http://www.proactiveinvestors.com Proactiveinvestors RSS feed en Sat, 20 Jan 2018 06:09:25 -0500 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[Media files - Golden update from Canamex ]]> http://www.proactiveinvestors.com/companies/stocktube/8591/golden-update-from-canamex-8591.html Mon, 08 Jan 2018 15:39:00 -0500 http://www.proactiveinvestors.com/companies/stocktube/8591/golden-update-from-canamex-8591.html <![CDATA[News - Canamex Gold unveils positive preliminary economic assessment for Bruner gold project ]]> http://www.proactiveinvestors.com/companies/news/189678/canamex-gold-unveils-positive-preliminary-economic-assessment-for-bruner-gold-project-189678.html Canamex Gold Corp (CVE:CSQ, OTCBB:CNMXF) saw shares advance in Toronto as it unveiled a positive preliminary economic assessment (PEA) for its Bruner gold project in Nevada, which should kick start the property into development.

The report is based on an open pit scenario, which allows for a ten year operation with an after tax value of US$69.6mln with a 5% discount rate.

The average annual production would be 42,500 ounces of gold and 44,250 ounces of silver, with a low pay-back period of 1.65 years at $US 1,280an ounce of gold.

There would be low initial capital expenditures of US$37.81mln, the report showed,  including contingency of US$ 4.8 million, not including US$ 6.8mln of working capital.

The internal rate of return (IRR)  is 31% at US$1,280 per ounce gold price and 51.5% at US$ 1,500 per ounce of gold.

"Completion of this updated PEA significantly advances the Bruner Gold Project," said Greg Hahn.

"This updated PEA extends the life of the conceptual mine life from six to eight years and adds 93,000 ounces of indicated resources of gold and 826,000 ounces of indicated resources of silver to the resources referenced in the previous 2016 PEA," he added.

"It also tightens the capital and operating cost estimates by reference to recently experienced actual costs on another gold development project in Nevada.

"I believe we will be able to move the Bruner Gold project forward into permitting and development on the strength of this positive PEA.

"The project includes the fundamental elements we consider important to investors when building a mine, including low capital and operating costs, and an attractive rate of return in the current price environment. We can now move ahead with permitting and engineering the project for development."

READ - Canamex Gold shares surge 45% after it agrees pioneering crypto-currency deal

The 2016 PEA also put the capital payback period at 15 months.

The latest report assumes contract mining, using average rates for similar sized projects in Nevada.

Notably, Canamex said there was considerable room for improving unit costs by properly engineering and quantifying haul road distances and grades and considering owner operated mining in further studies.

As a caveat, the firm noted there was no certainty that this PEA will be realized and that mineral resources  that are not reserves do not have demonstrated economic viability.

Canamex Gold shares added 2.33% to stand at C$0.22 each.

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Mon, 08 Jan 2018 10:45:00 -0500 http://www.proactiveinvestors.com/companies/news/189678/canamex-gold-unveils-positive-preliminary-economic-assessment-for-bruner-gold-project-189678.html
<![CDATA[News - Canamex Gold identifies targets at Silverton as it stakes new gold claims ]]> http://www.proactiveinvestors.com/companies/news/189115/canamex-gold-identifies-targets-at-silverton-as-it-stakes-new-gold-claims-189115.html Canamex Gold Corp (CVE:CSQ) shares nudged higher as it said it had staked new gold claims at its Silverton gold project and updated on progress in Nevada.

A further seven lode mining claims covering 140 acres have been staked to protect extensions to mineralization evident from an  initial look at the acquired project database.

The geochemical database also showed many other gold values from 1.0 g/t to 16.13 g/t (grams per ton) gold that have never been drill tested.

These have become priority exploration targets, where the company will undertake detailed mapping and sampling this coming spring, with the objective of defining a drilling program to test the best of these targets during 2018, said Canamex.

At the Bruner gold development project in Nevada, the updated PEA (preliminary economic assessment) is nearing completion, the firm added.

The results are likely to be reported in early January, 2018 with the 43-101 technical report following within 45 days afterwards.

Also at Bruner, drilling has started on a water well on the access road where the firm has obtained a water right for up to 350 gallons per minute of water for drilling fluid and future mineral processing.

The Nevada Division of Water Resources has extended the water-right application through December, 2018, to allow for completion of this well.

Canamex Gold is fast-tracking toward development of the Bruner gold project in the prolific gold jurisdiction of Nye county, where there are several producing and past-producing mines along the Walker Lane trend.

Earlier this month, shares surged as the group branched out into crypto-currency  –  a move that could transform the way the business and its projects are financed.

Shares in Toronto today added 2.44% to C$0.21 each.

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Wed, 20 Dec 2017 15:54:00 -0500 http://www.proactiveinvestors.com/companies/news/189115/canamex-gold-identifies-targets-at-silverton-as-it-stakes-new-gold-claims-189115.html
<![CDATA[News - Canamex Gold now has six Ethereum token domain names secured ]]> http://www.proactiveinvestors.com/companies/news/188610/canamex-gold-now-has-six-ethereum-token-domain-names-secured-188610.html Canamex Gold Corp (CVE:CSQ) told investors it had now secured the rights to six Ethereum blockchain smart contract token domain names, and ticker codes following the deal last week with Harmonychain, a Norwegian fintech company.

An addendum has been signed between the two in regard to six token domain names, and ticker codes.

It means Canamex now has the rights to use any of these six exclusive token domain names for any future token offering, if any of them are completed successfully by December 31, 2018.

Gold sector:

GOLDUSA (ticker GUSA) GOLD United States

GOLD10Y (ticker G10Y) GOLD 10 Years

GOLD30Y (ticker G30Y) GOLD 30 Years

Silver sector

SILVERUSA (ticker SUSA) SILVER United States

SILVER10Y (ticker S10Y) SILVER 10 Years

SILVER30Y (ticker S30Y) SILVER 30 Years

These six domains are covered by Harmonychain AS patents pending Bether (better asset-backed ether system) a commodity asset backed future with call, based on blockchain technology.

Notably, as Canamex is still in the development phase with its Bruner gold project and in exploration phase with its Silverton gold property, also in Nevada, and has yet to produce any gold or silver or other resources, a token offering linked to the production of such mineral resources will be speculative and there is no definitive time horizon in which commercial production of such resources will commence.

Canamex completed a positive PEA (preliminary economic assessment) n the Bruner gold project in April, 2016.

Based on additional drilling conducted on the property, the company has requested a new PEA and resource estimate, expected to be completed before the end of 2017.

Canamex shares eased 4% to C$0.24 in Toronto.

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Mon, 11 Dec 2017 15:28:00 -0500 http://www.proactiveinvestors.com/companies/news/188610/canamex-gold-now-has-six-ethereum-token-domain-names-secured-188610.html
<![CDATA[Media files - Canamex Gold makes move into cryptocurrency with Harmonychain deal ]]> http://www.proactiveinvestors.com/companies/stocktube/8519/canamex-gold-makes-move-into-cryptocurrency-with-harmonychain-deal-8519.html Mon, 11 Dec 2017 14:00:00 -0500 http://www.proactiveinvestors.com/companies/stocktube/8519/canamex-gold-makes-move-into-cryptocurrency-with-harmonychain-deal-8519.html <![CDATA[News - Canamex Gold shares surge 45% after it agrees pioneering crypto-currency deal ]]> http://www.proactiveinvestors.com/companies/news/188470/canamex-gold-shares-surge-45-after-it-agrees-pioneering-crypto-currency-deal-188470.html Shares in Canamex Gold Corp (CVE:CSQ)  jumped 45% after the mine developer branched out into crypto-currency  –  a move that could transform the way the business and its projects are financed.

It has signed 'terms of agreement' with Harmonychain, a Norwegian fintech company. The pair will “consider the issues around” an initial coin offering potentially backed by GOLD or silver using Ethereum blockchain technology.

"The new paradigm of secure digital currencies and tokens opens up a new opportunity for Canamex, as a potential alternative means of doing financings,” said chief executive David Vincent.

“We believe that this concept could be a first for the industry.

“One of the great benefits with raising capital via this concept, is that there could be minimal dilution for the  shareholders, in addition to the benefits of transparency, the potential asset backing of the tokens and it  being attractive compared to traditional debt or equity financings."

GOLD and GUS

Canamex, which owns the Nevada-based Bruner GOLD project and Silverton GOLD property, has exclusive rights to use the GOLD, GUS (GOLD United States) and SUS (silver United States) symbols.

It is in exalted company by taking the first baby steps in the world of crypto-currency.

BP (LON:BP.), Microsoft (NASDAQ:MSFT) and JP Morgan (NYSE:JPM) are part of the Enterprise Ethereum Alliance, where members are also considering the range of possibilities that the new digital world of currencies provides companies.

The news emerged as the cost of a single Bitcoin, the most well-known and widely traded crypto-currency, smashed through the US$16,000 mark.  This time last year the price was below US$800.

There have been significant developments in token and blockchain-based technology. It can provide a fast and secure transaction structure with a verifiable, publicly available audit trail.

Asset-backed tokens

Tokens such as the one being mooted by Canamex, that are backed by metal resources, would increase the security and trust, the firm said in a statement.

It added:  “The company and Harmonychain intend to explore the issue of asset-backed tokens which are backed by metal resources; currently GOLD and silver, and products derived thereof.

“The Tokens would be based on the Ethereum blockchain technology platform and the Tokens could be exchangeable into the physical product,  using Ethereum smart contracts.

“The tokens may accordingly be used as an alternative tool for investors who are looking for gold and silver exposure or hedging or investors who simply want exposure in digital tokens which have the security of the underlying value of hard assets (as opposed to Bitcoin and other un-backed crypto currencies).”

In morning trade, Canamex shares were changing hands for 17.5 cents, up 5.5 cents.

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Thu, 07 Dec 2017 10:02:00 -0500 http://www.proactiveinvestors.com/companies/news/188470/canamex-gold-shares-surge-45-after-it-agrees-pioneering-crypto-currency-deal-188470.html
<![CDATA[News - Canamex Resources shares boosted as it consolidates Bruner holding ]]> http://www.proactiveinvestors.com/companies/news/176951/canamex-resources-shares-boosted-as-it-consolidates-bruner-holding-176951.html Shares in Canamex Resources (CVE:CSQ) surged 32% as it closed an acquisition, which consolidates its 100% ownership in the Bruner property in Nevada.

Canamex has purchased Patriot Gold's 30% working interest in the Bruner gold/silver mine for US$1 million in cash.

Patriot retains a 2% net smelter return (NSR) royalty on the Bruner properties, including any claims acquired within a two-mile area of interest around the existing claims.

Additionally, Canamex has the option to buy down half of the Patriot NSR for US$5mln in the next five years.

Canamex's chief executive Mark Billings told investors:  "This acquisition consolidates our 100-per-cent ownership stake in the greater Bruner property, and offers our shareholders greater leverage to the exploration upside on the property and an increase in the price of gold."

Meanwhile Patriot Gold's chairman Bob Coale, said: "Consolidation of Patriot's interest in the Bruner project exemplifies our corporate mission of finding partners to develop our projects while maintaining an interest in the properties through net smelter returns.

"We are looking forward to the continued success of the Bruner gold project."

Canamex shares gained 32% to 16 cents.

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Wed, 26 Apr 2017 17:05:00 -0400 http://www.proactiveinvestors.com/companies/news/176951/canamex-resources-shares-boosted-as-it-consolidates-bruner-holding-176951.html
<![CDATA[News - Canamex climbs on new subsurface water right for Bruner property ]]> http://www.proactiveinvestors.com/companies/news/105073/canamex-climbs-on-new-subsurface-water-right-for-bruner-property-59285.html Canamex Resources (CVE:CSQ) (OTCQX:CNMXF) shares shot up after the company said that the Nevada Division of Water Resources has granted it a subsurface water right for its Bruner gold project in the state.

The water right application, which was submitted last April, was approved by Nevada's State Engineer, with the company now having a water right for mining purposes for 0.78 cubic feet per second on the west side of Bruner.

This combines with the 0.10 cubic feet per second which came with the patented ground and the well location on the east side of the property, said Canamex, thus providing a total of 400 gallons per minute of beneficial use for mining purposes.

The company said this should be enough water for the development of up to an 8,000 tonne per day initial heap leach operation.

"The issuance of sufficient water rights for an initial heap leach operation at Bruner follows the company's plan of anticipating development needs for the project and paralleling resource development and project development to facilitate moving the project forward expeditiously at the appropriate time," said president and COO Greg Hahn.

In order to perfect the water right, the company has to complete a well at the permitted location by December 30, 2016, and then place the well into beneficial use by the end of 2017.

Canamex said it will soon begin permitting for a well site to go with the new water right. Meanwhile, the junior explorer is also progressing with its maiden resource report for the property, which is expected by the end of the first quarter.

The report is anticipated to cover resources at the historic area, as well as those at the new Penelas East discovery and the Paymaster zone.

Shares jumped over 13 percent to 17 Canadian cents on Thursday.

