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Canamex (CSQ.V) Intersects 91 Meters of 3.1 G/Tonne

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RobertJames   Tuesday, 04/23/13 09:44:23 AM
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Canamex (CSQ.V) Intersects 91 Meters of 3.1 G/Tonne Gold (300 Feet of 0.090 Oz/Ton) Including 1.5 Meters of 117 GPT Au (5 Feet of 3.402 OPT) at Bruner Gold Project, Nevada



VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 23, 2013) - Canamex Resources Corp. (TSX VENTURE:CSQ)(OTCQX:CNMXF)(FRANKFURT:CX6) is very pleased to announce the assay results of the first and second drill holes of the 2013 drilling program at the Penelas East target area on the Bruner Gold Project, Nye, County, Nevada.

Drill hole B-1301 intersected 91.4 meters of 3.1 gpt (300 feet grading 0.090 opt) Au between 290-590 feet, including 5 feet grading 117 gpt (3.402 opt) Au and 396 gpt (11.55 opt) silver between 415-420 feet, in what is believed to be the second best intercept ever drilled on the Bruner property. The intercept in drill hole B-1301 is located approximately 55 meters (180 feet) south of the discovery hole B-1201 reported last year which contained 110 meters of 4.08 gpt (360 feet grading 0.119 opt) Au between 290-650 feet. In addition, drill hole B-1301 intersected two thinner and lower grade zones further down the hole at 660-695 feet grading 1.507 gpt (0.044 opt) Au and 750-780 feet grading 0.474 gpt (0.014 opt) Au.

Drill holes B-1301 and B-1201 are very similar in character with a high-grade core almost centered on an extensive and robust lower grade halo surrounding the high-grade core. Importantly, drill hole B-1301 is on the southern end of the drilling pattern completed to date at the Penelas East target area, and the wide zone of mineralization with a central high-grade core remains open to the south. Mineralization at this depth could be accessible by open pit.

Drill hole B-1302 (N95E azimuth and -75 degree inclination) was designed to intersect the mineralized zone 60 meters (200 feet) below that in B-1301 (N95E azimuth and -60 degree inclination) and intersected 16.8 meters (55 feet) grading 1.563 gpt (0.046 opt) Au from 640-695 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.

The mineralized zone appears to be steeply dipping but of unknown true width. The drill intercepts are summarized in the following table, and the complete table of results appears at the end of this release.

Highlights of Drill Hole B-1301



Hole

From (ft)

To (ft)

Thickness (ft)

Au grade g/tonne

Au grade oz/ton






B-1301

290

590

300

3.10

0.090






including:

415

420

5

117.00

3.402


All intercepts greater than 3 gpt (0.09 opt) Au are being re-assayed from a 1 kilogram split from the coarse rejects and pulverized entirely to -200 mesh to assess the presence of particulate gold in the higher grade intercepts.

12 Hole 2013 Spring Drilling Program at Penelas East

A total of twelve holes are planned for the Penelas East target area in the first half of 2013 to obtain a better understanding of the geometry and orientation of the mineralized zone, which is not exposed at the surface, being beneath 30 feet of alluvial cover and several hundred feet of mostly unmineralized flow-banded rhyolite, the latter of which appears to have formed an effective cap on the hydrothermal system. Results from these holes will be announced as they are received and analyzed and are expected to be released on a section-by-section basis going forward.

Quality Control

Drill samples were stored in a locked storage unit and retrieved by ALS-Chemex personnel, transported in their custody to the ALS-Chemex laboratory in Reno/Sparks, Nevada, where they were dried, crushed, and split, and representative splits sent to the ALS-Chemex laboratory in Vancouver for gold and silver analyses. Duplicates, blanks, and standards were inserted at regular intervals for QA/QC purposes.

Greg Hahn, Certified Professional Geologist (#7122) is the Qualified Person who has prepared and reviewed this press release in accordance with NI 43-101 reporting standards.


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