Canamex Commences Fall Drilling Program at Bruner Gold Project, Nevada
Vancouver, BC / TheNewswire / October 26 2015 - Canamex Resources Corp. the "Company" (TSX-V: CSQ) (OTCQX: CNMXF) (FSE: CX6) is pleased to announce the commencement of a fall drilling program at the Bruner gold project, Nye County, Nevada.
Canamex has contracted with New Frontier Drilling out of Fallon, Nevada to commence a fall reverse circulation ("RC") drilling program at the Paymaster resource area for a minimum of 3000 feet (915 metres) within the Bruner gold project. Drilling completed late in 2014 identified high-grade mineralization beneath the southern portion of Paymaster hill, averaging 12 metres at 8.75 grams per tonne (39.4 feet at 0.255 ounces per ton) gold in three of the last four holes. These 2014 intercepts remained open to the north and beneath the northern half of Paymaster hill. Old project reports indicated shallow air-track drilling by Glamis Gold in the early 1980s intersected grades of 0.01-0.4 ounces per ton (0.34-13.7 grams per tonne) gold in holes 50-70 feet (15-21 metres) deep. The high-grade identified in the company's 2014 drilling program lies at an average depth of over 100 feet (30.5 metres). The old Glamis Gold drill holes appear to have been cut short of the target as we now perceive it.
Drilling on the project will continue as results, weather, and funding allow. Roadwork is being completed to re-access the base of the largest silica-adularia alteration spire at the north end of the HRA resource area, which has never been drilled. Drilling in 2014 demonstrated that high-grade gold in the HRA resource area is associated with the base and margins of prominent silica-adularia alteration spires.
Drill samples on 5-ft (1.5 metre) intervals will be submitted via strict chain of custody to ALS Minerals Laboratory in Sparks, Nevada for sample preparation and analyses. Assay turnaround is expected to be 14 business days.
Coarse reject samples from the 2014 drilling program at Paymaster have been composited into generally 20-ft. (6.1 m) intervals and submitted to Kappes Cassidy & Associates metallurgical laboratory in Reno, Nevada for cyanide bottle roll tests. The objective of the tests is to determine the total cyanide solubility of gold and silver at the Paymaster project for grade ranges of <0.01 to +1.0 ounces per ton (<0.3 to +34 grams per tonne) gold content. Results from this program will guide further metallurgical testing and gold and silver extractions to be used in the Preliminary Economic Assessment when it is commissioned.
Greg Hahn, President and COO 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.
ON BEHALF OF THE BOARD
SIGNED: "Mark Billings"
Mark Billings, Chairman and CEO
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.
Forward-Looking Statements:
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 2015 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 2015 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.
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