MENAFN - ProactiveInvestors - N.America
US- Canamex looks ahead to 2013 with "real optimism" for Bruner gold project in Nevada
Canamex Resources announces drill results form its last 2012 campaign and outlines plans for 2013 at its Bruner gold project in Nevada.
(MENAFN - ProactiveInvestors - N.America) Canamex Resources Corp.'s (CVE:CSQ) (OTCQX:CNMXF) president and COO Greg Hahn says the company is looking to 2013 with excitement for what it believes is "a large and robust gold bearing mineral system" at its Bruner gold project, in Nye County, Nevada.
The gold explorer Wednesday announced 2012 drilling results and 2013 exploration plans for its new Penelas East discovery area of the property, where it reported high-grade intercepts in March and July of last year, noting that the latest campaign was designed to test for high-grade gold-silver veins on the property.
All together, the company said this mineral system looks to be over 600 metres long, one hundred metres wide, and intersected over a vertical range of up to 200 metres.
Notably, 11 of the 12 holes drilled at Penelas East intersected "significant thicknesses" of gold grading higher than 0.34 grams per tonne (g/t) gold over potentially minable widths along a length of 180 metres of strike, and across widths of up to over 100 metres.
"We are excited to have tapped into what appears to be a large and robust gold bearing mineral system, and look forward to continued drilling along the open extensions to the system that has been defined to date," said president and COO Greg Hahn, adding that Penelas yielded some "very interesting, higher grades" in the spring and summer of 2012.
In 2012, a total of 20 holes were drilled at the new Penelas East area and 19 hit mineralization with an average overall thickness of 48.2 metres averaging 1.4 g/t gold.
Canamex said the gold-bearing zone remains open both to the north and south, and these extensions will be the focus of continued drilling in the spring of 2013 when the weather permits.
The company noted that two historic drill holes immediately north of the area drilled in 2012, intersected 15.2 metres grading 6.14 g/t gold and 29 metres grading 1.95 g/t gold, which it now interprets as the upper extension of the Penelas East discovery area.
In the year ahead, it plans to test at lower elevations of 6300 to 6000 feet, which is believed to be "the major boiling zone" and where it said the best gold intercepts have been encountered to date. The company also said it plans to start initial metallurgical work on drill cuttings from Penelas East.
Separately, Canamex said its technical advisory committee, formed earlier this month, has recommended to the board a 6,700-metre drilling program for the first half of 2013, to be split between the Penelas East area and the northern extension to the historic resource area.
The company said that a historic work, summarized in 1991 report by John Schilling, identified a low-grade, non NI 43-101 compliant, resource near the southwest portion of the property. The report identifies roughly 383,000 ounces of gold, or 15 million tonnes at 0.026 ounces per tonne (opt) gold within the July-Duluth area of the project.
Recently acquired rock and soil sampling over the historic resource area shows a gold anomalous area roughly 100 metres wide by 200 metres long, that contains samples of up to more than 50 g/t gold, Canamex said, and which has not been drilled before.
Combined, the company said these two target areas "could add significantly" to the mineral inventory at the Bruner property.
The Bruner project is located in central Nevada, about 45 miles northwest of the Round Mountain Mine, which has produced over 10 million ounces of gold over a 30 year period. Historically, Bruner has produced around 100,000 ounces, at an average grade of 0.56 ounces per ton.
In addition, Canamex said that an area roughly 100 metres by 100 metres located to the east of the historic resource area, contains "highly anomalous gold" in soils and rock chips and which contains no drill holes. This area will be a focus of detailed geologic mapping and follow-up sampling ahead of drilling in the second half of the year.
Also in the second half of 2013, Canamex anticipates it will be ready to drill its newly defined Bruner vein target area located about 1.5 kilometres north of the Penelas East, which recently returned up to five g/t gold in rock chip samples.
It noted that a location near the Bruner vein has returned over seven g/t gold in historic rock chip samples and has seen "absolutely no follow-up mapping or sampling" since the samples were taken in the late 1980s. Importantly, the company said there has been no drilling in the Bruner vein target area.
The company is presently operating under a Notice of Intent, which allows for all drilling planned in 2013. Canamex said the year ahead will see it prepare a "plan of operations" that will allow extensive drilling of these resource areas and additional target areas going forward.
"With the successful financings completed in 2012 we now have the capital resources with which to execute our exploration program," concluded Hahn.
"Positive drill results seen on the property, having Hecla Mining (NYSE:HL) as a strategic investor, multiple targets to go after and column leach tests from the historic resource area where gold extractions achieved recoveries of 85 per cent, as announced in September last year, give us real optimism for the Bruner property in 2013," said the company's chairman and CEO Robert Kramer.
In addition to the Bruner project, Canamex is focused on its Aranka North gold project in Guyana.
The company said it had in excess of 4.1 million cash on hand at the end of 2012, and believes it has enough to carry out its exploration work at both projects into early 2014.
By Carrie White
MENA News Headlines
|Mar 7 2014||Cement demand to grow on infrastructure projects in Oman ,MENAFN|
|(MENAFN) Infrastructure projects in Oman is expected to reflect a high growth on the cement sector, according to Oman Observer.
Omani government plans to launch developing transport and social ...|
|Mar 7 2014||Aviation sector to register highest growth in ME ,MENAFN|
|(MENAFN) Traffic in air passenger and air cargo is expected to outperform in the Middle East by 2032 compared to all other regions, according to Oman Observer.
