Vancouver, BC, May 30, 2017 – Canamex Resources Corp. (the "Company") (TSX-V: CSQ) is pleased to announce that it has entered into a contract to drill 10,000 feet (3,000 metres) of reverse circulation drilling at the Bruner Gold Project, Nye County, Nevada.
H1 2017 Exploration Program
The Company will commence exploration drilling at the Bruner Gold Project on or about June 11, 2017, having contracted for 3,000 metres of reverse circulation (“RC”) drilling in a total 18-20 holes in the upcoming drilling program. Ten to twelve holes in 5-6 fans of two holes each are planned to test beneath the largest silica-adularia alteration spire located at the north end of the Historic Resource Area (“HRA”) on the property. Newmont drilled one hole (BRU-056) to the east of the alteration spire which intersected 45 feet (13.7 metres) of 1.19 gpt Au, including two 5-ft (1.5 metre) intercepts of +4 gpt Au from 95-145 feet (29-44 metres) down hole, and a second interval of 0.69 gpt Au from 355-390 feet (1.08-119 metres) down hole. This hole lies peripheral to the large alteration spire and is currently not included in the resource at the HRA.
The second half of the drilling program will test for extensions to the deep higher grade intercepts encountered at the end of the 2014 drilling program at the Penelas resource area, encountered primarily in breccias at a depth of 600-800 feet below the surface. Project geologists believe these deeper intercept reflect a deep boiling zone that hasn’t been intersected by drilling except for the late 2014 drilling completed by the Company. Those drill holes intersected 22.8 metres at 3.34 gpt Au (B-1430), 24.4 metres at 3.13 gpt Au (B-1446C (a core hole)), and 9.1 metres at 14.73 gpt Au (B1436 to end of hole), across a distance of up to 300 metres apart. A total of 6-8 holes are planned to test the ground between these three holes from 2014.
Greg Hahn, President and COO of the Company, stated, “These exploration holes have been in the planning stages since early 2015. It is only now, having closed the most recent financing, that we can drill these targets, using our limited financial resources in 2015 to buy out the patented claims, on which half of the resources lie, and in 2016 and Q1 2017 to negotiate the buy-out of Patriot Gold’s 30% working interest in the project. We now own 100% of the project and can move forward with testing these attractive targets.”
The drilling program is expected to take most of the months of June and July to complete, with assay results expected to start to return in early July. Drill samples will be transported to the ALS Minerals sample preparation facility in Sparks, Nevada, where they will be dried, crushed, split and pulverized and from whence a representative sample split of pulps will be sent to the ALS Minerals analytical facility in Vancouver, BC for gold and silver fire assays.
Successful drilling results will be followed by any necessary permit amendments and continued drilling.
Greg Hahn, President and COO and a Certified Professional Geologist (#7122) is the Qualified Person under NI43-101 responsible for preparing and reviewing the technical data contained in this press release.
ON BEHALF OF THE BOARD
SIGNED: “Mark Billings”
Mark Billings, Chief Executive Officer
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, and the TSX Venture Exchange has in no way passed upon the merits of the transactions herein.
CAUTION CONCERNING 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 future programs on 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 future 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 future 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.