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Thu, 15 Jan 2015 11:48:00 -0500 http://www.proactiveinvestors.com/companies/news/105073/canamex-climbs-on-new-subsurface-water-right-for-bruner-property-59285.html
<![CDATA[News - Canamex plans further drilling at Bruner, maiden resource expected in Q1 ]]> http://www.proactiveinvestors.com/companies/news/104958/canamex-plans-further-drilling-at-bruner-maiden-resource-expected-in-q1-59152.html Canamex Resources (CVE:CSQ)(OTCQX:CNMXF) has unveiled the final core drilling results from its Bruner gold project in Nevada, showcasing the exploration potential of both the historic resource and Penelas East areas at the site, the company said.

At the Penelas East discovery area, core drilling at the northern extension intersected gold across a 51.8 metre interval in the last drill hole of 2014. The hole, B-1454C, intercepted 51.8 metres grading 0.444 grams per tonne (g/t) gold.

The hole is about 37 metres along strike of the previous intercept reported last October, which returned 22.9 metres of 3.29 g/t gold.

The company said further drilling is necessary, and that the area remains open to the north, with follow-up drilling planned for this year to determine whether deeper intercepts can be extended 100 metres northward.

Meanwhile, at the historic resource area of the project, drilling at the  northeast extension returned 32.1 metres of gold grading 0.339 g/t. Canamex said there is "considerable potential" to expand the resource further north, on patented claims.

This will be focus of a proposed drilling program for this year, it added.

"The last drill holes of the 2014 drilling program demonstrate the exploration potential of both the Penelas East and the historic resource area as they remain open to the north," said president Greg Hahn.

"We will propose drilling programs in both resource areas in 2015 to continue to pursue these possible extensions."

In the meantime, the company has delivered its 2014 data to an independent engineer who is in the process of preparing a resource estimate for the property, with results of the maiden report expected in the first quarter of this year.

Canamex shares closed at 14.5 cents on Wednesday. The stock has more than doubled over the last year.

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Thu, 08 Jan 2015 10:38:00 -0500 http://www.proactiveinvestors.com/companies/news/104958/canamex-plans-further-drilling-at-bruner-maiden-resource-expected-in-q1-59152.html
<![CDATA[News - Canamex Resources to produce resource estimate for Bruner following 2014 results ]]> http://www.proactiveinvestors.com/companies/news/104926/canamex-resources-to-produce-resource-estimate-for-bruner-following-2014-results-59115.html Canamex Resources (CVE:CSQ) (OTCQX:CNMXF) said it will soon release the final results of its 2014 drilling campaign at its Bruner gold project in Nevada, saying it is "very encouraged" by the progress seen to date.

The company, in a statement released today, said it believes there is now sufficient data to produce an NI 43-101 compliant technical report, including a mineral resource estimate. Work has already begun on a technical report, and is expected to be completed in the first quarter.

Following this, Canamex will make a decision on the appropriate next steps at the site.

Since Canamex has been involved in Bruner in 2010, it has drilled 149 core and reverse circulation holes, totaling some 26 km of drilling.

The 2014 campaign was designed to follow up on the success of drill hole B-1340 at the historic resource area of the project, which intersected 57.9 metres grading 5.2 grams per tonne (g/t) gold, and to continue drilling the northern extension of the Penelas East discovery.

The majority of the drilling conducted last year was focused on the historic resource area, where 27 reverse circulation holes and 10 core holes were drilled.

Canamex also owns 100 percent of the Aranka North gold project in Guyana, where it announced the completion of an NI 43-101 compliant technical report last October, which recommended a $500,000 diamond drilling program to test the heart of the gold anomaly.

"While Canamex is encouraged about the potential of the Aranka North Property, the near-term focus of the company will be the Bruner Gold Project," it said.

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Tue, 06 Jan 2015 15:18:00 -0500 http://www.proactiveinvestors.com/companies/news/104926/canamex-resources-to-produce-resource-estimate-for-bruner-following-2014-results-59115.html
<![CDATA[News - Canamex appoints financial advisory specialist Michael Pesner to its board ]]> http://www.proactiveinvestors.com/companies/news/104735/canamex-appoints-financial-advisory-specialist-michael-pesner-to-its-board-58864.html Canamex Resources (CVE:CSQ) (OTCQX:CNMXF) has appointed Michael Pesner to its board of directors, effective immediately. 

Pesner is currently the president of Hermitage Canada Finance Inc., a firm specializing in financial advisory services, including M&A, divestitures and restructuring. He spent 26 years as a partner at KPMG and predecessor firms, Canamex said, and currently sits on the board of several resource companies, including Richmont Mines, Quest Rare Minerals and Alexandria Minerals.

"As an accomplished professional in the areas of finance and accounting, Michael brings a wealth of experience to the board of Canamex, as we move forward with our Bruner Gold Project in Nye County, Nevada," said chief executive officer Mark Billings.

Last month, Canamex said it uncovered a new gold zone at the Paymaster target area on its Bruner gold project, as part of an ongoing reverse circulation drilling program. Of the highlights, hole B-1457 intersected 16.7 metres of 9.94 grams per tonne (g/t) gold, while hole B-1460 hit 7.6 metres grading 9.98 g/t gold. 

The gold explorer will continue to drill this target area next year. Earlier in November, Canamex appointed chairman Billings as its new chief executive officer, replacing interim CEO Hahn, who took over the role when previous chief executive Bob Kramer passed away in May. 

Billings was until recently a senior executive and director at Argex Titanium, a Montreal-based near-term producer of titanium oxide. He co-founded Argex in 2007.

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Wed, 17 Dec 2014 10:48:00 -0500 http://www.proactiveinvestors.com/companies/news/104735/canamex-appoints-financial-advisory-specialist-michael-pesner-to-its-board-58864.html
<![CDATA[News - Canamex reveals new, under-explored gold zone at Paymaster target area ]]> http://www.proactiveinvestors.com/companies/news/104234/canamex-reveals-new-under-explored-gold-zone-at-paymaster-target-area--58192.html Canamex Resources (CVE:CSQ) (OTCQX:CNMXF) has uncovered a new gold zone at the Paymaster target area on its Bruner gold project in Nevada, as part of an ongoing reverse circulation drilling program.

In the new area, drilling returned good grade gold mineralization in several drill holes, the company said.

Of the highlights, hole B-1457 intersected 16.7 metres of 9.94 grams per tonne (g/t) gold, while hole B-1460 hit 7.6 metres grading 9.98 g/t gold. 

Hole B-1458 intersected 13.1 metres of 5.13 g/t gold.

The gold-bearing area at the Paymaster target appears to be relatively flat-lying, Canamex said, and is a geologic environment that has been rarely tested before on the property.

"The discovery of numerous high grade intercepts at the Paymaster target area is very encouraging for the future expansion of the resources at the Bruner Project," said president and chief operating officer, Greg Hahn.

"The Paymaster target area was identified from underground channel sampling by previous companies exploring the Bruner property in the 1980s, but never adequately drill tested.  

"Canamex attempted to open the previously reclaimed underground workings but found the workings to be caved and inaccessible.  Drilling was the only option for testing the zone of high grade historical underground sampling, and the results verify the presence of attractive gold grades in an area on patented (private) land that lies immediately adjacent to the site the company is entertaining for development of a leach pad for the project."

The gold explorer will continue to drill this target area next year, the company said.

On Thursday, Canamex appointed chairman Mark Billings as its new chief executive officer, replacing interim CEO Hahn, who took over the role when previous chief executive Bob Kramer passed away in May. 

Billings was until recently a senior executive and director at Argex Titanium, a Montreal-based near-term producer of titanium oxide. He co-founded Argex in 2007.

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Mon, 17 Nov 2014 11:29:00 -0500 http://www.proactiveinvestors.com/companies/news/104234/canamex-reveals-new-under-explored-gold-zone-at-paymaster-target-area--58192.html
<![CDATA[News - Canamex Resources welcomes Mark Billings as new CEO ]]> http://www.proactiveinvestors.com/companies/news/104189/canamex-resources-welcomes-mark-billings-as-new-ceo-58136.html Canamex Resources (CVE:CSQ) (OTCQX:CNMXF) has appointed chairman Mark Billings as its new chief executive officer, effective immediately. 

Billings will remain chairman of the company, and Greg Hahn, who has served as interim president and CEO, will remain president of Canamex.

Hahn took over the role in May, when previous chief executive Bob Kramer passed away suddenly.

Canamex said Billings has been a director of the company since 2009, and is familiar with both its Bruner gold project in Nevada and the Aranka North gold property in Guyana.

Billings was until recently a senior executive and director at Argex Titanium, a Montreal-based near-term producer of titanium oxide. He co-founded Argex in 2007.

He has also been a director for a number of other junior resource companies, and from 2004 to 2006, was VP of corporate finance for Desjardins Securities.

"I firmly believe that we are sitting on a great opportunity in Nevada with our Bruner Gold Project in Nye County," said Billings.

"As the 2014 drilling campaign is winding down, our team is eager to move towards completing an NI 43-101-compliant mineral resource estimate, which we hope to share with our shareholders and the investing public in early 2015. 

"This report will set the stage for moving the Bruner Gold Project closer to production."

Earlier this month, Canamex intersected more near-surface gold at the northeast end of the historic resource area at Bruner. Of the highlights from the reverse circulation drilling was a shallow high grade intercept, which intersected 1.5 metres grading 14.4 grams per tone (g/t) gold from 6.1 to 7.6 metres in hole B-1444.  This hole, when re-tested from a larger pulp, returned 29 g/t gold.

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Thu, 13 Nov 2014 12:15:00 -0500 http://www.proactiveinvestors.com/companies/news/104189/canamex-resources-welcomes-mark-billings-as-new-ceo-58136.html
<![CDATA[News - Canamex returns more high grade gold at northeast end of Bruner's historic resource area ]]> http://www.proactiveinvestors.com/companies/news/103962/canamex-returns-more-high-grade-gold-at-northeast-end-of-bruners-historic-resource-area-57830.html Canamex Resources (CVE:CSQ)(OTCQX:CNMXF) said it has intersected more near-surface gold at the northeast end of the historic resource area at its Bruner gold project in Nevada, after returning more drilling results from its ongoing program.

Of the highlights from the reverse circulation drilling is a shallow high grade intercept, Canamex said, which intersected 1.5 metres grading 14.4 grams per tone (g/t) gold from 6.1 to 7.6 metres in hole B-1444. This hole, when re-tested from a larger pulp, returned 29 g/t gold, according to the Vancouver, BC-based company's statement.

The junior gold explorer said this suggests there is particulate gold in this intercept. 

Further down the hole, the company intersected a lower grade interval from 36.8 to 77.7 metres grading 0.477 g/t gold. 

According to Canamex, the hole is the most northern of its drill pattern, with the gold found still open to the north. The company has moved its drill to the adjacent site about 30 metres to the north of the intercept in hole B-1444 to see if it can intersect the entire high grade interval in a fence of holes, it said.

Once drilling has been completed at Bruner, the company will compile all the results for the preparation of a maiden NI 43-101 compliant resource estimate. The resource estimate is expected by the first quarter of next year, Canamex said.

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Mon, 03 Nov 2014 09:20:00 -0500 http://www.proactiveinvestors.com/companies/news/103962/canamex-returns-more-high-grade-gold-at-northeast-end-of-bruners-historic-resource-area-57830.html
<![CDATA[News - Canamex technical report on Aranka North project advises $500,000 drilling program ]]> http://www.proactiveinvestors.com/companies/news/103934/canamex-technical-report-on-aranka-north-project-advises-500000-drilling-program-57789.html Canamex Resources (CVE:CSQ) (OTCQX:CNMXF) has filed an NI 43-101 compliant technical report for its Aranka North gold project in Guyana, and says it recommends a $500,000 diamond drilling program to test the heart of the gold anomaly identified. 

The junior mineral explorer, in a statement released late Wednesday, said it is in discussions with several entities with regards to possibly funding the proposed campaign.

Located approximately 140 kilometres northwest of Guyana's capital, Georgetown, the Aranka North property consists of 98,057 acres in a region on trend with major gold discoveries by Guyana Goldfields at Aurora and Sulphur Rose/Aranka and Sandspring Resources at Toroparu.  

Canamex purchased airborne geophysical data on the asset when the property was acquired from GMV Minerals, with initial work identifying some 15 large anomalies, all of which measured 2 to 4 km long and 1 to 3 km wide. The company has since conducted an initial stream sediment sampling program from a total of 85 sample sites, which set the stage for a more intense program focused on the new 25-sq km priority target. 

Results from this latter program included anomalous gold with values ranging up to 12,234 ppb gold, Canamex said. The company then designed a grid soil sampling program focused on two key targets, the Camp Anomaly and the Ridge Anomaly, the last of which Canamex completed initial auger drilling on a total of 80 holes.

Earlier this month, Canamex again revealed high grade core drilling results from its Bruner gold project in Nevada, specifically in the Penelas East zone. The junior explorer drilled 22.9 metres grading 3.29 grams per tonne (g/t) gold from 221.6 to 244.5 metres depth in core hole B-1446C.

Once drilling has been completed at Bruner, the company will compile all the results for the preparation of a maiden NI 43-101 compliant resource estimate. The resource estimate is expected by the first quarter of next year, Canamex said.

