VANCOUVER, BC / ACCESSWIRE / November 12, 2015 / Canamex Resources Corp. (TSXV: CSQ) (CNMXF) (FSE:CX6.F) (the "Company") is pleased to announce it has applied for and received a 2-year extension to its Notice of Intent with the Bureau of Land Management ("BLM") for exploration drilling on unpatented mining claims covering the Penelas resource area at the Bruner gold project, Nye County, Nevada.
BLM Notice of Intent Permit
The Notice of Intent permit with the BLM covers disturbance created to establish drill road access and drill sites at the Penelas resource area. The Company has a cash bond in place in the amount of US$13,409 to cover reclamation for up to 2.06 acres of permitted disturbance. To date the company has built sixteen (16) out of nineteen (19) permitted drill sites and re-contoured and re-seeded nine (9) of those sites, leaving a balance of 12 sites available to be built under the existing bond amount. In addition the company has permitted for the re-drilling of awater well for which the Company has water rights. This well is silted in and requires re-drilling. An additional bond of $1,700 will be required before this well can be re-drilled.
The Company has been drilling multiple fans of drill holes from single drill pads to minimize the amount of surface disturbance created by drilling activities, and this practice has allowed the company to drill many more holes under a Notice of Intent than would be possible if each drill hole was drilled from a single drill site. The company is able to amend the Notice if Intent and the permitted drill sites to respond to increased knowledge from drill results on the likely location of the mineralized system at depth.
Greg Hahn, President & COO of the Company says, "We are very pleased that the BLM has extended the Notice of Intent permit through to September 15, 2017. This will provide the Company with the ability to continue to drill the Penelas resource area, as funds become available, without any permitting delays. We have been averaging close to 6 holes per permitted drill site, so we should be able to drill up to another 50 holes, or possibly more, from the currently permitted drill sites without exceeding our currently bonded disturbance amount. Under a Notice of Intent disturbances can be up to 5 acres in aggregate, and so we have considerable room to expand our permitted drilling program beyond the currently permitted and bonded 2.06 acres by amending the NOI and posting the appropriate increased bond to cover any additional disturbance required.
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
mbillings@canamex.us
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 2015 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.
SOURCE: Canamex Resources Corp.