VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/22/11 -- Canamex Resources Corp. (TSX VENTURE: CSQ)(FRANKFURT: CX6) is pleased to announce that it has completed Phase 1 reverse circulation drilling at its Bruner project located in central Nevada, 68 km northwest of the Round Mountain Mine. A total of 11 holes totaling 5,000 feet or 1,525 m were drilled and all geochemical results have been received. Results of initial metallurgy are also in hand.
Out of the 11 holes drilled, 8 have +100 feet (30.5 m) true thicknesses of +0.01 oz/ton (0.34 g/t) Gold Equivalent (abbreviated as "+0.01 GE"), and 5 have +200 feet (61 m) +0.01 GE. Drill hole B1006 has the thickest interval, containing a true thickness of 320 feet (97.5 m) averaging 0.015 oz/ton (0.51 g/t) GE. A few higher grade veins were intersected within the thick low grade zones including 5 feet (1.5 m) averaging 0.289 oz/ton (9.89 g/t) gold and 4.58 oz/ton (157.0 g/t) silver and 5 feet at 0.220 oz/ton (7.53 g/t) gold and 0.81 oz/ton (27.6 g/t) silver. Summary results are shown in the table attached.
Canamex commissioned ALS Chemex Laboratory of Sparks, Nevada to conduct a set of initial metallurgy "bottle roll" tests from selected mineralized intervals of the recently completed drilling program. A total of seven composites at various grades were subjected to a grinding and 24 hour cyanide leach to determine recovery of contained gold (only) by cyanide-leach methods. Results of this testing indicate average gold recoveries in excess of 90%. These favorable results suggest that gold at Bruner may be recoverable by standard heap leaching methods.
A systematic QA/QC program including check and repeat assays for each drill hole, secure transport and analysis by an ISO 9001:2000 certified lab has insured the reliability of the results. Analysis was performed by ALS Chemex in their Nevada facilities.
Initial interpretation of the drilling results indicates the gold/silver mineralization occurs as a moderately southwest dipping tabular body beginning at or near the surface. The Company drilled -45 degree angle holes to the east-northeast and intersected the body perpendicular to its dip. The location of the bulk low grade body appears partially controlled by the location of a welded tuff unit that is the primary host. This unit may be receptive to the brittle fractures that appear to host most of the mineralization. Complete oxidation of sulfides occurs to at least 800 feet (244 m) beneath the surface.
The Bruner project is associated with a paleo-hot springs system in a caldera associated volcanic setting very similar to the Round Mountain mine. Round Mountain is an open pit, heap-leach mine that has produced over 10 million ounces of gold over a 30 year period, with the average grade currently being mined of 0.018 oz/ton (0.62 g/t) gold. Cut-off grades for Round Mountain and several other oxide ore heap leach operations in Nevada range from 0.003 to 0.005 oz/ton (0.10-0.17 g/t) gold.
Canamex is encouraged by the results of Phase 1 drilling, and will continue to attempt expansion of the mineralized zone which is currently open to the north and east.
Canamex has an option agreement with Provex Resources Inc., a Nevada corporation, to earn a 75% interest in the Bruner property. The property covers virtually all of the significant mines of the district, and consists of 98 unpatented and 21 patented mining claims covering a total of approximately 963 hectares (2,380 acres). Historic work by Morrison-Knudsen, Miramar, Glamis, Newmont, Kennecott and others have identified the resource Canamex is currently drilling, along with several other poorly tested gold/silver anomalies. Canamex will first determine the size and grade of the July-Duluth resource using National Instrument 43-101 guidelines, and then test the other identified anomalies. A map of completed drill holes is shown on the Canamex website (see attached Phase I Summary Drill Results).
Richard Kern (P. Geol.) is the Company's qualified person on this project. Mr. Kern prepared the technical information contained in this news release.
For more information on Canamex and the Bruner project please visit the Company's website at http://www.canamex.us.
ON BEHALF OF THE BOARD
Herb Duerr, Director
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Phase 1 Summary Drill Results Bruner Project (greater than or equal to
5 feet @ greater than or equal to 0.01 oz/ton gold equivalent) 02/11
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Inter- True Sil- Gold
Hole From To val True Gold Silver Width Gold ver Equiv.