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Thu, 30 Oct 2014 15:37:00 -0400 http://www.proactiveinvestors.com/companies/news/103934/canamex-technical-report-on-aranka-north-project-advises-500000-drilling-program-57789.html
<![CDATA[News - Canamex's northern drilling at Penelas East zone continues success ]]> http://www.proactiveinvestors.com/companies/news/103754/canamexs-northern-drilling-at-penelas-east-zone-continues-success-57551.html Canamex Resources (CVE:CSQ) (OTCQX:CNMXF) has done it again, revealing high grade core drilling results from its Bruner gold project in Nevada, specifically in the Penelas East zone.

The junior explorer drilled 22.9 metres grading 3.29 grams per tonne (g/t) gold from 221.6 to 244.5 metres depth in core hole B-1446C, according to the Vancouver, BC-based company's statement released earlier today.

The hole was drilled at the open northern extension of the Penelas East zone, Canamex said.

The intercept includes a 1.52 metre wide high grade interval grading 37.5 g/t gold, it added.

Several other zones were also intersected higher in the hole, with these intercepts at the far northern end of drilling at the Penelas East discovery area. Canamex said the nearest neighbour hole to the north is over 100 metres away, meaning the area remains wide open to expansion in the north.

A second core hole was also drilled into the high grade target area, with results expected shortly, the company said.

Canamex began its 2014 drilling program at its Bruner project in early March, after closing a financing with Gold Resource Corp (NYSEMKT:GORO) to raise upwards of $2 million. 

Once drilling has been completed, the junior gold explorer will compile all the results for the preparation of a maiden NI 43-101 compliant resource estimate. A site visit by a qualified person under NI 43-101 standards has already been completed in anticipation of receving all the data.

The resource estimate is expected by the first quarter of next year, Canamex said.

The company is also approaching the completion of its total expenditure commitment of $6 million to earn a 70 percent interest in the Bruner project, triggering a 70-30 joint venture with Patriot Gold Corp.

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Tue, 21 Oct 2014 10:15:00 -0400 http://www.proactiveinvestors.com/companies/news/103754/canamexs-northern-drilling-at-penelas-east-zone-continues-success-57551.html
<![CDATA[News - Canamex Resources says Penelas East discovery may increase in strength to the north ]]> http://www.proactiveinvestors.com/companies/news/103559/canamex-resources-says-penelas-east-discovery-may-increase-in-strength-to-the-north-57261.html Canamex Resources Corp. (CVE:CSQ) (OTCQX:CNMXF) has unveiled more results from its reverse circulation drilling program at its Bruner gold project in Nevada as it gets closer to achieving its goal of preparing a maiden resource estimate for the asset.

Of the highlights, the company returned 25.9 metres grading 2.37 grams per tonne (g/t) gold at the top of hole B-1437, which was drilled at the northern extension of the Penelas East zone.

Canamex said the discovery area remains wide open to the north for expansion, with the closest drill hole to the north over 100 metres away.

"We are impressed that the Penelas East mineral system remains robust at the northern end of our drilling to date, and may be increasing in strength northward," said president and interim chief executive officer Greg Hahn. 

"With continued drilling through the balance of the 2014 field season we will come very close to completing our total expenditure commitment of $6 million to earn a 70% interest in the Bruner Project, and thereby trigger a 70:30 joint venture with the underlying optionor, Patriot Gold Corp."

Canamex began its 2014 drilling program at its Bruner project in early March, after closing a financing with Gold Resource Corp (NYSEMKT:GORO) to raise upwards of $2 million. 

Once drilling has been completed, the junior gold explorer will compile all the results for the preparation of a maiden NI 43-101 compliant resource estimate. A site visit by a qualified person under NI 43-101 standards has already been completed in anticipation of receving all the data.

The resource estimate is expected by the first quarter of next year, Canamex said.

Earlier last month, Canamex said that follow-up sampling on high grade drill intervals at its Bruner project returned 40 percent higher gold grades than previously. The junior gold explorer is thus reviewing all the plus 3 g/t gold intercepts from its 2012-2014 drilling program, and requesting metallic screen assays where the previous fire assay data suggest there is a potential particulate gold issue.

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Tue, 07 Oct 2014 10:32:00 -0400 http://www.proactiveinvestors.com/companies/news/103559/canamex-resources-says-penelas-east-discovery-may-increase-in-strength-to-the-north-57261.html
<![CDATA[News - Canamex Resources closes $1.5 mln financing, Hecla increases stake ]]> http://www.proactiveinvestors.com/companies/news/103532/canamex-resources-closes-15-mln-financing-hecla-increases-stake-57222.html Canamex Resources  (CVE:CSQ)(OTCQX:CNMXF) has closed its equity financing announced last month, raising a total of $1.5 million, with existing shareholder Hecla Mining increasing its stake in the company through the offering.

The company issued a total of 7.26 million units at a price of 21 cents apiece, with each unit made up of one common share and one half of a share purchase warrant. Every warrant entitles the holder to buy one additional share at a price of 30 cents, for a period of two years. 

Canamex said the proceeds will be used for the exploration and development of its Bruner gold project in Nevada, as well as for general working capital.

Three company insiders, together with Hecla, directly or indirectly subscribed for a total of 3.93 million units in the financing.

"We are delighted that Hecla continues to support the company, as they add a wealth of experience in the gold exploration and mining sector, and we believe they share our vision for our flagship Bruner Gold Project," said president Greg Hahn.

Earlier last month, Canamex said that follow-up sampling on high grade drill intervals at its Bruner project returned 40 percent higher gold grades than previously.

The company found more visible gold this year in its drilling at the project than it has in the past, which prompted a review of its sample preparation and analytical procedures. In reverse circulation drill hole B-1430, the company decided to order metallic screen analyses on the high grade interval, after seeing visible gold from the reverse circulation drill cutting reject stream.

The metallic screen returned an average grade for the 3-metre interval tested of 20.25 grams per tonne (g/t) gold, compared to the original reported 14.33 g/t gold. The results confirmed, Canamex said, that the gold is not necessarily coarse, but is "particulate" and requires attention to sample preparation and assaying procedures.

The junior gold explorer is thus reviewing all the plus 3 g/t gold intercepts from its 2012-2014 drilling program, and requesting metallic screen assays where the previous fire assay data suggest there is a potential particulate gold issue.

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Fri, 03 Oct 2014 14:53:00 -0400 http://www.proactiveinvestors.com/companies/news/103532/canamex-resources-closes-15-mln-financing-hecla-increases-stake-57222.html
<![CDATA[News - Canamex rallies on news of much higher grade intervals at Bruner than previously thought ]]> http://www.proactiveinvestors.com/companies/news/103203/canamex-rallies-on-news-of-much-higher-grade-intervals-at-bruner-than-previously-thought-56740.html Canamex Resources (CVE:CSQ) (OTCQX:CNMXF) says that follow-up sampling on high grade drill intervals at its Bruner gold project in Nevada has returned 40 percent higher gold grades than previously.

The company said Thursday it has found more visible gold this year in its drilling at the project than it has in the past, which prompted a review of its sample preparation and analytical procedures.

In reverse circulation drill hole B-1430, the company decided to order metallic screen analyses on the high grade interval, after seeing visible gold from the reverse circulation drill cutting reject stream.

The metallic screen returned an average grade for the 3-metre interval tested of 20.25 grams per tonne (g/t) gold, compared to the original reported 14.33 g/t gold, according to the Vancouver, BC-based company's statement released earlier Thursday.

Shares increased 5 percent to 21 Canadian cents this morning, stretching year-to-date gains to more than triple, and just four cents shy of its 52-week high.

The results confirm, Canamex said, that the gold is not necessarily coarse, but is "particulate" and requires attention to sample preparation and assaying procedures to properly quantify the gold content of each drill interval containing visible gold.

The junior gold explorer is planning ro review all the plus 3 g/t gold intercepts from its 2012-2014 drilling program, and request metallic screen assays where the previous fire assay data suggest there is a potential particulate gold issue.

"We are excited by the appearance of visible gold in our drilling this year, and the implications this has for higher grade portions of the gold mineralized system at Bruner," said president and interim chief executive officer, Greg Hahn.

"We have a ways to go to define the high-grade zones and their dimensions and limits, but I am confident additional drilling in the remainder of 2014 will provide more encouragement for continued testing of these deeper higher-grade zones of the Bruner gold property."

Canamex said it will restart core drilling at Bruner to follow up on the high grade intercept found in reverse circulation drill hole B-1436, with further such drilling to depend on these results and its availability of funds.

Last month, the gold explorer reported high grade mineralization at the open northern extension of the Penelas East zone at Bruner. The company, which is advancing the Nevada property via a $1.75 million drilling campaign, reported reverse circulation drill hole B-1436 returned 9.1 metres grading 11.9 g/t gold at the bottom of the hole, from approximately 228 to 237 metres depth.

It said that the hole unfortunately bottomed out there, with the full extent of this mineralized zone remaining untested.

Earlier this week, the company also announced it is raising up to $1.5 million through a private placement financing, with the proceeds to be used for the exploration and development of Bruner.

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Thu, 11 Sep 2014 11:10:00 -0400 http://www.proactiveinvestors.com/companies/news/103203/canamex-rallies-on-news-of-much-higher-grade-intervals-at-bruner-than-previously-thought-56740.html
<![CDATA[News - Canamex Resources to raise up to $1.5 mln via private placement ]]> http://www.proactiveinvestors.com/companies/news/103151/canamex-resources-to-raise-up-to-15-mln-via-private-placement-56670.html Canamex Resources (CVE:CSQ) is raising up to $1.5 million through a private placement financing, the company said late Monday. 

The company plans to issue up to 7.14 million units at a price of 21 cents apiece, with each unit made up of one common share and one half of a share purchase warrant. Every warrant will entitle the holder to buy one additional share at a price of 30 cents, for a period of two years. 

Canamex said the proceeds will be used for the exploration and development of its Bruner gold project in Nevada, as well as for general working capital.

Three company insiders will be directly or indirectly participating in the private placement for a total of up to 952,382 units, according to Canamex's statement.

Last month, the gold explorer reported the latest drilling results from its Bruner gold project, which unveiled high grade mineralization at the open northern extension of the Penelas East zone.

The company, which is advancing the Nevada property via a $1.75 million drilling campaign this year, reported reverse circulation drill hole B-1436 returned 9.1 metres grading 11.9 grams per tonne (g/t) gold at the bottom of the hole, from approximately 228 to 237 metres depth.

Canamex said that the hole unfortunately bottomed out there, with the full extent of this mineralized zone remaining untested. The area will be the target of follow-up drilling, as it remains open to the west and north.

The newest results suggest the potential for a deeper, gold-bearing breccia body, Canamex said.

Canamex began its 2014 drilling program at its Bruner project in early March, after closing the financing with Gold Resource Corp (NYSEMKT:GORO) to raise upwards of $2 million, with expectations that the $1.75 million campaign will take about six months to complete. 

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Tue, 09 Sep 2014 10:11:00 -0400 http://www.proactiveinvestors.com/companies/news/103151/canamex-resources-to-raise-up-to-15-mln-via-private-placement-56670.html
<![CDATA[News - Canamex's latest drilling suggests presence of deeper, gold-bearing body at Bruner ]]> http://www.proactiveinvestors.com/companies/news/102764/canamexs-latest-drilling-suggests-presence-of-deeper-gold-bearing-body-at-bruner-56091.html Canamex Resources (CVE:CSQ) (OTCQX:CNMXF) (FSE:CX6) jumped more than 10 percent ahead of reporting the latest drilling results from its Bruner gold project in Nevada, which unveiled high grade mineralization at the open northern extension of the Penelas East zone.

The company, which is advancing the Nevada property via a $1.75 million drilling campaign this year, reported reverse circulation drill hole B-1436 returned 9.1 metres grading 11.9 grams per tonne (g/t) gold at the bottom of the hole, from approximately 228 to 237 metres depth.

Canamex said that the hole unfortunately bottomed out there, with the full extent of this mineralized zone remaining untested. The area will be the target of follow-up drilling, as it remains open to the west and north.

According to the Vancouver, BC-based company's statement, the rock type encompassing the high grade mineralization is similar to the host rock identified in previous drilling within the nearby Penelas East zone.

The newest results suggest the potential for a deeper, gold-bearing breccia body, Canamex said.

"We remain impressed by the diverse geologic environments where we are discovering gold on the Bruner Project," said president and chief executive, Greg Hahn.

"While this challenges our geologic team to understand the geology fully, it encourages us to continue drilling to fully flesh out the extent of these gold intercepts and the potential resources."

Other highlights from the latest drilling results included reverse circulation hole B-1433, which intersected 29 metres of 1.46 g/t gold at the old Penelas Mine target area, which is located about halfway between the historic resource area and the Penelas East zone.

The company said there are also results pending from six holes drilled in the historic resource area east zone. 

Canamex began its 2014 drilling program at its Bruner project in early March, after closing the financing with Gold Resource Corp (NYSEMKT:GORO) to raise upwards of $2 million, with expectations that the $1.75 million campaign will take about six months to complete. 

