Canamex Resources Corp. (CNMXF: OTC Link) | Canamex Announces 2012 Drilling Results and 2013 Exploration Plans for Bruner Gold Project, Nye County, Nevada

Canamex Announces 2012 Drilling Results and 2013 Exploration Plans for Bruner Gold Project, Nye County, Nevada

Jan 30, 2013

OTC Disclosure News Service

Vancouver, BC, Canada

CANAMEX RESOURCES CORP.

Suite
303, 595 Howe Street,
Vancouver, B.C.  V6C 2T5

Telephone: (604) 336-8612   Fax: (604)
718-2808
www.canamex.us

 

NEWS
RELEASE

Canamex Announces 2012 Drilling Results and 2013 Exploration Plans

for Bruner Gold Project, Nye County,
Nevada


(Vancouver, British Columbia), January 30, 2013:  Canamex Resources Corp.
(“Canamex”
or the “Company”) (TSX‑V: CSQ)
(OTCQX: CNMXF) (FSE: CX6)
is pleased to announce 2012 drill results and 2013 exploration plans for the
Bruner gold project, Nye County, Nevada.

Penelas
East New Discovery Area: Highlights

Canamex completed eleven
reverse circulation (“RC”) holes and one core hole at the Penelas East new
discovery area during the fourth quarter of 2012.  Eleven of the twelve holes intersected
significant thicknesses of gold grading +0.34 gpt (+0.01 opt) Au over
potentially minable widths along a length of 180 meters of strike, and across widths
of up to +100 meters (see following Summary Table).  All
totaled in 2012, twenty holes were drilled into the new Penelas East discovery
area, wherein nineteen of the holes hit mineralization with an average overall
thickness of 48.2 meters (158 feet) averaging 1.4 gpt (0.041 opt) Au.
  The gold-bearing zone remains open both to
the north of section 540mN and to the south of section 380mN, and these
extensions will be the focus of continued drilling in the spring of 2013 when
the snow comes off the ground. 

Two historic drill holes
immediately north of the area drilled in 2012 intersected 15.2 meters (50 feet)
grading 6.14 gpt (0.179 opt) Au in BRU-105 and 29 meters (95 feet) grading 1.95
gpt (0.057 opt) Au in BRU-085, which we now interpret as the upper extension of
the Penelas East new discovery area and which we intend to test in 2013 at
lower elevations of 6300-6000 feet, which is believed to be the major boiling
zone and where the best gold intercepts have been encountered to date.

Penelas
East New Discovery Area: Interpretation

Gold and silver mineralization is associated with brecciated
and silicified rhyolite porphyry within a large rhyolite porphyry flow-dome
complex.  Some of the gold-bearing
breccias are vertically oriented, some appear to follow flow foliation within
the rhyolite, which dips dominantly to the northeast, and some appear to follow
faults and structures of various orientations that are associated with northwest-trending
normal and strike-slip faults that cross the property.  The network of mineralized breccias in
general follow a northerly trend defined by an eastern bounding fault which is
intruded by late-stage mafic dikes, and parallel to sub-parallel structures
that appear to have been preferable hosts for the emplacement of breccias and
gold mineralization. Gold mineralization can be followed from near the surface
to depths in excess of 180 meters (~600 feet). 
All gold-bearing mineralization is oxidized to the penetration depth of
the drill holes, which in some holes exceeds +200 meters (~700 vertical feet).

The gold bearing zone appears to be capped by a flow-banded
phase of the rhyolite porphyry, which in places is argillized and
unmineralized, except along narrow high-angle silicified breccia zones which
lead downward into wider breccia zones that are variably mineralized.  Outcrops of silicified and brecciated
flow-banded rhyolite continue north of the area drilled to date for another
several hundred meters, and suggest continuity of mineralization at depth that
remains to be tested with additional drilling in 2013.  Further to the north widely spaced shallow
drilling by Newmont and Miramar intersected gold-bearing stockwork silica and
brecciated rhyolite near the bottoms of the shallow holes which suggest the
entire mineral system could continue beyond the area of silicified and
brecciated outcrops for another several hundred meters. All together this
mineral system appears to be over 600 meters long, one hundred meters wide, and
intersected over a vertical range of up to 200 meters.