No. (feet)(feet)(feet)Width (oz/ton)(oz/ton) (m) (g/t) (g/t)(oz/ton)
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B1001 180 185 5 5.0 0.011 0.07 1.5 0.37 2.30 0.012
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B1002 15 75 60 60.0 0.010 0.12 18.3 0.33 3.94 0.012
95 100 5 5.0 0.009 0.07 1.5 0.32 2.40 0.011
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B1003 10 15 5 5.0 0.019 0.03 1.5 0.66 1.10 0.020
150 160 10 10.0 0.014 0.07 3.0 0.49 2.30 0.015
180 200 20 20.0 0.013 0.10 6.1 0.44 3.38 0.015
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B1004 155 165 10 10.00 0.010 0.16 3.0 0.35 5.40 0.013
200 225 25 25.0 0.008 0.29 7.6 0.26 9.80 0.012
270 345 75 75.0 0.004 0.36 22.9 0.14 12.47 0.010
385 390 5 5.0 0.009 0.08 1.5 0.33 2.70 0.011
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B1005 0 10 10 10.0 0.076 0.05 3.0 2.61 1.80 0.077
150 155 5 5.0 0.014 0.06 1.5 0.49 2.00 0.015
325 455 130 130.0 0.017 0.20 39.6 0.59 6.72 0.020
Including 350 355 5 5.0 0.220 0.81 1.5 7.53 27.60 0.237
495 525 30 30.0 0.004 0.47 9.1 0.12 16.13 0.011
565 570 5 5.0 0.005 0.41 1.5 0.17 14.08 0.011
565 595 30 30.0 0.005 0.41 9.1 0.17 14.08 0.011
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B1006 115 120 5 5.0 0.013 0.05 1.5 0.43 1.60 0.013
140 265 125 125.0 0.010 0.20 38.1 0.33 6.69 0.013
290 455 165 165.0 0.008 0.47 50.3 0.29 16.26 0.016
560 585 25 25.0 0.009 0.41 7.6 0.30 14.10 0.016
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B1007 0 50 50 50.0 0.079 1.63 15.2 2.70 55.87 0.106
Including 20 25 5 5.0 0.289 4.58 1.5 9.89157.00 0.365
125 165 40 40.0 0.016 0.18 12.2 0.54 6.18 0.019
190 225 35 35.0 0.028 0.41 10.7 0.96 13.97 0.035
325 335 10 10.0 0.007 0.32 3.0 0.25 10.90 0.013
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B1008 60 165 105 105.0 0.035 0.52 32.0 1.21 17.87 0.044
185 190 5 5.0 0.022 0.20 1.5 0.76 6.70 0.025
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B1009 5 10 5 5.0 0.029 0.03 1.5 1.00 0.90 0.030
35 40 5 5.0 0.010 0.09 1.5 0.35 3.10 0.012
80 85 5 5.0 0.013 0.03 1.5 0.44 1.10 0.013
155 205 50 50.0 0.025 0.26 15.2 0.85 8.90 0.029
Including 185 190 5 5.0 0.158 0.25 1.5 5.41 8.40 0.130
235 250 15 15.0 0.011 0.07 4.6 0.38 2.30 0.012
285 300 15 15.0 0.012 1.06 4.6 0.41 36.30 0.029
445 455 10 10.0 0.025 0.29 3.0 0.87 9.85 0.030
480 500 20 20.0 0.009 0.08 6.1 0.30 2.70 0.010
530 610 80 80.0 0.016 0.07 24.4 0.55 2.51 0.017
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B1010 5 55 50 50.0 0.011 0.04 15.2 0.39 1.25 0.012
160 165 5 5.0 0.013 0.01 1.5 0.45 0.50 0.013
265 405 140 140.0 0.005 0.83 42.7 0.16 28.33 0.018
540 550 10 10.0 0.018 0.09 3.0 0.61 3.00 0.019
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B1011 15 210 195 195.0 0.016 0.42 59.4 0.54 14.40 0.023
Including 155 160 5 5.0 0.149 2.48 1.5 5.09 84.90 0.198
345 355 10 10.0 0.011 0.08 3.0 0.37 2.65 0.012
390 395 5 5.0 0.006 0.26 1.5 0.19 8.80 0.010
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- Gold/Silver ratio used for Gold Equivalent values is 60/1
Metallurgical recoveries and net smelter returns are assumed to be 100%.
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.
Contacts:
Canamex Resources Corp.
Herb Duerr
Director
(604) 718-2800
(604) 718-2808 (FAX)
info@canamex.us
www.canamex.us
