Canamex Reports Progress on Ridge Anomaly, Aranka North Project, Guyana, South America
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 06/13/12 -- Canamex Resources Corp. (TSX VENTURE: CSQ)(OTCQX: CNMXF)(FRANKFURT: CX6) is pleased to report on the progress of soil sampling over the Ridge Anomaly, identified earlier by highly anomalous gold in stream sediment pan concentrates with values up to 12,234 ppb Au (+12 gpt), within the Aranka North project area, northeast Guyana, South America.
173 Soil Samples Sent to Lab
An initial shipment of 173 soil samples covering over 2 square kilometers in the heart of the Ridge Anomaly area has been delivered to Acme Laboratories' sample preparation facility in Georgetown, Guyana for drying and splitting. Sample splits will be sent to Acme's analytical laboratory in Vancouver for multi-element analyses. Turnaround of results is expected in 2-3 weeks.
Strong Hydrothermally Altered Area Suggested
The Ridge Anomaly was identified by eighteen stream sediment samples draining a ridge, with gold in pan concentrate values up to 12,234 ppb Au. Eight of the eighteen anomalous drainages contain +1000 ppb Au and drain the east side of the ridge, and cover a strike length of three kilometers. Numerous historic and active alluvial gold mining operations occur on the east side of the Ridge Anomaly. The highly anomalous drainages on the east side of the ridge are mostly virgin and un-prospected side drainages that occur up slope for the old and current alluvial operations. Although bedrock exposures in the anomaly area are sparse, float in the streams of abundant vein quartz, quart+tourmaline, and quartz+coarse specular hematite in cobbles and boulders suggests proximity to a strong hydrothermally altered area that may be the source of the gold.
Soil Samples to Lab Every Two Weeks
The Company currently has three three-man crews on the job, plus the requisite camp support staff. Two crews continue to survey soil grid lines to keep ahead of the one soil sampling crew. When surveying of the core six-square kilometer area of the grid is completed, survey crews will join the sampling crews in finishing the soil sampling program. Surveying is expected to be completed near the end of the month and soil sampling is expected to be completed by the end of July. Samples will be submitted to Acme Laboratories in Georgetown every two weeks to maintain a continuous flow of information that will help guide the completion of the program and allow for in-fill sampling or grid extensions where appropriate and as dictated by results as they are received.
Geological Mapping Underway
Meanwhile geologic mapping on the soil grid is underway by examining the saprock (deeply weathered bedrock) at the bottom of each soil auger hole on a 100 meter by 100 meter spacing. To date roughly two square kilometers of the grid have been mapped in this fashion. Principal rock types present are hematitic quartz sericite schist in contact with fine-grained equigranular granite. Medium and coarse grained pale green sericite (paragonite) and quartz veins occur along the contacts between the schist and the granite. Importantly, quartz and coarse pale green sericite cobbles and boulders are the dominant rock types present in the alluvial gold operation waste piles.
Auger Drilling
At the top of the ridge the anomaly area is covered in places by a thin (1 to +3 meter) veneer of unconsolidated white sand. This white sand masks the bedrock geology concealed beneath it and the Company will employ power auger drills to sample soils preserved beneath this white sand cover once the soil sampling and grid mapping program are completed.
CEO Comments
"We are excited by some of the host geology we are seeing in the Ridge Anomaly area, and we look forward to receipt of the soil geochemical results to help guide our exploration and drill target identification and definition in the Ridge Anomaly area," stated Chairman and CEO Greg Hahn.
Drilling to Commence at Bruner
Meanwhile, the Company is on track to commence RC drilling of the Penelas East vein system at the Bruner project in central Nevada, as announced on May 23, 2012. The drill rig will mobilize this coming weekend, and drilling is scheduled to commence June 18th. Assay results will be released as they are received and interpreted.
Greg Hahn, Certified Professional Geologist (#7122) is the Qualified Person who has prepared and reviewed this press release in accordance with NI 43-101 reporting standards.
ON BEHALF OF THE BOARD
Gregory A. Hahn, Chairman and CEO
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.
Contacts:
Canamex Resources Corp.
Robert Kramer
(604) 718-2800 (ext 311)
(604) 718-2808 (FAX)
www.canamex.us
Renmark Financial Communications Inc.
Erica Lomonaco
(514) 939-39893 or (416) 644-2020
elomonaco@renmarkfinancial.com
Renmark Financial Communications Inc.
Barbara Komorowski
(514) 939-39893 or (416) 644-2020
bkomorowski@renmarkfinancial.com
www.renmarkfinancial.com