The junior explorer's shares rose more than 10 percent to 21.5 Canadian cents, before trading was halted at around 12:20pm ET in advance of the drilling results. Shares have since resumed trading.

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Tue, 12 Aug 2014 13:06:00 -0400 http://www.proactiveinvestors.com/companies/news/102764/canamexs-latest-drilling-suggests-presence-of-deeper-gold-bearing-body-at-bruner-56091.html
<![CDATA[News - Canamex Resources drills first hole to intersect the plane of Penelas Vein at historic depths ]]> http://www.proactiveinvestors.com/companies/news/102388/canamex-resources-drills-first-hole-to-intersect-the-plane-of-penelas-vein-at-historic-depths-55572.html Canamex Resources (CVE:CSQ) (OTCQX:CNMXF) has unveiled more results from its Bruner gold project drilling program in Nevada, with the latest results hailing from the Penelas mine zone. 

The company told investors that reverse circulation drill hole B-1430, which was drilled roughly halfway between the historic resource area and the new discovery area at Penelas East, intersected 4.6 metres grading 11.1 grams per tonne (g/t) gold within a wider zone of 19.8 metres grading 3.24 g/t gold.

This is the first drill hole to intersect the plane of the Penelas Vein structure at the depths where it was mined historically, Canamex said. The vein was the source of historic mining between 1929 and 1941, when it produced roughly 100,000 tons of material.

The newest drilling revealed visible gold in the cuttings of the Penelas Vein, according to Canamex's statement released earlier today.

Two additional holes were also drilled in the same structure at similar depths, with one of the holes, B-1433, also intersecting the vein from 720 to 735 feet. Samples from this intercept are currently in the lab, with results awaited, Canamex said.

The company will also plan further drilling on the vein once all of the data are evaluated.

Earlier this month, the junior gold explorer released drilling results which it said confirmed the presence of a higher grade zone that has yet to be properly quantified, in the East zone of the historic resource area. The East Zone area remains open along strike to the north and south and is largely untested by drilling, Canamex said, with work underway to assess the best access to drill stations to continue drilling the open extensions. 

Canamex began its 2014 drilling program at its Bruner project in early March, after closing the financing with Gold Resource Corp (NYSEMKT:GORO) to raise upwards of $2 million, with expectations that the $1.75 million campaign will take about six months to complete. 

The company said in May that both reverse circulation and core drilling results are pending from the Penelas East discovery area at the site.

Other drill holes reported Monday were also drilled in the plane of the section of hole B-1430, but they were much higher up the dip of the Penelas Vein structure, said the Canadian explorer.

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Mon, 21 Jul 2014 09:11:00 -0400 http://www.proactiveinvestors.com/companies/news/102388/canamex-resources-drills-first-hole-to-intersect-the-plane-of-penelas-vein-at-historic-depths-55572.html
<![CDATA[News - UPDATE: Canamex hits over 44 metres grading nearly 7 g/t gold at Bruner project; shares hit new 1-year high ]]> http://www.proactiveinvestors.com/companies/news/102147/update-canamex-hits-over-44-metres-grading-nearly-7-gt-gold-at-bruner-project-shares-hit-new-1-year-high-55224.html ***Updated with the latest share price data at 9:58am ET***

Canamex Resources (CVE:CSQ) (OTCQX:CNMXF) has announced reverse circulation drilling results from its Bruner gold project in Nevada which the company says confirm the presence of a higher grade zone that has yet to be properly quantified. 

In a statement released early Monday, the junior explorer told investors that reverse circulation drill hole B-1425, which was drilled into the East Zone of the historic resource area, returned 44.2 metres grading 6.97 grams per tonne (g/t) gold. Within this zone was a high grade interval, from 18.3 to 25.9 metres, which graded 27.91 g/t gold and 327.3 g/t silver, the company said.

This hole, along with others reported Monday that were also drilled into the East Zone of the historic area, confirm there is a higher grade zone that needs to be properly drilled to include in a NI 43-101 compliant resource estimate, according to Canamex's statement. 

The East Zone area remains open along strike to the north and south and is largely untested by drilling, Canamex said, with work underway to assess the best access to drill stations to continue drilling the open extensions. 

Other holes reported in the East Zone today included hole B-1424, which returned 47.3 metres grading 3.44 g/t gold. 

On the section containing the holes reported, the East Zone is approximately 30.5 metres wide, 61 metres thick and lies within 20 feet of surface, Canamex said.

Canamex began its 2014 drilling program at its Bruner project in early March, after closing the financing with Gold Resource Corp (NYSEMKT:GORO) to raise upwards of $2 million, with expectations that the $1.75 million campaign will take about six months to complete. 

The company said in May that both reverse circulation and core drilling results are pending from the Penelas East discovery area at the site.

Canamex is also currently looking for ways to realize value for its Aranka North property in Guyana after issuing the final stage of share payments to GMV Minerals in late June, as per an option agreement signed in 2011. The company now has a 100% stake in the asset, which is currently on care and maintenance status, with Canamex curtailing field activities until further notice. 

Shares of the Canadian junior, which were halted Friday in advance of the news and resumed trading shortly after the announcement this morning, rallied over 23% in early deals to 17 cents, a new 52-week high. 

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Mon, 07 Jul 2014 08:55:00 -0400 http://www.proactiveinvestors.com/companies/news/102147/update-canamex-hits-over-44-metres-grading-nearly-7-gt-gold-at-bruner-project-shares-hit-new-1-year-high-55224.html
<![CDATA[News - Canamex completes option on Aranka North for 100% stake as it assesses ways to realize value ]]> http://www.proactiveinvestors.com/companies/news/102064/canamex-completes-option-on-aranka-north-for-100-stake-as-it-assesses-ways-to-realize-value-55104.html Canamex Resources Corp. (CVE:CSQ)(OTCQX:CNMXF) said it has issued the final stage of share payments to GMV Minerals as per an option agreement on the Aranka North property in Guyana signed in 2011, giving the junior explorer a 100% stake in the asset.

The company said that on June 25, a total of 1.0 million common shares were issued to GMV, representing the last of three staged share payments that were required under the option and joint venture agreement. 

By securing 100% of the asset, the company said it will look for ways to realize value for the property that its management believes is not currently reflected in Canamex's share price. The project is currently on care and maintenance status, with Canamex curtailing field activities at the site until further notice.

The Aranka North property is spread across 98,000 acres in a propsective gold region in Guyana, and lies northeast of major gold discoveries by Guyana Goldfields at Aurora and Aranka/Sulphur Rose, according to Canamex's statement.

The company has found two prominent gold-in-soil anomalies at Aranka North, and completed a 120-hole power auger drilling program to define the geometry of the anomalies. 

Canamex was given the option to acquire up to 100% of Aranka North by making cash payments to GMV totaling US$520,628, spending US$1.0 million in exploration work before December 31, 2013 and issuing a total of 3.75 million shares to GMV, all  of which have now been issued.

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Mon, 30 Jun 2014 10:13:00 -0400 http://www.proactiveinvestors.com/companies/news/102064/canamex-completes-option-on-aranka-north-for-100-stake-as-it-assesses-ways-to-realize-value-55104.html
<![CDATA[News - Canamex gets closer to quantifying historic resource at Bruner with latest results ]]> http://www.proactiveinvestors.com/companies/news/101986/canamex-gets-closer-to-quantifying-historic-resource-at-bruner-with-latest-results-55003.html Canamex Resources Corp. (CVE:CSQ)(OTCQX:CNMXF) has unveiled more drill results from the historic resource area at its Bruner gold project in Nevada, with the company saying the assays prove its theory that there is a higher grade interior zone within the region that has not yet been fully defined.

Of the highlights, the company said reverse circulation drill hole B-1419 intersected 53.4 metres grading 1.84 grams per tonne (g/t) gold within 89.9 metres grading 1.21 g/t gold. 

This hole connects mineralized intervals in two holes reported previously, Canamex said, with the cross section displaying the drill hole results showing the gold mineralized zone trends to surface above the reported intercepts. 

Hole B-1418, which intersected the mineralized zone about 75 feet below the reported intercept in hole B-1419, hit multiple zones of mineralization, the junior explorer said, totaling 76.2 metres at 0.82 g/t gold.

The main mineralized zone on the section that hosts these two holes is approximately 64 metres wide and 97.6 metres thick, Canamex said, and lies within 20 feet from surface. The area remains open along strike to the north, and is largely untested by drilling, it added. 

The company is now working to find the best access to drill stations to continue testing the northern extension of this mineralized zone. According to Canamex, the entire main mineralized zone lies at shallow depths below the surface, making it ideal for open pit mining. 

Once the drilling of this shallow zone is complete, the company said it should have enough detailed information to quantify the historic resource under NI 43-101 compliant standards. 

Canamex began its 2014 drilling program at its Bruner project in early March, after closing the financing with Gold Resource Corp (NYSEMKT:GORO) to raise upwards of $2 million, with expectations that the $1.75 million campaign will take about six months to complete. 

The company said late last month that both reverse circulation and core drilling results are pending from the Penelas East discovery area at the site.

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Wed, 25 Jun 2014 09:15:00 -0400 http://www.proactiveinvestors.com/companies/news/101986/canamex-gets-closer-to-quantifying-historic-resource-at-bruner-with-latest-results-55003.html
<![CDATA[News - Canamex Resources releases more drill results from historic area at Bruner, with goal of outlining initial resource ]]> http://www.proactiveinvestors.com/companies/news/101756/canamex-resources-releases-more-drill-results-from-historic-area-at-bruner-with-goal-of-outlining-initial-resource--54685.html Canamex Resources Corp. (CVE:CSQ)(OTCQX:CNMXF) has unveiled more results from reverse circulation drilling at the historic resource area of its Bruner gold project in Nevada, which confirm the company's view that there is a high grade interior zone within the region surrounded by a lower grade halo.

Of the highlights from the results reported Wednesday, the company drilled 47.3 metres of 1.5 grams per tonne (g/t) gold within an interval of 114.3 metres grading 0.87 g/t gold.

The junior gold explorer said the intercept demonstrates that the gold zone at this location of the main mineralized area comes to surface. 

Other results reported include hole B-1415, which intersected multiple mineralized zones totaling 27.4 metres grading 0.49 g/t gold, and B-1417, which returned 70.12 metres grading 0.55 g/t. 

The company said that with ongoing drilling of the historic resource area, it is continuing to advance its understanding of the host geology and distribution of gold at Bruner, with the hopes of quantifying the historic resource under NI 43-101 standards after enough drilling has been completed.

According to Canamex's statement, the entire main mineralized zone lies at a very shallow depth below the surface, making it suitable for open pit mining.

Canamex began its 2014 drilling program at its Bruner project in early March, after closing the financing with Gold Resource Corp (NYSEMKT:GORO) to raise upwards of $2 million, with expectations that the $1.75 million campaign will take about six months to complete. 

The company said late last month that both reverse circulation and core drilling results are pending from the Penelas East discovery area at the site.

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Wed, 11 Jun 2014 09:58:00 -0400 http://www.proactiveinvestors.com/companies/news/101756/canamex-resources-releases-more-drill-results-from-historic-area-at-bruner-with-goal-of-outlining-initial-resource--54685.html
<![CDATA[News - Canamex Resources intersects more high grades at historic area of Bruner project ]]> http://www.proactiveinvestors.com/companies/news/101595/canamex-resources-intersects-more-high-grades-at-historic-area-of-bruner-project-54480.html Canamex Resources Corp. (CVE:CSQ)(OTCQX:CNMXF) has unveiled more results from its drilling programs at the Bruner gold project in Nevada, saying these latest holes show that there are more high grade zones within the historic resource area at the site that have not been identified or sufficiently tested. 

Of the highlights, the company said reverse circulation drill hole B-1412 returned 6.1 metres of 11.24 grams per tonne (g/t) gold and 203.975 g/t silver within 41.2 metres grading 2.078 g/t gold and 39.5 g/t silver. 

This hole is located about 75 feet from hole B-1404C which was reported last month, and shows the continuity of a high grade portion within the main mineralized zone of the historic resource area, Canamex said. 

It added that the latest intercept is "markedly more silver-rich" than previously completed drill holes in this area, and is indicative of potential gold-silver zoning within the deposit that remains to be quantified. 

Other drill results reported today include core hole B-1408C in the east mineralized zone, which intersected 21.3 metres grading 1.698 g/t gold. The junior gold explorer said additional drilling of this shallow mineralized area is in the planning stages. 

Canamex said Monday that these newest results show that continued drilling is needed to define these zones, which are "considerably higher in grade than the reported average grade of the historic resource area". 

The company is improving its understanding of the host geology in the historic area as well as the distribution of gold with ongoing drilling, which should allow Canamex to upgrade the historic resource to NI 43-101 compliant standards. 

Canamex began its 2014 drilling program at its Bruner project in early March, after closing the financing with Gold Resource Corp (NYSEMKT:GORO) to raise upwards of $2 million, with expectations that the $1.75 million campaign will take about six months to complete. 

The company said late last month that both reverse circulation and core drilling results are pending from the Penelas East discovery area at the site.

