IRW-Press: Canamex Intersects 57.9 Metres Of 5.23 G/Tonne Gold (190 Feet Of 0.155 Oz/Ton) Including 1.5 Metres Of 121 G/Tonne Gold (5 Feet Of 3.529 Oz/Ton) At The Historic Resource Area



Published on 06 November 2013

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by Press Office

(IRW-PRESS and WireNews+Co)

Vienna, Austria


Canamex Resources Corp. (the “Company”) (TSX-V: CSQ) (OTCQX: CNMXF) (FSE: CX6) is very pleased to announce the results of the final round of reverse circulation (“RC”) drilling in 2013 at the Bruner gold project, Nye County, Nevada. Drill hole B-1340 intersected 57.9 metres of gold grading 5.23 G/Tonne (“gpt”) (190 feet grading 0.155 Oz/Ton (“opt”) between 260-450 feet in depth, and was lost at 460 feet in a fracture zone while still in gold mineralization. The intercept included a clay-rich and silicified interval at 275-280 feet containing 121 gpt (3.529 opt) gold. Importantly, the entire length of the hole is oxidized, and it is located in the heart of the historic resource area, which is about one mile to the west of the Penelas East discovery area. Detailed assay results from this hole are reported below.

Background of Final Phase of RC Drilling

This final phase of 2013 RC drilling was designed to test management’s interpretations of the alteration spires identified during this summer’s field mapping (please see Canamex news release dated October 15, 2013 for more background information) and the mineralization in the heart of the historic resource area. Earlier in 2013, the Company purchased the historic data base on the Bruner property, including the drill hole data from the historic resource area. In addition, during the course of the 2013 field season, the Company completed geologic surface mapping on new aerial topographic base maps and underground mapping on accessible underground workings, as a prelude to this phase of drilling.

Drill Test of Heart of Historic Resource Area

Hole B-1340 was designed to test the possible continuation at depth of very attractive gold grades shown on the accompanying drill hole sections (please follow link to the Company’s website http://www.canamex.us/?page-id=709) in numerous historic drill holes that appear to define the central portion of the historic resource area beneath a couple of alteration spires. The interpretation that higher grade intercepts are associated with possible deep-rooted vent breccias or diatremes is based on: 1) historic summaries of some of the more recent drill holes; 2) interpretation of the distribution of the fragmental rocks; and 3) the intersection of similar fragmental rocks in core drilling at the Penelas East discovery area, which is located about one mile to the east of the historic resource area.

Cuttings from hole B-1340 confirm the association of silicification, brecciation, and clay alteration beneath several prominent alteration spires, with gold associated at depth with these alteration features despite little evidence of the presence of gold from rock chip sampling at the surface.

New Alteration Spire Drill Results

Drilling of another large silica alteration spire located about 200 meters to the west of the heart of the historic resource area preceded the drilling of hole B-1340 for logistical reasons. Two historic intercepts (BRU-024: 115 feet at 0.017 opt gold (35.05 metres at 0.583 gpt) and B-1011: 115 feet at 0.023 opt gold (35.05 metres at 0.789 gpt) identify significant gold values in proximity to this alteration spire. Hole B-1335 intersected 155 feet (47.2 meters) grading 0.032 opt (1.10 gpt) gold at 100-255 feet, and hole B-1337 intersected 130 feet (39.6 meters) grading 0.011 opt (0.38 gpt) gold near the surface from 30-160 feet, confirming the continuation below the silica alteration spire of the gold zone intersected in the historic intercepts. The other four holes were oriented towards the flanks of the silica alteration spire and intersected mostly shallow gold mineralization beginning at the surface to 45 feet (13.72 metres) in the 0.011-0.022 opt (0.38-0.75 gpt) gold range, suggesting the holes were oriented sub-parallel to the mineralized zone.

No samples were taken from 0-20 feet during setting of surface casing.

True thickness of the above intercepts is unknown until further drilling is completed to properly assess the strike and dip of the mineralized zones.

Conclusion

Canamex President and COO Greg Hahn stated, “These drill results confirm gold mineralization is associated with the silica alteration spires in the historic resource area. A total of over 50 silica alteration spires of varying surface dimensions have been mapped, most of which have not been evaluated with drill holes.“

“The above results, especially the results reported from B-1340 above, justify an intense drilling program in 2014 to quantify the gold associated with these alteration spires, especially where they are associated with breccia textures that suggest proximity to volcanic or hydrothermal vent areas, “ concluded Hahn. Management and the project staff will work through the winter to assimilate all of the geologic and assay data and recommend an aggressive drilling program for the historic resource area in 2014.

Quality Control

Drill samples are stored either at the drill site or in a locked storage facility on site and are either 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 dried, crushed, and split, and representative splits sent to the ALS Minerals laboratory in Vancouver for gold and silver analyses. Duplicates, blanks, and standards were inserted at regular intervals for QA/QC purposes.

Greg Hahn, President & 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: “Robert Kramer”

Robert Kramer, Chairman and CEO
Contact Robert Kramer: (604) 336-8621

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 with respect to the estimated costs and timing of drill programs on the Bruner property, 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 2013/2014 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 2013 exploration programs will proceed as planned and within budget. Canamex 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.

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.


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  • IRW-Press
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Posted 2013-11-06 09:38:00