Canamex Completes Fall Drilling Program at the Bruner Gold Project, Nevada
Vancouver, British Columbia--(Newsfile Corp. - November 18, 2015) - Canamex Resources Corp. (TSXV: CSQ) (OTCQX: CNMXF) (FSE: CX6) (the "Company") has completed a short fall drilling program at the Bruner gold project, Nye County, Nevada.
Fall Drilling Program
Canamex concluded a small fall drilling program at the Bruner gold project, which was designed to assess the potential for a northern extension of the recently discovered Paymaster resource. A possible northern extension was inferred from the excellent drill results that concluded the fall drilling program in 2014, which remained open to the north, northerly trending structures and breccias mapped on the surface and portrayed in underground geologic maps of the area, and from VLF-EM geophysics, which were completed over the Paymaster resource area in September and October. Two fences of holes were drilled north of the resource area to test the possibility of a northern extension. The assay results indicate that two thin low-grade "layers" of mineralization appear to be present north of the resource area, but that the thickness and grade are likely insufficient to add significantly to the resource present at Paymaster. The best intercept was in hole B-1504, the easternmost drill hole, which contained 20 feet (6.2 metres) grading 0.028 ounces/ton (0.94 gms/tonne). This intercept suggests the resource may trend more towards the northeast than towards the north, as originally interpreted.
Greg Hahn, President & COO of the Company commented: "The drilling program was designed as a rifle shot to see if there was more high-grade material north of where we intersected it last year. The results indicate that is not the case, but they demonstrate that the resource may trend in a different direction than previously thought, and that is encouraging for possibly continuing to track mineralization eastward and outside of the currently defined resource area. Additional drilling in that direction is warranted in the next drilling campaign. The resources - Historic and Paymaster, along with Penelas - remain open in several directions as we have only completed drilling on 20% of the identified targets to date."
Finder's fee - November 6, 2015 Private Placement
As announced in its news release of November 6, 2015, the Company recently closed the second tranche of a private placement (the "Offering") of secured convertible debentures ("Debentures") for an amount of Cdn$415,000. The terms and conditions of the Debentures are outlined in the November 6, 2015 news release, which can be found on Canamex's website or on SEDAR (www.sedar.com.)
In connection with the Offering, the Company recently received regulatory approval to issue 441,000 compensation warrants ("Compensation Warrants") to a finder. Each Compensation Warrant will be exercisable at $0.05 per Common Share for two (2) years from closing of the Offering, i.e. until November 6, 2017.
Any shares that may be issued on exercise of the Compensation Warrants are subject to a hold period under applicable Canadian securities laws expiring on March 7, 2016, and will be subject to such further restrictions on resale as may apply under applicable foreign securities laws.
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, CEO and Chairman
Contact: (514) 296-1641
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.