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Mon, 02 Jun 2014 08:54:00 -0400 http://www.proactiveinvestors.com/companies/news/101595/canamex-resources-intersects-more-high-grades-at-historic-area-of-bruner-project-54480.html
<![CDATA[News - Canamex Resources climbs on core drill results from historic area at Bruner project ]]> http://www.proactiveinvestors.com/companies/news/101428/canamex-resources-climbs-on-core-drill-results-from-historic-area-at-bruner-project-54248.html Shares of Canamex Resources Corp. (CVE:CSQ)(OTCQX:CNMXF) surged Wednesday after the gold explorer announced results from its core drilling program at the Bruner gold project in Nevada, including an intercept of 70.1 metres grading 3.17 grams per tonne (g/t) gold.

The intercept is from core hole B-1404C, which was drilled in the historic resource area of the project at nearly right angles to the interpreted strike of mineralization, the company said.

The intersection included an intercept of 1.5 metres grading a whopping 102 g/t gold.

The stock jumped to as high as 12 cents in Toronto today, just two cents shy of its 52-week high of 14 cents. 

The hole is the second best in the historic resource area following hole B-1340 in 2013, which returned 57.9 metres of 5.23 g/t gold.

Canamex said Wednesday that the two holes are about 100 feet from each other and indicate continuity of a high grade portion within this mineralized zone of the historic resource area.

The company is awaiting more results from between these two holes, which it hopes will further define the zone.

The junior gold explorer said the results support its interpretation that there are high grade zones within the historic resource area that have not been identified or sufficiently tested by historic drilling. It is planning to continue drilling to define these zones, which have "considerably higher" grades than the reported average for the area. 

"With ongoing drilling of this exciting mineralized zone, we continue to develop our understanding of the host geology, geometry and distribution of gold mineralization at Bruner, which should allow us to quantify the gold mineralized zones under NI 43-101 standards for reporting purposes after sufficient drilling has been completed," Canamex said in its release. 

Last week, the company announced the unexpected death of its chief executive Robert Kramer, a day later appointing president and COO Greg Hahn to fill the role in the interim.

Canamex began its 2014 drilling program at its Bruner project in early March, after closing the financing with Gold Resource Corp (NYSEMKT:GORO) to raise upwards of $2 million, with expectations that the $1.75 million campaign will take about six months to complete. 

The company said Wednesday that both reverse circulation and core drilling results are pending from the Penelas East discovery area at the site.

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Wed, 21 May 2014 13:14:00 -0400 http://www.proactiveinvestors.com/companies/news/101428/canamex-resources-climbs-on-core-drill-results-from-historic-area-at-bruner-project-54248.html
<![CDATA[News - Canamex Resources appoints Hahn as interim CEO ]]> http://www.proactiveinvestors.com/companies/news/101297/canamex-resources-appoints-hahn-as-interim-ceo-54070.html Canamex Resources Corp (CVE:CSQ)(OTCQX:CNMXF) has appointed Greg Hahn, president and COO, as the company's interim CEO following the unexpected death of prior chief executive Robert Kramer. 

The company said that Hahn will take Kramer's place in the role on an interim basis while Canamex begins a search for a new CEO. 

The board has already set up a search committee, chaired by Mike Stark. Canamex said Tuesday it has also appointed Mark Billings as non-executive chairman to its board.

"The Board and management are committed to continuing to pursue Bob Kramer's vision of the company and advance the Bruner gold project as one of the next near-term gold development projects in Nevada," the statement read. 

Canamex announced the sudden passing away of Kramer on Monday. "It is with unfathomable sorrow that we must advise of the sudden and unforeseen passing of our dear friend, colleague and leader, Robert Kramer, Chairman and CEO of the Company," the company said yesterday in a release.

The junior gold explorer began its 2014 drilling program at its Bruner project in early March, after closing the financing with Gold Resource Corp (NYSEMKT:GORO) to raise upwards of $2 million, with expectations that the $1.75 million campaign will take about six months to complete. 

 

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Tue, 13 May 2014 12:44:00 -0400 http://www.proactiveinvestors.com/companies/news/101297/canamex-resources-appoints-hahn-as-interim-ceo-54070.html
<![CDATA[News - Canamex updates on drilling activity at Bruner ]]> http://www.proactiveinvestors.com/companies/news/101175/canamex-updates-on-drilling-activity-at-bruner-53910.html Canamex Resources Corp. (CVE:CSQ)(OTCQX:CNMXF) provided Tuesday an update on its Bruner gold project in Nevada, saying that core drilling is continuing at the historic resource area on site, with a reverse circulation rig to be moved to the zone once this is completed. 

Assay results for five core holes in the area are still pending, and will be reported as a unit so the results can be placed in an appropriate geological context, Canamex said.

Once the core drilling at the historic resource area is finished, the core drill will move to the Penelas East discovery area, and a core hole will be drilled to offset a significant intercept of gold found last year, which intersected 79.9 metres of 1.509 grams per tonne (g/t) gold.

Currently at Penelas East, there is a reverse circulation (RC) drill that began drill testing geophysical anomalies last month. So far, three reverse circulation holes have been completed, with the aim of testing two of the five untested anomalies. Assay results are pending on all of these drill holes, Canamex said.

The RC rig will move to the historic resource area once core drilling is completed there, and will continue to define the geometry and grade of the main mineralized zone. Further RC drilling at Penelas East will be determined once the first RC results are received.

The company said the RC rig gives it the ability to drill multiple inclinations from a single set up without having to physically move the drill rig, reducing the surface disturbance associated with exploration drilling and complying with permits. The rig is also an advantage given the tight drill sites it has available in steep terrain in the historic resource area of the Bruner property.

The junior gold explorer begun its 2014 drilling program at Bruner in early March, after closing the financing with Gold Resource Corp (NYSEMKT:GORO) to raise upwards of $2 million, with expectations that the $1.75 million campaign will take about six months to complete. The program is to be made up of roughly 1,000 metres of core drilling and 9,000 metres of reverse circulation drilling.

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Tue, 06 May 2014 10:24:00 -0400 http://www.proactiveinvestors.com/companies/news/101175/canamex-updates-on-drilling-activity-at-bruner-53910.html
<![CDATA[News - Canamex appoints Gold Resource Corp CEO to board of directors ]]> http://www.proactiveinvestors.com/companies/news/100811/canamex-appoints-gold-resource-corp-ceo-to-board-of-directors-53415.html Canamex Resources (CVE:CSQ)(OTCQX:CNMXF) has appointed Gold Resource Corp's (NYSEMKT:GORO) president and CEO, Jason Reid, to its board of directors, the junior company said Monday. 

The announcement follows news earlier this year that Gold Resource Corp acquired 22.22 million shares of Canamex for nine cents apiece, giving Gold Resource a stake of 18.4% in the Nevada-focused company and making it the largest shareholder. 

The placement also gave Gold Resource Corp, which produces precious metals from its operations in Oaxaca, Mexico, the right to appoint one representative to Canamex's board of directors provided it holds more than 10% of the company. 

Canamex raised a total of $2.16 million from the private placement, which closed in February. Both Gold Resource Corp and insiders of the company participated in the offering, proceeds of which are going toward Canamex's Bruner gold project in Nevada.

"Jason has contributed to all aspects of Gold Resource's evolution from explorer to dividend paying precious metal producer, and is a welcome addition to the team as we continue to progress our Bruner Gold Project in Nye County, Nevada," said chairman and CEO Robert Kramer.

Reid was appointed Gold Resource Corp's CEO last October, and also serves as the company's president and director. He was appointed president in July 2010, and served as VP of corporate development from January 2008 to July 2010, and was named to the board in 2010. He was part of the team that took the company public in September 2006, transitioning it from an exploration stage business to the gold and silver dividend-paying producer it is today.

Earlier this month, Canamex said that diamond drilling of the five planned core holes in the historic resource area of its Bruner gold project is proceeding as planned, after which the rig will move towards the Penelas East discovery. Results from the first two holes are expected by the end of April or early May, Canamex said

The junior company begun its 2014 drilling program at Bruner in early March, after closing the financing with Gold Resource Corp to raise upwards of $2 million, with expectations that the $1.75 million campaign will take about six months to complete. The program is to be made up of roughly 1,000 metres of core drilling and 9,000 metres of reverse circulation drilling.

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Mon, 14 Apr 2014 09:50:00 -0400 http://www.proactiveinvestors.com/companies/news/100811/canamex-appoints-gold-resource-corp-ceo-to-board-of-directors-53415.html
<![CDATA[News - Canamex Resources says drilling on plan, first results expected shortly ]]> http://www.proactiveinvestors.com/companies/news/100693/canamex-resources-says-drilling-on-plan-first-results-expected-shortly-53249.html Canamex Resources Corp. (CVE:CSQ)(OTCQX:CNMXF) said Monday that diamond drilling of the five planned core holes in the historic resource area of its Bruner gold project is proceeding as planned, after which the rig will move towards the Penelas East discovery. 

The five core holes, in the historic resource area of the Nevada project, are planned to test the high grade feeder zone found in a drill hole last year. 

Of the three core holes drilled thus far, the company said one showed the Bruner project's similarity to the Rawhide Mine, which is 30 miles to the west of Bruner and was mined by Kennecott between the late 1980s and early 2000s, producing some 1.6 million ounces of gold. 

Results from the first two holes are expected by the end of April or early May, Canamex said.

"We are still trying to understand the geometry and gold distribution of the high-grade feeder zone of the historic resource area that we encountered in our first hole into the target (B-1340) drilled late in 2013," said president and COO, Greg Hahn, in a release Monday.

"Clearly we have further work to define the high-grade feeder zone and its dimensions and limits, but I am confident the drilling program designed for the first half of 2014 will succeed in characterizing the geometry, orientation, and grade of this portion of the historic resource area."

The company also expects a reverse circulation rig will arrive on site in mid-April to begin exploration drilling, it said. 

Last month, Canamex acquired more private land at its Bruner project, with an additional 20-acre patented Elk Lode mining claim.  The claim was found during some due diligence by the company, and lies nearly adjacent to the existing patented land package at Bruner. The company's private land position now totals some 500 acres, and includes the historic resource area at Bruner where drilling is currently underway in an effort to prepare a maiden NI 43-101 compliant resource. 

Canamex begun its 2014 drilling program at Bruner in early March, after closing a financing to raise upwards of $2 million, with expectations that the $1.75 million campaign will take about six months to complete. The program is to be made up of roughly 1,000 metres of core drilling and 9,000 metres of reverse circulation drilling.

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Mon, 07 Apr 2014 10:03:00 -0400 http://www.proactiveinvestors.com/companies/news/100693/canamex-resources-says-drilling-on-plan-first-results-expected-shortly-53249.html
<![CDATA[News - Canamex Resources acquires additional private mining claim next to Bruner project ]]> http://www.proactiveinvestors.com/companies/news/100469/canamex-resources-acquires-additional-private-mining-claim-next-to-bruner-project-52936.html Canamex Resources Corp. (CVE:CSQ)(OTCQX:CNMXF) has acquired more private land at its Bruner gold project in Nevada, where a 53-hole drilling program is underway. 

The company told investors that the additional 20-acre patented Elk Lode mining claim was purchased to complement the patented and unpatented land covered in the option agreement under which Canamex is buying into the Bruner property.

"We are pleased to have concluded the purchase of the Elk Patent, which we have been pursuing for over six months, as it offers the company more flexibility as it contemplates how best to develop the property down the road," said president and COO Greg Hahn, in a release announcing the purchase on Monday. 

The claim was found during some due diligence by the company, and lies nearly adjacent to the existing patented land package at Bruner, Canamex said. 

The company's private land position now totals some 500 acres, and includes the historic resource area at Bruner where drilling is currently underway to provide updated drill hole data in an effort to prepare a maiden NI 43-101 compliant resource. 

Canamex has already begun engineering studies on portions of the patented claim group, and said that once enough drilling is done to complete an initial resource estimate, it will be able to address permitting of the project for development. 

"We have initiated engineering studies on the Bruner property in parallel with drilling of the gold mineralization, in order to be in a position to advance the project rapidly in the event our drilling continues to be successful and financial markets and gold prices are favorable," said Hahn.

The junior gold explorer said that the first core hole at the historic resource area has already been finished, and delivered to a lab in Reno, with results to be reported after they have been analyzed. 

Canamex begun its 2014 drilling program at Bruner earlier this month, after recently closing a financing to raise upwards of $2 million, with expectations that the $1.75 million campaign will take about six months to complete. The program is to be made up of roughly 1,000 metres of core drilling and 9,000 metres of reverse circulation drilling.

Aside from the historic resource area, drilling will also take place at the Penelas East target, which has been the focus of exploration for Canamex over the past two years. The company in December reported results from three core holes drilled at Penelas East, including 79.9 metres of 1.5 grams per tonne (g/t) gold. The target still remains open to the north. 

The Bruner project is located about 45 miles northwest of the Round Mountain mine, which has produced over 10 million ounces of gold over a 30-year period.

