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Tuesday, 23 April 2013
Canamex Resources drills second best intercept ever at Bruner project
Canamex Resources Corp. (CVE:CSQ)(OTCQX:CNMXF) has unveiled drill results for the first two holes of its 2013 campaign at the Penelas East target area on its Bruner gold project in Nevada, intersecting gold grades as high as 117 grams per tonne (g/t).
Drill hole B-1301 hit 91.4 metres of 3.1 g/t gold, including 1.5 metres of 117 g/t gold and 396 g/t silver, in what is believed to be the "second best intercept ever drilled" on the Bruner property, the company told investors Tuesday.
The intercept is located just 55 metres south of the discovery hole B-1201 reported last year, which contained 110 metres of 4.08 g/t gold.
The company said the newest hole also intersected two thinner and lower grade zones further down the hole, at between 660 to 695 feet.
It added that this Penelas East target area remains open to the south.
Meanwhile, the second hole of the 2013 exploration program, hole B-1302, hit 16.8 metres grading 1.56 g/t gold from 640 to 695 feet.
"At this point we do not know if this intercept is the down-dip equivalent of the thicker high-grade zone encountered in B-1301 or whether the target dips to the east and thus out of reach of drill hole B-1302," said Canamex in the release on Tuesday.
A total of 12 holes are planned for the Penelas East target area in the first half of this year in a bid to better understand the geometry and orientation of the mineralized zone, which sits 30 feet below alluvial cover.
Results from the holes, the company said, will be announced as they are received, and are expected to be released on a section-by-section basis going forward.
Canamex has the right to earn a 70 percent interest in the Bruner project by spending $6 million on it before May 2017, and can boost its stake by a further 5 percent by finishing a bankable feasibility study.
The Canadian junior says it now has enough cash to complete the contracted drill program for the first half of this year.
The property has a historic, non NI 43-101 compliant resource near the southwest portion, which identified roughly 383,000 ounces of gold, or 15 million tons at 0.026 ounces per ton. The resource, though not compliant, was based on work completed by some heavyweights in the industry, including Miramar, Newmont, and Kennecott, meaning that Canamex has faith that the work is valid.
The junior mineral explorer recently raised $2.5 million from silver mining giant Hecla (NYSE:HL), giving Hecla a near 15% interest in Canamex - suggesting support for the Canadian company's project and plans.