VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 25, 2013) - Canamex Resources Corp. (the "Company") (News - Market indicators)(OTCQX:CNMXF)(FRANKFURT:CX6) is pleased to announce the results of a preliminary EM-16 (VLF) survey over the Penelas East discovery and surrounding area at the Bruner gold project, Nye County, Nevada. The survey confirms the existence of numerous "hot spots" identified as red/pink tones in the linked VLF-EM Current Density Map (please follow link to the Company's website http://www.canamex.us/?page_id=709). Importantly, the striking coincidence of the outline of the gold mineralization in Penelas East, as confirmed by 2012-2013 drilling (outlined in blue), and the current density anomaly seen in red/pink tones leads management to believe that there may be opportunities in the numerous other undrilled "hot spots" to identify more gold mineralization, particularly those color anomalies that are on possible structural trend of the Penelas East mineralization.
Survey Background
A preliminary survey was run in early October by International Geophysical Services LLC of Lakewood, Colorado, in an effort to identify the structural fabric that is either controlling or constraining the distribution of gold grade in the drilling encountered to date.
Survey Objectives
The Penelas East discovery area has been the focus of exploration drilling throughout 2012 and 2013, where a total of 40 holes, including five diamond drill holes (three with results pending), have been completed across an area roughly 220 meters long by 120 meters wide and 200 meters deep. Thirty-seven of the holes have been reported, and all but five RC holes (drilled in 2013) and one core hole (drilled in 2012) at the southern end of the discovery area contain appreciable gold mineralization. Significantly, the target remains open to the north, as announced previously (see Canamex news release dated October 15, 2013). In addition, the Company inherited roughly 20 other holes drilled by previous operators, some of which intersected the upper vestiges of the Penelas East discovery area. The objectives of the VLF-EM survey were to see if we could: 1) identify structures associated with gold mineralization that would guide 3D resource modeling; and 2) identify any post-mineral structures that would explain constraints on the distribution of gold encountered in the subsurface.
Survey Results
A total of seven VLF-EM lines were run over an area roughly 600 meters long by 400 meters wide, covering less than 1.7% of the approximately 14.2 square kilometer Bruner property. Lines were irregularly spaced, but in general were 50-100 meters apart, and data were collected at 10 meter intervals along the lines. Initial lines run over the blind resource area, which lies beneath roughly 10 meters of alluvial cover and a variable thickness of barren flow-banded rhyolite, detected a very prominent anomaly coincident with where gold was encountered in drill holes. Additional lines to the north of the initial lines also detected a continuation of the strong anomaly where previous drilling had intersected gold in the sub-surface. Several additional lines were run further to the north, and obvious anomalies were detected northward and beyond the reaches of the 2012-2013 and historic drilling programs in the Penelas East discovery area. Results of this test survey are posted to the web site and show: 1) the distribution of anomalous current density from the survey results; 2) the plan projections of the drill holes across the survey area; and 3) the outline of gold mineralization at Penelas East above the 0.01 opt (~0.3 gpt) gold cut-off, as defined by the 2012-2013 drilling campaign. As noted, the coincidence of the outline of the gold mineralization and the current density anomaly is very striking, as are the obvious and undrilled extensions to the area drilled to date.
November Follow-up Survey
A follow-up survey has been designed and will be executed in November to survey an area one kilometer squared (which is approximately four times the size of the subject survey area) surrounding the central current density anomaly which identifies the gold mineralization drilled to date. This survey will map the dimensions and orientation of potential extensions to known mineralization. A drilling program will be designed for the 2014 drilling season to test the obvious extensions to the known mineralized area and similar anomalies to the one that defines the known mineralized area.
Survey Interpretation
The interpretation is that the VLF-EM survey detected clay-bearing structures within the strongly silicified rhyolite and fragmental rocks that host the gold mineralization, and that the clay-filled faults and fractures extend for sufficient width, length, and depth to create favorable conduits for current flow within an otherwise resistive rock unit. It is noteworthy that the strongly argillic cap or carapace surrounding the silicified gold-enriched environment is not as anomalous as the clay-filled fractures within the mineralized zone, and actually are reflected as lower current density areas in the subject map presentation.
Quality Control
The content of this press release was reviewed and approved by International Geophysical Services, LLC ("IGS"). All field data were collected, processed, and reported by Ron Bell, President of IGS, and delivered to Canamex's President Greg Hahn for interpretation.
Greg Hahn, President and COO of the Company 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
Robert Kramer, Chairman and CEO
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 2013/2014 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.
