Canamex Resources Corp.’s (CVE:CSQ) (OTCQX:CNMXF) president and COO Greg Hahn says the company is looking to 2013 with excitement for what it believes is “a large and robust gold bearing mineral system” at its Bruner gold project, in Nye County, Nevada.
The gold explorer Wednesday announced 2012 drilling results and 2013 exploration plans for its new Penelas East discovery area of the property, where it reported high-grade intercepts in March and July of last year, noting that the latest campaign was designed to test for high-grade gold-silver veins on the property.
All together, the company said this mineral system looks to be over 600 metres long, one hundred metres wide, and intersected over a vertical range of up to 200 metres.
Notably, 11 of the 12 holes drilled at Penelas East intersected “significant thicknesses” of gold grading higher than 0.34 grams per tonne (g/t) gold over potentially minable widths along a length of 180 metres of strike, and across widths of up to over 100 metres.
"We are excited to have tapped into what appears to be a large and robust gold bearing mineral system, and look forward to continued drilling along the open extensions to the system that has been defined to date," said president and COO Greg Hahn, adding that Penelas yielded some “very interesting, higher grades” in the spring and summer of 2012.
In 2012, a total of 20 holes were drilled at the new Penelas East area and 19 hit mineralization with an average overall thickness of 48.2 metres averaging 1.4 g/t gold.
Canamex said the gold-bearing zone remains open both to the north and south, and these extensions will be the focus of continued drilling in the spring of 2013 when the weather permits.
The company noted that two historic drill holes immediately north of the area drilled in 2012, intersected 15.2 metres grading 6.14 g/t gold and 29 metres grading 1.95 g/t gold, which it now interprets as the upper extension of the Penelas East discovery area.
In the year ahead, it plans to test at lower elevations of 6300 to 6000 feet, which is believed to be “the major boiling zone” and where it said the best gold intercepts have been encountered to date. The company also said it plans to start initial metallurgical work on drill cuttings from Penelas East.
Separately, Canamex said its technical advisory committee, formed earlier this month, has recommended to the board a 6,700-metre drilling program for the first half of 2013, to be split between the Penelas East area and the northern extension to the historic resource area.
The company said that a historic work, summarized in 1991 report by John Schilling, identified a low-grade, non NI 43-101 compliant, resource near the southwest portion of the property. The report identifies roughly 383,000 ounces of gold, or 15 million tonnes at 0.026 ounces per tonne (opt) gold within the July-Duluth area of the project.
Recently acquired rock and soil sampling over the historic resource area shows a gold anomalous area roughly 100 metres wide by 200 metres long, that contains samples of up to more than 50 g/t gold, Canamex said, and which has not been drilled before.
Combined, the company said these two target areas “could add significantly” to the mineral inventory at the Bruner property.
The Bruner project is located in central Nevada, about 45 miles northwest of the Round Mountain Mine, which has produced over 10 million ounces of gold over a 30 year period. Historically, Bruner has produced around 100,000 ounces, at an average grade of 0.56 ounces per ton.
In addition, Canamex said that an area roughly 100 metres by 100 metres located to the east of the historic resource area, contains “highly anomalous gold” in soils and rock chips and which contains no drill holes. This area will be a focus of detailed geologic mapping and follow-up sampling ahead of drilling in the second half of the year.
Also in the second half of 2013, Canamex anticipates it will be ready to drill its newly defined Bruner vein target area located about 1.5 kilometres north of the Penelas East, which recently returned up to five g/t gold in rock chip samples.
It noted that a location near the Bruner vein has returned over seven g/t gold in historic rock chip samples and has seen “absolutely no follow-up mapping or sampling” since the samples were taken in the late 1980s. Importantly, the company said there has been no drilling in the Bruner vein target area.
The company is presently operating under a Notice of Intent, which allows for all drilling planned in 2013. Canamex said the year ahead will see it prepare a “plan of operations” that will allow extensive drilling of these resource areas and additional target areas going forward.
“With the successful financings completed in 2012 we now have the capital resources with which to execute our exploration program," concluded Hahn.
“Positive drill results seen on the property, having Hecla Mining (NYSE:HL) as a strategic investor, multiple targets to go after and column leach tests from the historic resource area where gold extractions achieved recoveries of 85 per cent, as announced in September last year, give us real optimism for the Bruner property in 2013,” said the company’s chairman and CEO Robert Kramer.
In addition to the Bruner project, Canamex is focused on its Aranka North gold project in Guyana.
The company said it had in excess of $4.1 million cash on hand at the end of 2012, and believes it has enough to carry out its exploration work at both projects into early 2014.
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