Air passenger traffic in the Middle ...|
|Mar 7 2014||UAE's Danube revenue up 17 percent in H2 ,MENAFN|
|(MENAFN) Sales revenue of Danube Group, a leading construction and home interior company in the UAE, was estimated at USD 544 million in 2013, according to Khaleej Times.
Revenue rose by up to 17 ...|
|Mar 7 2014||UAE, Serbia sign USD1 b loan deal ,MENAFN|
|(MENAFN) UAE's Department of Finance has signed a USD1 billion loan deal with Serbian Finance Minister in a visit to Abu Dhabi, according to Khaleej Times.
The loan deal aims to strengthen ...|
|Mar 6 2014||Cement demand in Oman to grow 6 percent annually ,MENAFN|
|(MENAFN) Cement demand in Sultanate of Oman is expected to grow in the upcoming few years, Times of Oman reported.
Huge infrastructure and tourism projects in the Gulf nation will push cement ...|
|Mar 6 2014||Gulf investors to invest in Moroccan private sector ,MENAFN|
|(MENAFN) A partnership between Saudi Islamic Corporation for the Development of the Private Sector (ICD) and Morocco-based Al Ajial Funds has been signed to invest jointly in Morocco's private ...|
|Mar 6 2014||UAE top importer of Swiss watches in region ,MENAFN|
|(MENAFN) The Federation of the Swiss Watch Industry said that the UAE ranked first as the primary Middle Eastern country in the Top Ten list of importers of Swiss watches, Saudi Gazette ...|
|Mar 6 2014||Bahrain oil, gas, water projects at USD14b ,MENAFN|
|(MENAFN) Bahrain has re-asserted itself as a regional powerhouse in the oil & gas as well as power & water sectors, Saudi Gazette reported.
The country has USD14 billion worth of oil, gas power ...|
|Mar 6 2014||Jacobs wins BP contract in Oman ,MENAFN|
|(MENAFN) Jacobs Engineering has been awarded with contract by BP for process and infrastructure work on the greenfield Khazzan project in Oman, Times of Oman reported.
Vice president of Jacobs ...|
|Mar 6 2014||Al Futtaim Carillion wins USD250m contract in Dubai ,MENAFN|
|(MENAFN) Al Futtaim Carillion announced that it has won a contract by Meraas in the UAE, Arabian Business reported.
The USD250.66 million contract is for the construction of the Avenue Phase 2 ...|
|Mar 6 2014||Hilton plans Qatar expansion ,MENAFN|
|(MENAFN) Hilton Worldwide is planning to expand in Qatar with the signing of a management agreement with First Qatar Real Estate Development Company, The Peninsula Qatar.
The management agreement ...|
|Mar 6 2014||Saudi MERS death toll rises to 62 ,AFP|
(MENAFN - AFP) Saudi health authorities said Thursday a man has died from the MERS coronavirus, bringing the death toll from the respiratory disease in the worst-hit country to 62.
The 55-year-old ...|
|Mar 6 2014||Olsen writes off England's World Cup chances ,Kora|
|(MENAFN - Kora) Daniel Sturridge scored the only goal of the game with a header eight minutes from time after England had looked set to fail to win at Wembley for a third consecutive game - following ...|
|Mar 6 2014||Sabella blames tiredness for dour showing ,Kora|
|(MENAFN - Kora) Sabella's team were nowhere near their best in Bucharest on Wednesday, with captain Lionel Messi particularly underwhelming as he appeared to struggle with illness.
|Mar 6 2014||'Happy' Keane to stay with Galaxy ,Kora|
|(MENAFN - Kora) The Ireland international, 33, has made 55 league appearances for the Galaxy, scoring 31 goals and helping them to two MLS Cup titles, while also bagging the club's MVP award last ...|
|Mar 6 2014||Del Bosque predicts bright future for Costa ,Kora|
|(MENAFN - Kora) Costa, who represented Brazil in two friendlies before pledging his international loyalty to Spain, where he plays for Atletico Madrid, started against Italy on Wednesday as his new ...|
|Mar 6 2014||International Friendly: Mexico 0 Nigeria 0 ,Kora|
|(MENAFN - Kora)
It was a chance-filled affair at the Georgia Dome, with all three participating goalkeepers - Guillermo Ochoa (Mexico), Vincent Enyeama and Austin Ejide (Nigeria) - all producing ...|
|Mar 6 2014||Flyers soar over Washington in NHL ,Kora|
|(MENAFN - Kora) The Flyers and Capitals are among the backlog of teams vying for play-off spots in Metropolitan, with the Flyers sitting second on 72 points, just five clear of the sixth-placed New ...|
|Mar 6 2014||NATO Steps Up Cooperation with Ukraine ,Qatar News Agency|
|(MENAFN - Qatar News Agency) NATO is stepping up its cooperation with Ukraine while reviewing cooperation with Russia, the NATO Secretary-General Anders Fogh Rasmussen said.
Speaking after talks ...|
|Mar 6 2014||Libya: Niger Extradites Gaddafi's Son Saadi ,Qatar News Agency|
|(MENAFN - Qatar News Agency) The Libyan government announced today that former leader Muammar Gaddafi's son, Saadi, has been extradited from Niger and is now in custody in Tripoli.
Saadi Gaddafi ...|