(Vancouver, British Columbia), March 31, 2015 - Canamex Resources Corp. (CSQ: TSX-V) (“Canamex” or “the Company”) is pleased to announce it has filed on SEDAR its initial National Instrument 43-101 - Standards of Disclosure for Mineral Projects (“NI 43-101”) resource estimate for the Bruner Gold Project, located in Nye County, Nevada, USA entitled "Technical Report and Resource Estimate for the Bruner Gold Project, Nye County, Nevada”, with an effective date of February 27, 2015 (the “Report”).
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 239,000 ounces of gold contained in 10,300,000 tonnes at an average grade of 0.72 gpt gold and inferred mineral resources total 61,000 ounces of gold contained in 2,450,000 tonnes at an average grade of 0.77 gpt gold at the HRA, Penelas, and Paymaster resource areas.
- Mineralization is open in multiple directions at all three resource areas.
The resource numbers presented are constrained by open pit shells and assumes heap leach extraction using the following cost parameters:
Mining Cost: US$2.40/tonne
Processing and G&A Cost: US$4.67/tonne
Pit Slopes 50 degrees
Gold extraction of 90% and silver extraction of 10% based on column leach tests
The Report recommends the following exploration and pre-development work to advance the project and expand the resources:
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 meters of additional drilling is recommended to pursue these open extensions, comprised of a mixture of core and RC drilling. All drill holes should be roughly 100 meters 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 un-drilled. A total of 3,500 meters 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 meters in length, for a total of nominally 23 drill holes.
At the Penelas resource area there is a 200-meter gap in the drill hole data base 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 meters of drilling in 22 drill holes is recommended to test the data gap and the open extensions to the resource area.
Commissioning of a Preliminary Economic Assessment on the maiden resource is recommended to establish economic parameters for development of the initial resource areas. Continued metallurgical testing of drill samples from all three resources is recommended to further quantify metallurgical behavior of the resource areas. Commencement of baseline environmental studies and continuation of basic engineering and waste rock characterization is recommended in order 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.
ON BEHALF OF THE BOARD
SIGNED: “Mark Billings”
Mark Billings, Chairman and CEO
Contact: (514) 296-1641
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of theTSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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 mineral resource estimate on the Bruner property; the potential mineralization and geological merits of the Bruner property; the potential to expand the mineral resource estimate; plans for additional drilling and exploration programs in 2015; 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 planned exploration activities on the Bruner property will not be consistent with the Company's expectations; the uncertainty of the geology, grade and continuity of 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 which the Company believes are reasonable, including the key assumptions and parameters on which the mineral resource estimate is based, and 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.
Mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral resource estimates do not account fully for minability, selectivity, mining loss and dilution. Establishing mineral reserves, economic viability and feasibility involves comprehensive exploration, geological analysis, and interpretation and engineering, among other things, which have not yet been completed by the Company.
The mineral resource estimates referenced in this press release use the terms indicated and inferred mineral resources. While these terms are defined in and required by Canadian regulations (under NI 43-101), these terms are not recognized by the U.S. Securities and Exchange Commission (SEC). Normally, the SEC only permits issuers to report material which does not constitute SEC Industry Guide 7-compliant reserves as mineralization. Under Guide 7 mineralization is not permitted to be classified as proven or probable reserves until a final or bankable feasibility study has been conducted and all necessary permits, including environmental permits, are in hand (or their issuance is imminent). U.S. investors are cautioned not to assume that any part or all of mineral resources in the reported categories will ever be converted into reserves. Canamex is not an SEC-registered company.
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