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Mon, 24 Mar 2014 09:10:00 -0400 http://www.proactiveinvestors.com/companies/news/100469/canamex-resources-acquires-additional-private-mining-claim-next-to-bruner-project-52936.html
<![CDATA[News - Canamex Resources starts 10,000 metre drilling program at Bruner, fully funded ]]> http://www.proactiveinvestors.com/companies/news/100223/canamex-resources-starts-10000-metre-drilling-program-at-bruner-fully-funded-52586.html After just closing a financing to raise upwards of $2 million, Canamex Resources Corp. (CVE:CSQ) (OTCQX:CNMXF) has begun its 2014 diamond drilling program at its Bruner gold project in Nevada, with expectations that the $1.75 million campaign will take about six months to complete, moving it further along its quest to develop a maiden resource for the property. 

The program will be made up of roughly 1,000 metres of core drilling and 9,000 metres of reverse circulation drilling. Core drilling will start with an offset of the last reverse circulation hole drilled last year, which penetrated the "feeder zone" of the historic resource, according to Canamex's statement, and intersected 57.9 metres of 5.23 grams per tonne (g/t) of gold. 

A total of five core holes and 24 reverse circulation holes are planned to test this high grade feeder zone in the historic resource area of the site, which has the potential to significantly boost the grade of any future NI 43-101  mineral resource estimate on the asset.

Meanwhile, drilling will also take place at the Penelas East area, which will focus on testing the gold-in-soil anomalies found that appear to be extensions of the current density anomaly that is coincident with the 38 gold-bearing drill hole intercepts completed in previous years. A total of 24 drill holes are planned for this region, which could further expand the size of the discovery, the company said.

The start-up of the 2014 program follows the closing of Canamex's $2.16 million private placement financing announced last month, which involved a strategic investment from Gold Resource Corp. The junior explorer said Friday that it believes it is sufficiently financed to carry out the drilling program.

“In the last week, we have announced closing of a $2 million+ private placement with NYSE MKT-listed strategic investor Gold Resource Corporation and commencement of a 10,000 metre drill program at our flagship Bruner Gold Project in Nye County, Nevada," said chairman and chief executive Robert Kramer in emailed comments on Friday.

"We have made significant progress in a difficult market, and believe we are poised for success in 2014," he added, with the company aiming to delineate its first NI 43-101 compliant mineral resource estimate on the Bruner project.

Canamex earlier this year unveiled metallurgical test results that showed high gold extraction rates at both the historic and Penelas East deposit areas at the site, while column leach tests showed rapid gold extractions even from the lower grade portion of the historic resource region. The company in December also reported results from three core holes drilled at its Penelas East discovery, saying all the holes intersected long intervals of disseminated gold. Of the highlights, 79.9 metres of 1.5 grams per tonne (g/t) gold was intersected. The Penelas East area has been the focus of exploration for Canamex over the past two years, with the target still remaining open to the north. 

"We are excited to be able to recommence drilling at the Bruner gold project and to follow-up on the exciting drill hole intercepts we encountered at both the historic resource area and the Penelas East discovery area in 2013," said president and COO Greg Hahn in a statement. 

The Bruner project is located about 45 miles northwest of the Round Mountain mine, which has produced over 10 million ounces of gold over a 30-year period.

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Fri, 07 Mar 2014 10:08:00 -0500 http://www.proactiveinvestors.com/companies/news/100223/canamex-resources-starts-10000-metre-drilling-program-at-bruner-fully-funded-52586.html
<![CDATA[News - Canamex Resources closes $2.16 mln financing, Gold Resource Corp becomes strategic investor ]]> http://www.proactiveinvestors.com/companies/news/100108/canamex-resources-closes-216-mln-financing-gold-resource-corp-becomes-strategic-investor-52410.html Canamex Resources Corp. (CVE:CSQ)(OTCQX:CNMXF) said Friday it has closed an equity financing with Gold Resource Corp (NYSE MKT:GORO) and various insiders of the company, priced at a "then-premium" to market. 

Gold Resource Corp acquired 22.22 million shares of Canamex, and insiders acquired an additional 1.77 million common shares, at a price of nine cents per share, which was then a 12.5% premium to the closing price on the day the agreement was reached. Shares of Canamex closed Thursday at 13 cents on the TSX Venture Exchange. 

Canamex said the total purchase price for 24 million shares was $2.16 million, with no warrants issued and no fees paid in connection with the financing. 

Proceeds will be used for the exploration and development of its Bruner gold project in Nevada, as well as for general working capital.

Gold Resource Corp, which produces precious metals from its operations in Oaxaca, Mexico,  now holds 18.4% of Canamex, and has the right to appoint one representative to Canamex's board of directors, provided it holds more than 10% of the company.

"We are delighted to welcome GRC as a strategic investor," said Canamex CEO Robert Kramer. 

"GRC management has a wealth of experience in the gold mining sector, and we believe they fully understand and support our vision for our flagship Bruner Gold Project."

Canamex late last month unveiled metallurgical test results it called "encouraging", as they showed high gold extraction rates at both the historic and Penelas East deposit areas at the site, while column leach tests showed rapid gold extractions even from the lower grade portion of the historic resource region. 

The company in December also reported results from three core holes drilled at its Penelas East discovery, saying all the holes intersected long intervals of disseminated gold. Of the highlights, 79.9 metres of 1.5 grams per tonne (g/t) gold was intersected. The Penelas East area has been the focus of exploration for Canamex over the past two years, with the target still remaining open to the north. 

The Bruner project is located about 45 miles northwest of the Round Mountain mine, which has produced over 10 million ounces of gold over a 30-year period.

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Fri, 28 Feb 2014 09:24:00 -0500 http://www.proactiveinvestors.com/companies/news/100108/canamex-resources-closes-216-mln-financing-gold-resource-corp-becomes-strategic-investor-52410.html
<![CDATA[News - Canamex raising over $2mln for Bruner gold project ]]> http://www.proactiveinvestors.com/companies/news/99778/canamex-raising-over-2mln-for-bruner-gold-project-51900.html Canamex Resources Corp. (CVE:CSQ) says it is raising up to $2.16 million through a private placement financing, with the funds to be used to further explore its Bruner gold project in Nevada. 

The company, in a statement released earlier this morning, said it will issue up to 22.2 million common shares to an undisclosed "new strategic investor", and up to 1.77 million common shares to Canamex insiders, at a price of 9 cents apiece. This compares with Canamex's closing price of 8 cents per share on Thursday. 

The financing is expected to close on February 14, subject to TSX Venture Exchange approval. 

Canamex late last month unveiled metallurgical test results from its Bruner gold project in Nevada that caused shares to rise. The company called the results, from drill and bulk samples, "encouraging", as they showed high gold extraction rates at both the historic and Penelas East deposit areas, while column leach tests showed rapid gold extractions even from the lower grade portion of the historic resource area. 

The company in December also reported results from three core holes drilled at its Penelas East discovery, saying all the holes intersected long intervals of disseminated gold. Of the highlights, 79.9 metres of 1.5 grams per tonne (g/t) gold was intersected. The Penelas East area has been the focus of exploration for Canamex over the past two years, with the target still remaining open to the north. 

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Fri, 07 Feb 2014 09:39:00 -0500 http://www.proactiveinvestors.com/companies/news/99778/canamex-raising-over-2mln-for-bruner-gold-project-51900.html
<![CDATA[News - Canamex Resources' metallurgical results encouraging, company says ]]> http://www.proactiveinvestors.com/companies/news/99606/canamex-resources-metallurgical-results-encouraging-company-says-51601.html Canamex Resources Corp. (CVE:CSQ)(OTCQX:CNMXF) has unveiled metallurgical test results from its Bruner gold project in Nevada that caused shares to rise on Tuesday. 

The company called the results, from drill and bulk samples, "encouraging", as they showed high gold extraction rates at both the historic and Penelas East deposit areas, while column leach tests showed rapid gold extractions even from the lower grade portion of the historic resource area. 

The bottle roll cyanidation tests were performed on composites from two drill holes from the 2013 campaign that sit about one mile apart. Hole B-1340, which is located in the historic resource area, showed gold extractions ranging from 93% to 99%, with lower head grades having lower gold extractions and higher head grades having higher rates. 

Overall, the drill hole had an average gold extraction of 97% on an average calculated head grade of 0.1011 ounces per ton of gold. 

In the second hole, B-1341C, which is located in the Penelas East deposit, showed an overall gold extraction rate of 93% on an average calculated head grade of 0.0296 ounces per ton. 

Canamex said there was no decrease in gold or silver extraction with depth in either hole. 

Meanwhile, ongoing column leach tests on a bulk sample taken in early December last year from the historic resource area have shown encouraging results thus far, according to the company. Two columns currently under leach will remain this way for at least 45 days to quantify gold extraction from a lower grade zone in the area to help in determining the best cut-off grade for heap leaching.

"The results from the metallurgical tests are very encouraging," said president and COO Greg Hahn, in a release announcing the results Tuesday afternoon. 

"We are also pleased with the low reagent consumption demonstrated by these test results."           

Last November, Canamex unveiled the final round of reverse circulation drilling results from its Bruner project in 2013, saying one hole in the heart of the historic resource area justified the need for an "intense" drilling program in 2014. 

And early last month, the company reported results from three core holes drilled at its Penelas East discovery, with the company saying all the holes intersected long intervals of disseminated gold. Of the highlights, 79.9 metres of 1.5 grams per tonne (g/t) gold was intersected from one of the core holes.

The Penelas East area has been the focus of exploration for Canamex over the past two years, where a total of 40 holes, including five diamond drill holes, were completed. The target still remains open to the north. 

Shares of Canamex climbed nearly 6% on Tuesday, to 9 Canadian cents in Toronto. 

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Tue, 28 Jan 2014 13:32:00 -0500 http://www.proactiveinvestors.com/companies/news/99606/canamex-resources-metallurgical-results-encouraging-company-says-51601.html
<![CDATA[News - Canamex returns core drill results from Penelas East showing long intervals of gold ]]> http://www.proactiveinvestors.com/companies/news/98863/canamex-returns-core-drill-results-from-penelas-east-showing-long-intervals-of-gold-50459.html Canamex Resources Corp. (CVE:CSQ) (OTCQX:CNMXF) has unveiled results from three core holes drilled at its Penelas East discovery at its Bruner project in Nevada, with the company saying all the holes intersected long intervals of disseminated gold. 

Of the highlights, 79.9 metres of 1.5 grams per tonne (g/t) gold was intersected from one of the core holes. The company said all three holes returned disseminated gold above a 0.3 g/t lower cut-off, across gold-bearing zones that were previously found from reverse circulation (RC) drilling done this year and last. 

Gold is mainly associated with two rock types at Penelas East, according to Canamex.

The junior gold explorer said that as shown elsewhere on the property, these holes demonstrate that gold grades drop off quickly across certain structures across what appears to be a "hydrothermal front" between clay-rich and iron oxide-rich gold bearing zones.

"These core hole drill results confirm that the gold mineral system at Penelas East is broad and comprised of oxidized intervals within variously silicified volcanic rocks of mixed lithologies along a structural corridor," said president and COO, Greg Hahn, in the release.

"This corridor was defined by a recently completed VLF-EM survey, and much of the structure remains untested by either RC or core drilling."

Hahn said that based on the recent core drilling, the previous RC drilling seems to have properly identified and quantified the gold content that hosts the mineral system. The core drilling confirmed the spatial relationships of the gold mineralization and provided detail on the host lithologies of the mineralized structures that supports the prior drill cuttings. 

Last month, Canamex shares jumped after the company unveiled the final round of reverse circulation drilling results this year from its Bruner project, saying one hole in the heart of the historic resource area justified the need for an "intense" drilling program in 2014. 

The hole, B-1340, intersected 57.9 metres of 5.23 g/t gold between 260 and 450 feet in depth. The intercept included a clay-rich and silicified interval at about 275 feet containing 121 g/t gold. 

This hole is located about one mile west of the Penelas East discovery area, the company noted. The Penelas East area has been the focus of exploration for Canamex over the past two years, where a total of 40 holes, including five diamond drill holes, were completed. The target still remains open to the north. 

Shares climbed 7.7% on Wednesday morning, to trade at 7 cents in Toronto.

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Wed, 04 Dec 2013 10:53:00 -0500 http://www.proactiveinvestors.com/companies/news/98863/canamex-returns-core-drill-results-from-penelas-east-showing-long-intervals-of-gold-50459.html
<![CDATA[Media files - Canamex 'in the right spot, at the right time' in Nevada ]]> http://www.proactiveinvestors.com/companies/stocktube/3678/canamex-in-the-right-spot-at-the-right-time-in-nevada--.html Wed, 04 Dec 2013 10:38:00 -0500 http://www.proactiveinvestors.com/companies/stocktube/3678/canamex-in-the-right-spot-at-the-right-time-in-nevada--.html <![CDATA[News - Canamex shares jump on plans for aggressive drilling program at Bruner historic resource area next year ]]> http://www.proactiveinvestors.com/companies/news/98289/canamex-shares-jump-on-plans-for-aggressive-drilling-program-at-bruner-historic-resource-area-next-year-49574.html Canamex Resources Corp. (CVE:CSQ) (OTCQX:CNMXF) has unveiled the final round of reverse circulation drilling results this year from its Bruner gold project in Nevada, saying one hole in the heart of the historic resource area justifies the need for an "intense" drilling program in 2014. Shares jumped over 21% on the news, rising to 8.5 cents in early deals. 

