Canamex Resources Hits High Grade Discovery in Nevada

I was planning to have a quiet vacation day, but one of my favorite junior gold miners in Nevada, Canamex Resources was halted by the company pending news.

Article originally published on July 7, 2014.

I was planning to have a quiet holiday vacation day with my family but one of my favorite junior gold miners in Nevada, Canamex Resources (CSQ.V or CNMXF) was halted by the company pending news.

This morning Canamex Resources resumed trading after they announced a major high grade discovery in the east zone intersecting over 44 meter of close to 7 g/tonne.

These drilling results are some of the best I’ve seen from any Nevada junior as they are high grade and near surface.

Expect to see further results this summer from Canamex Resources (CSQ.V or CNMXF).

See the news below which resulted in a breakout move up to $.17 on 3 million shares of volume.

Press Release – Canamex Resources Corp. 
Canamex Drilling Intersects 44.2 Metres Grading 6.97 g/tonne Au and 47.3 Metres Grading 3.4 g/tonne Au at Bruner Gold Project, Nevada

(July 7, 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-1425Reverse circulation drill hole B-1425, drilled into the East Zone at the historic resource area* intersected145 feet (44.2 metres) grading 0.203 oz/ton Au (6.97 g/tonne Au ) from 40-185 feet (12.2-56.4 metres) depth.  Within this zone is a high-grade interval from 60-85 feet (18.3-25.9 metres) that grades 0.81 oz/ton (27.91 g/tonne) Au and 9.55 oz/ton (327.3 g/tonne) Ag. This intercept offsets to the south mineralized intervals drilled in holes B-1408C and historic drill hole BRU-094, which indicated the presence of a zone of gold mineralization that was above the average grade of the historic resource. Drill hole B-1425, along with the other holes reported below that were also drilled into the East Zone of the historic resource area* confirm there is a higher grade zone that needs to be properly quantified with sufficient drilling to include in a NI 43-101 resource estimate.   A plan view map will be posted to the web site that displays the location of all holes drilled to date at the historic resource area, along with a cross section displaying the drill holes described in this release.

Mineralized intercepts in hole B-1425 are reported in the table below:

RC Hole B-1424

Reverse circulation drill hole B-1424 was drilled to offset to the north the mineralized intervals drilled in holes B-1408C and historic drill hole BRU-094 of the East Mineralized Zone referenced above.  Hole B-1424 intersected 155 feet (47.3 metres) from 75-230 feet (22.9-70.1 metres) grading 0.100 oz/ton Au (3.44 g/tonne Au) and another lower grade intercept as reported in the table below:


RC Hole B-1426

Reverse circulation drill hole B-1426 was drilled above hole B-1425, and intersected the mineralized zone about 75 feet above the reported intercept in hole B-1425. Hole B-1426 intersected multiple mineralized zones as reported in the table below:


RC Hole B-1423

Reverse circulation drill hole B-1423 was drilled below hole B-1424, and intersected the mineralized zone about 75 feet below the reported intercept in hole B-1424. Hole B-1423 intersected one zone of low-grade gold as reported in the table below:

On the sections containing these holes, the East Zone trends in a northerly direction and is approximately 100 feet (30.5 metres) wide, 200 feet (61.0 metres) thick, and lies within 20 feet of surface.

The East Mineralized Zone of the historic resource area* remains open along strike to the north and south and is largely untested by drilling.  Work is underway to assess the best access to drill stations to continue drilling the open extensions of this mineralized zone.

The assay results reported corroborate our interpretation that there are higher grade interior zones along well mineralized faults and fractures within the historic resource area* that have not been fully defined or adequately tested by historic drilling.  The best gold intercepts at the historic resource area* lie at very shallow depths below the surface, making it readily amenable to open pit mining.  Many historic drill holes penetrated beneath the main mineralized zone and failed to intersect this shallow zone.  With ongoing drilling of this exciting mineralized zone we continue to advance our understanding of the host geology and the distribution of gold at Bruner. Once this additional drilling is completed we should have enough detailed information to quantify the historic resource* under NI 43-101 standards for reporting purposes.

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 1 kilogram of sample and pulverizing this split to 85% passing -75 microns in size.  From the 1 kilogram pulp 30 grams is split out for fusion and fire assay with an AA finish. If results return greater than 3 g/tonne Au another 30 gram split is re-run by fusion and fire assay with a 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

By Raphael Thurber

Raphael Thurber is a respected resource writer and editor. A graduate of the College of William and Mary, Raphael is a longtime contributor to Yahoo Finance, with an interest in resource and investment journalism that spans over 10 years. As Editor of MiningFeeds, Raphael is responsible for assuring that the site remains a valuable knowledge resource for those in the mining sector.

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