807 feet) and a zone of stringer veins within dark matrix mineralization and silicification to 259 metres (850 feet). The zone from 239 to 236 metres (775-807 feet) visually correlates well with the high-grade intersected in RC hole B-1436, and provides encouragement to drill additional core holes into this high-grade target area. Down-hole surveying demonstrates the two intercepts are 9.8 metres (32 feet) apart at the top of the intercept and 9.8 metres (35 feet) apart at the bottom of the intercepts. The Company is currently drilling a second core hole into the high-grade target area, designed to intersect the high grade target 30.5 metres (100 feet) north of the intercept in core hole B-1446C. Assay results from core hole B-1446C should be available in mid-October.
The high grade zone intersected in hole B-1436 remains open to the west and north, as does the thick lower grade mineralization encountered in hole B-1437.
Greg Hahn Quote
“We are impressed that the Penelas East mineral system remains robust at the northern end of our drilling to date, and may be increasing in strength northward. “With continued drilling through the balance of the 2014 field season we will come very close to completing our total expenditure commitment of $6 million to earn a 70% interest in the Bruner Project, and thereby trigger a 70:30 joint venture with the underlying optionor, Patriot Gold Corp.” continued Hahn. “Once drilling has been completed we will compile all drill hole assay and geologic data for preparation of a maiden NI 43-101 report on the resources present at the Bruner project. A Qualified Person (QP) for the NI 43-101 report has been selected and has completed a site visit in anticipation of receiving all of the data needed at the end of the drilling program to prepare the report. We expect that report to be available in the first quarter of 2015”.
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 core is photographed, sawed, sampled, and both cuttings and core are crushed, split, 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.