The hole, B-1340, intersected 57.9 metres of 5.23 grams per tonne (g/t) gold between 260 and 450 feet in depth. The intercept included a clay-rich and silicified interval at about 275 feet containing 121 g/t gold, according to Canamex's statement Tuesday. 

This hole is located about one mile west of the Penelas East discovery area, the company noted. 

The final phase of this drilling was designed to test management's theories of the alteration spires found during field mapping this past summer, and the mineralization in the middle of the historic resource area. Earlier this year, the company bought historic data on the Bruner property, and during the course of the field season this year, it completed a geologic surface mapping campaign and underground mapping as prelude to the final phase of drilling.

The hole announced today was to test the possible continuation at depth of "very attractive gold grades" in several historic drill holes that appeared to define the central portion of the historic resource, beneath a couple of alteration spires, the company said.

Canamex president and COO, Greg Hahn, said: "These drill results confirm gold mineralization is associated with the silica alteration spires in the historic resource area. A total of over 50 silica alteration spires of varying surface dimensions have been mapped, most of which have not been evaluated with drill holes."             

"The above results, especially the results reported from B-1340 above, justify an intense drilling program in 2014 to quantify the gold associated with these alteration spires, especially where they are associated with breccia textures that suggest proximity to volcanic or hydrothermal vent areas."

The company will work through the winter to gather all of the data ahead of an aggressive drilling program for the historic area planned for next year. 

Meanwhile, Canamex also drilled another large silica alteration spire located about 200 metres west of the heart of the historic resource area, with hole B-1335 returning 47.2 metres at 1.10 g/t gold. 

The latest drilling news follows the company's announcement late last month that it has identified several more "hot spots" over the Penelas East discovery and surrounding area at its Bruner gold project after a preliminary geophysical survey.  A total of seven VLF-EM lines were run over an area roughly 600 metres long by 400 metres wide, covering less than 1.7% of the approximately 14.2 square kilometre Bruner property.                

The Penelas East area has been the focus of exploration for Canamex over the past two years, where a total of 40 holes, including five diamond drill holes, were completed. Of the 37 holes reported thus far, all but five reverse circulation holes and one core hole contain appreciable gold mineralization, according to the junior gold explorer. The target still remains open to the north. 

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Tue, 05 Nov 2013 11:03:00 -0500 http://www.proactiveinvestors.com/companies/news/98289/canamex-shares-jump-on-plans-for-aggressive-drilling-program-at-bruner-historic-resource-area-next-year-49574.html
<![CDATA[News - Canamex Resources finds more potential gold "hot spots" at Penelas East ]]> http://www.proactiveinvestors.com/companies/news/98107/canamex-resources-finds-more-potential-gold-hot-spots-at-penelas-east-49251.html Canamex Resources (CVE:CSQ)(OTCQX:CNMXF) says that it has identified several more "hot spots" over the Penelas East discovery and surrounding area at its Bruner gold project in Nevada after a preliminary geophysical survey. 

The survey confirmed the hot spots, as identified in red/pink tones on a density map. The company said the striking coincidence of the outline of gold mineralzation in Penelas East, as confirmed by drilling over the past year, and the current density anomaly seen in the red/pink tones, leads management to believe that there may be opportunities for more gold mineralization in "numerous other undrilled hot spots". 

It says the potential exists particularly on the colour anomalies that are on possible structural trend of the Penelas East mineralization.

The preliminary survey was run earlier this month by International Geophyscial Services of Lakewood, Colorado, in an effort to identify the structural fabric that is either controlling or constraining the distribution of gold grade in the drilling found so far. 

A total of seven VLF-EM lines were run over an area roughly 600 metres long by 400 metres wide, covering less than 1.7 per cent of the approximately 14.2 square kilometre Bruner property. 

The Penelas East area has been the focus of exploration for Canamex over the past two years, where a total of 40 holes, including five diamond drill holes, were completed. Of the 37 holes reported thus far, all but five reverse circulation holes and one core hole contain appreciable gold mineralization, according to the junior gold explorer. 

The target still remains open to the north. 

A follow up geophysical survey has been designed and will be completed next month on an area of one kilometre squared, surrounding the central current density anomaly that identifies the gold mineralization drilled to date. After this, a drilling program will be designed for next year to test the extensions to the known mineralized area. 

Last year, Canamex drilled a total of 20 holes at its Penelas East high grade target, which averaged 48 metres of thickness and 1.41 grams of gold. 

The company is garnering attention from more senior miners like Hecla Mining (NYSE:HL), which has invested $2.52 million towards a 15 per cent stake in the junior explorer. It recently announced the appointment of Hecla’s senior VP of exploration, Dr. Dean McDonald, to its board of directors.

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Fri, 25 Oct 2013 09:37:00 -0400 http://www.proactiveinvestors.com/companies/news/98107/canamex-resources-finds-more-potential-gold-hot-spots-at-penelas-east-49251.html
<![CDATA[News - Canamex Resources sees more drilling ahead at Bruner ]]> http://www.proactiveinvestors.com/companies/news/97895/canamex-resources-sees-more-drilling-ahead-at-bruner-48921.html Canamex Resources Corp. (CVE:CSQ)(OTCQX:CNMXF) unveiled Tuesday drilling progress at its Bruner gold project in Nevada, saying that next year, it plans to design and permit new access to be able to drill deeper into the vein system at the Bruner vein target area. 

Drilling over the last two months focused at three areas of the project -- the Penelas East discovery area, the new Bruner vein target area located about one mile north of Penelas East, as well as within and around the historic resource area. 

At Penelas East, five reverse circulation holes were drilled south of the previous drilling, with all holes intersecting low grade gold below 500-foot depths, but not intersecting the target zone where projected. The company said the low grade gold encountered represents the eastern edge of the projected and offset mineral system.

Core drilling is also underway in this area, with two holes offset to previous drill holes reported. The company is planning to drill a third core hole in the area before finishing this year's drill campaign. Last year, Canamex drilled a total of 20 holes at its Penelas East high grade target, which averaged 48 metres of thickness and 1.41 grams of gold. 

Meanwhile, at the Bruner vein target area, the company drilled seven reverse circulation holes to test the potential for a high-grade epithermal vein at depth, with the best intercept returning 5 feet of 2.44 grams per tonne of gold. 

"These results suggest we are high in the vein system, above the boiling zone and possibly within a larger epithermal vein system," Canamex said in its release, adding that it views this as a "very encouraging sign" as gold in epithermal vein systems precipitates mainly at and below the boiling point.

Finally, at the historic resource area of the project, assay results from a reverse circulation drilling program are pending. If successful, they open up a large untested area for further drilling next year, Canamex said. 

In August, Canamex staked a total of 90 new unpatented lode mining claims at its Bruner gold project. Sixty claims were staked to cover the mineral rights on the west side of the property, which is closer to the NV Energy power transformer and a take-off point for a distribution line located in Gabbs, Nevada. Additionally, the Vancouver-based company staked 30 unpatented lode mining claims covering open fractions that "secure the company's mineral tenure over the gold deposits."               

The company is garnering attention from more senior miners like Hecla Mining (NYSE:HL), which has invested $2.52 million towards a 15 per cent stake in the junior explorer. It recently announced the appointment of Hecla’s senior VP of exploration, Dr. Dean McDonald, to its board of directors.

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Tue, 15 Oct 2013 10:32:00 -0400 http://www.proactiveinvestors.com/companies/news/97895/canamex-resources-sees-more-drilling-ahead-at-bruner-48921.html
<![CDATA[News - Canamex: intercepts show continuation of gold mineralization at Bruner ]]> http://www.proactiveinvestors.com/companies/news/96963/canamex-intercepts-show-continuation-of-gold-mineralization-at-bruner-47302.html Canamex Resources (CVE:CSQ) announced Wednesday the results from additional drill intercepts from its 2013 reverse circulation (RC) drilling program at the Bruner gold project, Nye County, Nevada.

Results were returned from four holes, B-1317 through B-1320, which were drilled to test the northern extension of the high-grade structure at the Penelas East target.

Drill hole B-1319 intersected a high-grade structure at 635-640 feet grading 30.7 grams of gold per tonne (g/t) within a wider zone averaging 7.2 (g/t) gold over 9.1 meters  between 630-660 feet.

A re-run on the interval 635-640 feet using gravimetric methods returned 32.9 (g/t) gold, mineralization that has not yet been fully tested as the hole was terminated at 660 feet. 

These intercepts confirm the continuation of significant gold mineralization to the north of previously drilled intercepts at the Penelas East target.

According to the Vancouver-based explorer, project geologists have not determined the attitude of all of the mineralized intercepts, and therefore cannot determine the true width of any of the reported intercepts at this time. 

"We continue to intersect stockwork gold mineralization in all holes drilled into the Penelas East target. There appears to be a lower grade stockwork zone surrounding the high-grade structure(s), which should allow for considering open pit mining of this gold zone,” said president and COO Greg Hahn in a company statement released with the results.

Meanwhile the RC drilling program has been focused on drilling the southern extension of the Penelas East target area, following up on the high grade intercept in hole B-1301 completed and reported earlier in the year

Future drilling will test northern and southern extensions to the gold mineralization, as well as further characterize the gold bearing zones.

September is forecast to bring with it the commencement of a core drilling program for the Bruner project with three core holes planned to drill into the high-grade zones at Penelas East to help refine the geology and attempt to resolve the several possible geological interpretations.

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Wed, 21 Aug 2013 09:50:00 -0400 http://www.proactiveinvestors.com/companies/news/96963/canamex-intercepts-show-continuation-of-gold-mineralization-at-bruner-47302.html
<![CDATA[News - Canamex Resources stakes 90 new claims at Bruner gold project ]]> http://www.proactiveinvestors.com/companies/news/96895/canamex-resources-stakes-90-new-claims-at-bruner-gold-project-47152.html Canamex Resources (CVE:CSQ) said it has staked a total of 90 new unpatented lode mining claims at its Bruner gold project in Nye County, Nevada. 

Sixty claims were staked to cover the mineral rights on the west side of the property, which is closer to the NV Energy power transformer and a take-off point for a distribution line located in Gabbs, Nevada.

Canamex said the location is ideal for all-weather heap leaching and construction of the shortest possible power distribution line to the property.

Additionally, the Vancouver-based company staked 30 unpatented lode mining claims covering open fractions that "secure the company's mineral tenure over the gold deposits."

Its land position at Bruner now spans about 15 square kilometers.

Canamex has paid all maintenance fees to The Bureau of Land Management for the newly-staked claims and has completed new topographic mapping and aerial mapping of the property, paving the way to "establishing a maiden NI 43-101 mineral resource" as it prepares for a preliminary economic assessment next year.

Last year, Canamex drilled a total of 20 holes at its Penelas East high grade target, which averaged 48 metres of thickness and 1.41 grams of gold. Drill hole B-1301 hit 91.4 metres of 3.1 grams per tonne (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 asset.

The company is garnering attention from more senior miners like Hecla Mining (NYSE:HL), which has invested $2.52 million towards a 15 per cent stake in the junior explorer. It recently announced the appointment of Hecla’s senior VP of exploration, Dr. Dean McDonald, to its board of directors.

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Thu, 15 Aug 2013 14:41:00 -0400 http://www.proactiveinvestors.com/companies/news/96895/canamex-resources-stakes-90-new-claims-at-bruner-gold-project-47152.html
<![CDATA[News - Canamex Resources sticks to drilling at Bruner as project potential gleams ]]> http://www.proactiveinvestors.com/companies/news/96883/canamex-resources-sticks-to-drilling-at-bruner-as-project-potential-gleams-47132.html Canamex Resources (CVE:CSQ) (OTCQX:CNMXF) is developing its Bruner project in Nevada at a time when the junior exploration market has been hurting, to put it mildly, from lack of funds and investor interest, but that hasn’t stopped CEO Bob Kramer from advancing the property to attract the attention of industry majors.

The company has seen investment from the likes of giant silver miner Hecla Mining (NYSE:HL), investing $2.52 million for a near 15 per cent stake in the junior explorer last year. Canamex also just announced the appointment of Hecla’s senior VP of exploration, Dr. Dean McDonald, to its board of directors, which Kramer unsurprisingly views as a positive for the company.  

The company has been drilling away at its Bruner project, on various targets at the property, deciding this year to zero in on high grade areas. In 2012, Canamex drilled a total of 20 holes at its Penelas East high grade target, which averaged 48 metres of thickness and 1.41 grams of gold. 

“This area of the property is one we consider to be potentially quite significant,” says Kramer. Indeed, right out of the gate this year, drill hole B-1301 hit 91.4 metres of 3.1 grams per tonne (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 asset. This hole 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. 

These results have driven the company toward continued focus on Penelas East, as well as the other high grade target of the old Bruner mine vein on the east side, where drilling is due to start “in the next month or so”. “The property will tell us how many metres we are going to drill. We are being very careful on how we are proceeding with our drilling program,” says Kramer. 