President
and COO Greg Hahn Comments

“We are excited to have tapped into what appears to be a
large and robust gold bearing mineral system, and look forward to continued
drilling along the open extensions to the system that has been defined to date,”
stated President and COO Greg Hahn.

Bruner
Gold Project: H1 2013 Drilling Program

The Company’s Technical Advisory Committee met last week and
has recommended to the Board of Directors a 6,700 meters (22,000 feet) RC
drilling program for the first half of 2013 to be split roughly evenly between
the new discovery area drilled in 2012 (the area referenced above) and the
northern extension to the historic resource area. Historic work by Morrison-Knudsen,
Miramar, Glamis, Newmont, Kennecott and others identified a low grade resource
near the southwest portion of the property. The work by Newmont, Kennecott and
Miramar was summarized in a report by John Schilling in 1991. The resource
section of the report identifies approximately 383,000 ounces (15 million tons
at 0.026 opt) of gold within the July-Duluth area of the project. This is
not a NI 43-101 defined resource and a qualified person has not done sufficient
work to classify the historical estimate as current mineral resources or
mineral reserves, and Canamex is not treating the historical estimate as
current mineral resources or mineral reserves. The Company identifies this as
the historic resource area.

Recently acquired rock and soil sampling over the
historic resource area completed by Newmont shows a gold anomalous area roughly
100 meters wide by 200 meters long the contains samples up to +50 gpt Au and
which has not been drilled.  Combined,
these two target areas could add significantly to the mineral inventory at the
Bruner property. Also, an area roughly 100 meters by 100 meters located to the
east of the historic resource area contains highly anomalous gold in soils and
rock chips and which contains no drill holes. This area will be a focus of
detailed geologic mapping and follow-up sampling in anticipation of  drilling in the second half of the year.

Bruner
Vein Target Area

The newly defined Bruner vein target area is
approximately 1.5 kilometers north of the Penelas East new discovery area.
During Q4 of 2012, Chief Geologist Dr. Ellen Leavitt took rock chip samples
from this newly defined area of interest which returned up to +5 gpt Au. Based
on an historic rock geochem map obtained in H2 2012, the Company has determined
that historic rock chip samples have returned over 7 gpt Au in an area on the
property near the Bruner Vein that has seen absolutely no follow-up mapping or
sampling since the samples were taken in the late 1980s. Importantly, there has
been no drilling in the Bruner Vein target area. The Company anticipates it
will be ready to drill this area in the second half of 2013.

Bruner
Gold Project: Additional Actions

The Company plans to commence initial metallurgical work
on drill cuttings from the Penelas East new discovery area. The ultimate
objective will be to compare the very positive metallurgical results announced
on September 10, 2012 for the historic resource area with those for the Penelas
East new discovery area. In addition, the Company will address preparation of a
Plan of Operations that will allow extensive drilling of these resource areas
and additional target areas going forward. The Company is currently operating
under Notice of Intent for the drilling planned in 2013 and does not require approval
of a Plan of Operations for any drilling contemplated at the Bruner gold
project during 2013.

Summary

A complete summary of the drill hole intercepts follows.
Interpretive assay sections will be posted to the Company’s web site once they
are completed. 
All drill cuttings were collected in 1.5 meter
(5 feet) interval, consisting of 2-3 kilogram homogenized splits which were
shipped to ALS Minerals laboratory in Reno for analyses. Blanks and standards
were included in the samples analyzed by the lab. Analysis for gold was done
using 30 gram fire assays and AA analyses were completed for silver. The drill
holes all intersect the complex mineral system at different angles and therefor
a true width for each intercept cannot be determined at this time.

 “With the successful discovery of a new
mineral system on the property and the acquisition of historic geochemical and geophysical
data generated by Newmont and others that highlights open extensions to the
historic resource and identifies new target areas never before drilled, we are
excited to enter 2013 with an aggressive program to quantify and expand
resources in both resource areas and to test new targets that could add
considerably to the mineral inventory on the property. With the successful
financings completed in 2012 we now have the capital resources with which to
execute our exploration program” concluded President COO Greg Hahn. 

