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Canamex Resources Corp
Symbol CSQ
Shares Issued 129,315,095
Close 2015-03-30 C$ 0.10
Market Cap C$ 12,931,510
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Canamex files NI 43-101 resource estimate for Bruner

2015-03-31 16:36 ET - News Release

Mr. Mark Billings reports

CANAMEX FILES 43-101 TECHNICAL REPORT FOR THE BRUNER GOLD PROJECT, NEVADA

Canamex Resources Corp. has filed on SEDAR its initial National Instrument 43-101 (standards of disclosure for mineral projects) resource estimate for the Bruner gold project, located in Nye county, Nevada, United States of America, entitled "Technical report and resource estimate for the Bruner gold project, Nye county, Nevada," with an effective date of Feb. 27, 2015.

There is no material difference between the results announced in the company's March 12, 2015, news release and results contained in the report. The report has also been posted on the company's website. Highlights of the NI 43-101 report include:

  • Indicated mineral resources total of 239,000 ounces of gold contained in 10.3 million tonnes at an average grade of 0.72 gram per tonne gold and inferred mineral resources total of 61,000 ounces of gold contained in 2.45 million tonnes at an average grade of 0.77 gpt gold at the HRA, Penelas and Paymaster resource areas;
  • Mineralization open in multiple directions at all three resource areas;
  • The resource numbers presented are constrained by open-pit shells and assume heap-leach extraction using the following cost limits:

  • Mining cost: $2.40 (U.S.) per tonne;
  • Processing and general and administrative cost: $4.67 (U.S.) per tonne;
  • Pit slopes: 50 degrees;
  • Gold extraction of 90 per cent and silver extraction of 10 per cent based on column leach tests.

The report recommends the following exploration and predevelopment work to advance the project and expand the resources:

Drilling

The Paymaster resource area remains open in at least three directions, although the apparent structural controls appear to suggest a dominantly north-south alignment to the core of the mineralized zone. A total of 1,500 metres of additional drilling is recommended to pursue these open extensions, composed of a mixture of core and reverse circulation drilling. All drill holes should be roughly 100 metres in length for a total of nominally 15 drill holes. Drilling at the HRA resource area in 2014 demonstrated the close spatial relationship between the structurally controlled, silica-adularia alteration spires and high-grade gold mineralization, which appears to have accumulated beneath and along the perimeter of the silica-adularia spires. Many of these spires remain undrilled. A total of 3,500 metres of drilling is recommended to test beneath these spires, particularly the large untested spire to the northwest of the resource reported for the HRA area. All drill holes should be roughly 150 metres in length, for a total of nominally 23 drill holes.

At the Penelas resource area, there is a 200-metre gap in the drill hole database within the constraining pit at the Penelas resource area that separates portions of the resource. Drilling within this gap is highly recommended to test for continuation of the resource between these portions of the resource. In addition, the northern and southern ends of the resource remain open along strike and need additional drilling. A total of 5,000 metres of drilling in 22 drill holes is recommended to test the data gap and the open extensions to the resource area.

Predevelopment

Commissioning of a preliminary economic assessment on the maiden resource is recommended to establish economic limits for development of the initial resource areas. Continued metallurgical testing of drill samples from all three resources is recommended to further quantify metallurgical behaviour of the resource areas. Commencement of baseline environmental studies and continuation of basic engineering and waste rock characterization are recommended to establish downstream environmental permitting constraints associated with the future possible development of the resources outlined in the report.

William F. Tanaka, independent mineral consultant, FAusIMM, has prepared the mineral resource estimate for the Bruner project, is the sole author of the report and is independent of Canamex for purposes of NI 43-101. Mr. Tanaka is the qualified person pursuant to NI 43-101 responsible for, and has reviewed and approved, the technical information contained in this news release.

We seek Safe Harbor.

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