Indeed, both established miners and junior exploration companies have had to work diligently, cautiously dishing out whatever cash they have until dry capital market conditions improve. Canamex has, for example, been quite attentive not to drill in an area where it was not getting “the proper feedback”. 

Case in point, the company decided not to focus on the northern extension of the historic resource at the property after some drilling there earlier this year, understanding that from a market perspective, “the interest is in higher grade possibilities”, despite the potential for “excellent gold recoveries from an internal standpoint”. 

“We did a column leach test on this historic non-NI-43-101 compliant resource area simulating two and three-stage crushing, with essentially identical test results of 85% gold extraction. This is very important from an operating standpoint – if one can eliminate an additional stage of crushing, power consumption can be reduced,” he explains. 

Kramer says this points to the potential for positive economics of a heap leach operation at Bruner , which could benefit from a transmission line located 20 miles away, with a blanket right to move distribution  lines into its property “without having to go through environmental assessments”. This compares to situations where power is more remote, and projects have to generate power through diesel, becoming much more expensive to operate. 

The company is entirely focused on the Bruner project, dedicating all of its energy and resources there. It also has the Aranka North gold asset in Guyana, where it has met all its expenditure obligations, but that project is in a care and maintenance situation for the time being, due to market conditions. 

“We’re a small company, and the market is horrible right now. We’re husbanding resources where appropriate.”

It seems wise of Canamex to focus on Penelas East with the recent results hailing out of the area, which is a 1.5 kilometre distance from the old Bruner mine vein.

When asked about an NI 43-101 compliant resource, with the company already having a historic, non compliant resource of roughly 383,000 ounces of gold, Kramer says he is first aiming to get a better understanding of the property as a whole by putting money into drilling. He adds, however, that it will indeed happen, potentially at some point in 2014, but the maiden report is not “top of mind” at the moment. 

Canamex, unlike many junior explorers out there currently, has enough cash to carry out its drilling plans at Penelas East and the old Bruner mine this year, but the Canadian company has not escaped unscathed from the recent bloodbath in junior mining stocks. “It’s a more brutal correction than many had anticipated, and gold has come under a significant amount of pressure, having an overall negative impact on all junior resource stocks – it has certainly impacted Canamex for sure.”

Kramer is still encouraged, though, as he says it is hard to imagine that gold will not have a recovery, and potentially a significant one occurring by the end of this year. He believes we are starting to see the first signs of a more positive environment to come.

“We’re at that point in the junior market where it has been in a state of distress for so long, that when a move finally does occur, it could be pretty dramatic.”

The chief executive points to the fact that there are many opportunities that are substantially undervalued in his view, including Canamex, with the company “getting no credit for its cash or favourable location in Nevada”. 

“Hecla has made three strategic investments so far, and we are one of them. We should definitely take some positives from that, and from our zip code in Nevada.

“The market is not prepared to pay up where there is potential for geopolitical risk. That doesn’t exist in Nevada.” The Nevada project, in which Canamex has the right to earn a total 75 per cent stake, stretches a total of about 2,100 acres in central Nevada near the Paradise Peak Mine, the Round Mountain Mine, and the Rawhide mine, about 25 miles west. The historic resource at the site, though not compliant, was based on work completed by some heavyweights in the industry, including Miramar, Newmont (NYSE:NEM), and Kennecott.

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Thu, 15 Aug 2013 08:19:00 -0400 http://www.proactiveinvestors.com/companies/news/96883/canamex-resources-sticks-to-drilling-at-bruner-as-project-potential-gleams-47132.html
<![CDATA[News - Canamex Resources adds Hecla exec Dr. Dean McDonald to its board ]]> http://www.proactiveinvestors.com/companies/news/96619/canamex-resources-adds-hecla-exec-dr-dean-mcdonald-to-its-board-46686.html Canamex Resources Corp. (CVE:CSQ) (OTCQX:CNMXF) has appointed Dr. Dean McDonald, currently silver miner Hecla Mining's (NYSE:HL) senior vice president of exploration, to its board of directors. 

"Dean is experienced in all aspects of mineral exploration, and is a welcome addition to the team as we continue to progress our Bruner Gold Project in Nye County, Nevada," said Canamex chairman and CEO Robert Kramer.      

Late last year, the company announced a strategic investment from Hecla of $2.52 million, taking up 14 million shares for a 14.84 per cent stake in the junior explorer at closing. 

For so long as Hecla holds more than 10 per cent of Canamex's outstanding shares, the company has the right to maintain its interest in Canamex and nominate one person to the board. 

Earlier this month, Canamex reported a new high grade gold intercept at its Penelas East discovery area found on its Bruner gold project in Nevada. A new drill pad in the region was constructed in June, located 90 metres north of the initial discovery hole found last summer, and 140 metres north of the high grade gold intercept announced in April. 

The new hole, B-1316, cut 1.5 metres grading 37.9 grams per tonne (g/t) gold, from between 340 to 345 feet, within a wider zone averaging 4.27 g/t gold over 21.3 metres. 

Two more holes near the area have already been drilled, with results pending, while another hole is also being drilled to intersect the high grade structure 100 feet above the intercept in the latest hole completed. 

The Canadian listed junior 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. 

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Wed, 31 Jul 2013 13:16:00 -0400 http://www.proactiveinvestors.com/companies/news/96619/canamex-resources-adds-hecla-exec-dr-dean-mcdonald-to-its-board-46686.html
<![CDATA[News - Canamex Resources hits more high grades at Penelas East, area to remain a priority this year ]]> http://www.proactiveinvestors.com/companies/news/96297/canamex-resources-hits-more-high-grades-at-penelas-east-area-to-remain-a-priority-this-year-46159.html Canamex Resources Corp. (CVE:CSQ)(OTCQX:CNMXF) reported Wednesday a new high grade gold intercept at its Penelas East discovery area found on its Bruner gold project in Nevada. 

A new drill pad in the region was constructed in June, located 90 metres north of the initial discovery hole found last summer, and 140 metres north of the high grade gold intercept announced in April. 

The new hole, B-1316, cut 1.5 metres grading 37.9 grams per tonne (g/t) gold, from between 340 to 345 feet, within a wider zone averaging 4.27 g/t gold over 21.3 metres. 

Two more holes near the area have already been drilled, with results pending, while another hole is also being drilled to intersect the high grade structure 100 feet above the intercept in the latest hole completed. 

"We are very excited to continue to intersect high-grade gold in the Penelas East discovery area, " said president and COO Greg Hahn in the release Wednesday. "This high-grade structure remains open and undrilled to the north of the fence of holes currently being drilled, and remains open and undrilled to the south of hole B-1301, located about 140 meters south of the intercept reported above from hole B-1316."

Hahn also said that he believes the company now has a "good handle" on the strike and dip of the high grade structures, with continued drilling here to be the focus of its work for the "forseeable future". 

"In addition, we plan to bring in a core drill in September to get a more detailed look at the structure hosting the high-grade gold," he added. 

The company has also completed drilling on the northern extension to the historic resource on the property, saying it intersected several intervals between tens of feet to 100 feet plus thick, grading 0.01 ounces per ton, but did not return any higher grade material that justified continued drilling on the target. The rig thus returned to the Penelas East target area, with the drilling to continue on the east side of the Bruner property for the remainder of the year. 

The Bruner 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.

The Canadian listed junior 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. Shares of the company are currently trading at 7 cents on the TSX Venture Exchange. 

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Wed, 17 Jul 2013 10:50:00 -0400 http://www.proactiveinvestors.com/companies/news/96297/canamex-resources-hits-more-high-grades-at-penelas-east-area-to-remain-a-priority-this-year-46159.html
<![CDATA[News - Canamex Resources releases more "encouraging" results from Penelas East discovery ]]> http://www.proactiveinvestors.com/companies/news/95493/canamex-resources-releases-more-encouraging-results-from-penelas-east-discovery-44803.html Canamex Resources Corp. (CVE:CSQ)(OTCQX:CNMXF) shares gained Friday after announcing more encouraging results from the Bruner project in Nevada, specifically the Penelas East discovery area, from where the first holes of this year's program were announced in April. 

The latest five reverse circulation drill holes were completed on drill pad number two, according to Canamex's statement, which is just 80 metres north of drill pad one, where the first two holes of the 2013 campaign were drilled that intersected gold grades as high as 117 grams per tonne (g/t). 

Notable results released Friday include 1.585 g/t gold over 30 feet, and 2.4 g/t gold over 5 feet. 

"We are encouraged by these results," said president and COO Greg Hahn in the release today. "All five holes are mineralized and could be accessible by open pit. 

"Importantly, a three dimensional analysis of the high grade intercepts encountered in discovery hole B‐1201 and B‐1301 suggest the +110 gpt Au intercepts (+3 opt ) are contained in a steep‐ eastward dipping structure which was not penetrated by drill holes B‐1303 to B‐1307."

Indeed, a new pad has been constructed from where a historic hole drilled by Newmont Mining intersected 95 feet of 0.057 ounces per ton, which is believed to be the upper extension of the high grade structure found in the discovery hold drilled last year, and the first hole of the 2013 campaign announced back in April. Drilling on this new pad should begin in mid June, once work on the northern extension to the historical resource has been wrapped up. 

The Bruner 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 company has been drilling on the northern extension of this resource since finishing the drill holes on Penelas East reported today, with six holes having been completed. Results are anticipated as soon as they are received and analyzed, Canamex said. 

Shares were lately trading at 8 cents on the TSX Venture Exchange on Friday. Earlier this year, the junior mineral explorer 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. 

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. 

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Fri, 07 Jun 2013 14:28:00 -0400 http://www.proactiveinvestors.com/companies/news/95493/canamex-resources-releases-more-encouraging-results-from-penelas-east-discovery-44803.html
<![CDATA[News - Canamex Resources drills second best intercept ever at Bruner project ]]> http://www.proactiveinvestors.com/companies/news/94470/canamex-resources-drills-second-best-intercept-ever-at-bruner-project-43045.html

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. 

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Tue, 23 Apr 2013 11:46:00 -0400 http://www.proactiveinvestors.com/companies/news/94470/canamex-resources-drills-second-best-intercept-ever-at-bruner-project-43045.html
<![CDATA[News - Canamex Resources encouraged by latest metallurgical tests at Bruner ]]> http://www.proactiveinvestors.com/companies/news/93712/canamex-resources-encouraged-by-latest-metallurgical-tests-at-bruner-41782.html Canamex Resources Corp. (CVE:CSQ)(OTCQX:CNMXF) revealed Tuesday the results of bottle roll cyanide leach tests from two holes drilled last year at its Penelas East discovery area on its Bruner gold project in Nevada, which the company calls "very encouraging". 

The tests were done on composite, coarse "reject" drill cuttings from the two holes, and returned an average of 97 percent gold extraction from 21 composites on Penelas East. 

The company is planning on completing further bottle roll tests to quantify the metallurgical characteristics of the gold-bearing material at the project. 

"We are very encouraged by these metallurgical test results," said president and COO, Greg Hahn. "These results support the observations of consulting geologist Don White, in his report on logging of core hole B-1207C that the gold-bearing event appears to accompany last-stage fracture filling and to be the latest event at the Penelas East, post-dating at least five previous periods of silica veining or flooding."

He said this means that the gold does not appear encapsulated in silica, and that the gold extractions in bottle roll tests are "indistinguishable" from those performed on the bulk sample from the historic resource area at the site - which returned over 85 percent gold extractions in column leach tests. 

The latest bottle roll tests were run to assess the cyanide solubility from two holes, which showed a wide range of grades and vertical extent of gold mineralization with two "distinctly different" rock types, the company said. 

"The positive results indicate that there is no material difference in gold solubility in samples ranging from less than 200 feet below the surface, to samples from greater than 500 feet below the surface," Canamex explained in the statement, adding that there is also no difference in gold solubility between head grades from 0.34 grams per tonne (g/t) gold to 21.94 g/t.

Although the bottle roll tests were run for 96 hours, the company said that almost all of the gold was leached in 24 to 48 hours, with low cyanide consumption. Essentially all of the gold was soluble in cyanide. 

Silver solubility was also found to be encouraging, with an average silver cyanide solubility of 79% at an average head grade of 6.5 g/t silver. 

Though silver is not a strong driver at the Bruner project, the silver extractions bode well for the precious metal contributing to the economics of the project, even at low silver grades, Canamex said. 

Earlier this month, the Vancouver-based company signed a contract to start 6,700 metres of reverse circulation drilling at its Bruner gold project, to last through June of this year. Additional drilling of "at least a similar amount" is expected during the second half of this year.                         

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. 

In the first half of this year, drilling will begin on the west side of the Bruner property, on the northern extension of the historic resource area. The area has seen little drilling, the company has said, with a total of 16 holes from four sites planned to test the northern extension. 

Separately, the company said Tuesday that Herb Duerr has resigned from the company's board of directors to pursue other business interests. 

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Tue, 19 Mar 2013 11:33:00 -0400 http://www.proactiveinvestors.com/companies/news/93712/canamex-resources-encouraged-by-latest-metallurgical-tests-at-bruner-41782.html