Greg Hahn, President and
COO 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.

ON
BEHALF OF THE BOARD

SIGNED: “Robert Kramer”

Robert Kramer,

Chairman and CEO

Contact: Robert Kramer (604) 336-8621

Renmark
Financial Communications Inc.

Erica
Lomonaco:
elomonaco@renmarkfinancial.com

Barbara
Komorowski:
bkomorowski@renmarkfinancial.com

Tel.: (514) 939-3989 or
(416) 644-2020 www.renmarkfinancial.com

 

Forward-Looking
Statements:

This note contains forward-looking statements regarding future
events and Canamex’s future results.  These statements are based on
current expectations, estimates, forecasts, and projections about the industry
in which Canamex operates and the beliefs and assumptions of Canamex’s
management.  Words such as “expects,” “anticipates,”
“targets,” “goals,” “projects,”
“intends,” “plans,” “believes,”
“seeks,” “estimates,” “continues,”
“may,” variations of such words, and similar expressions, are
intended to identify such forward-looking statements.  In addition, any
statements that refer to projections of Canamex’s future financial performance,
Canamex’s anticipated growth and potentials in its business and other
characterizations of future events or circumstances are forward-looking
statements.  Readers are cautioned that these forward-looking statements
are only predictions and are subject to risks, uncertainties, and assumptions
that are difficult to predict, including those identified elsewhere herein and
Canamex’s filings on
www.sedar.com.  Therefore, actual results may differ materially and
adversely from those expressed in any forward-looking statements.  Canamex
undertakes no obligation to revise or update any forward-looking statements for
any reason.

 


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.

 

Penelas East 2012
Drilling Results

Hole No.

From (ft)

To (ft)

thickness

Au opt

Au gpt

B-1115

295

545

250

0.034

1.17

B-1201

290

650

360

0.119

4.08

B-1202

120

140

30

0.037

1.27

275

290

15

0.033

1.13

335

390

55

0.015

0.51

490

570

80

0.017

0.58

B-1203

285

315

30

0.014

0.48

360

400

40

0.019

0.65

550

615

65

0.016

0.55

B-1204

320

430

110

0.027

0.93

465

480

15

0.015

0.51

585

640

55

0.015

0.51

B-1205

365

375

10

0.016

0.55

440

455

15

0.01

0.34

590

605

15

0.015

0.51

B-1206

620

720

100

0.016

0.55

B-1207C

188

240

52

0.06

2.06

564

684

120

0.066

2.26

B-1208C

no intercepts 0.01 opt Au. Went down shear zone

B-1209

325

355

30

0.018

0.62

395

425

30

0.018

0.62

560

570

10

0.015

0.51

630

645

15

0.014

0.48

655

670

15

0.012

0.41

B-1210

660

680

20

0.012

0.41

775

790

15

0.014

0.48

B-1211

385

405

20

0.101

3.46

440

465

25

0.01

0.34

500

525

25

0.01

0.34

635

645

10

0.01

0.34

660

675

15

0.01

0.34

710

765

55

0.01

0.34

B-1212

585

630

45

0.035

1.20

770

780

10

0.013

0.45

B-1213

365

390

25

0.017

0.58

560

600

40

0.014

0.48

620

645

25

0.019

0.65

B-1214

520

715

195

0.041

1.41

B-1215

470

500

30

0.057

1.95

680

710

30

0.012

0.41

B-1216

430

440

10

0.059

2.02

595

646

50

0.017

0.58

B-1217

60

65

5

0.796

27.29

360

485

125

0.049

1.68

655

665

10

0.023

0.79

B-1218

195

220

25

0.042

1.44

265

620

355

0.026

0.89

B-1219

335

350

15

0.048

1.65

380

480

100

0.023

0.79

545

750

205

0.024

0.82

Average of 19 holes

158

0.041

1.41

(w/o B-1208C)

 

 

The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.

Article source: http://www.otcmarkets.com/stock/CNMXF/news?id=58052

Leave a Reply

WP Facebook Auto Publish Powered By : XYZScripts.com
Bunk Beds