Canamex Resources Corp. (TSXV:CSQ,FWB:CX6,OTCQX:CNMXF) is a junior resource company focused on gold exploration. The Company’s two key properties are the Bruner Gold Project in Nevada and the Aranka North Gold Project in Guyana. Canamex is advancing the Bruner Gold Project toward a maiden NI 43-101 Resource Estimate and Preliminary Economic Assessment.
- Two drills active on the Bruner Gold Project in the mining-friendly jurisdiction of Nevada
- Located in close proximity to multimillion ounce gold projects
- High-grade vein discovery:
- Drill hole B-1301 intersecting 91.4 m of 3.1 gpt (300 feet of 0.090 opt), including 1.5 m of 117 gpt (5 feet of 3.402 opt)
- Drill hole B-1201 containing 110 m of 4.08 gpt (360 feet grading 0.119 opt)
- Advancing Bruner project toward a maiden NI 43-101 Resource Estimate and Preliminary Economic Assessment
Bruner Gold Project — Nye County, Nevada
The Bruner Gold Project is located in Nye County, Nevada about 130 miles east-southeast of Reno. In May 2010, Canamex entered into an option agreement with Provex Resources Inc. to acquire up to a 75 percent interest in the Bruner Gold Property.
The 3,500-acres property lies about 45 miles northwest of the Round Mountain Mine which has produced more than 10 million ounces of gold over a thirty year period. Historic production at the Bruner property itself includes approximately 100,000 ounces at an average grade of 0.56 ounces per ton. Previous exploration programs have resulted in a significant collection of geologic, geochemical and geophysical data, including historic work that identified a low-grade resource (non 43-101 compliant) near the southwest portion of the property. Some of this work was summarized in a report in 1991, which defined a (non 43-101 compliant) resource of 383,000 ounces of gold within the July-Duluth area of the project.
Drilling by Canamex in 2012 through 2013 has focused on a new discovery area about one mile east of the historic July-Duluth resource area, known as the Penelas East Target. In April 2013, the Company announced the results of the first and second drill holes at the Penelas East target including drill hole B-1301 which 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 is located approximately 180 feet south of the discovery hole B-1201. These two drill holes are very similar in character and the wide zone of mineralization with a central high-grade core remains open to the south. A detailed 3-D analysis of the high grade intercepts encountered in these two holes suggest the +110 gpt Au intercepts are contained in a steep-eastward dipping structure.
In August 2013, the Company announced results from further intercepts from the 2013 drilling program aimed at testing the northern extension of the high-grade structure at the Penelas East target. The results continue to confirm continuation of significant gold mineralization to the north of previously drilled intercepts at the target, including drill hole B-1319, which intersected a high-grade structure at 635-640 feet grading 30.7 gpt Au (0.900 opt) within a wider zone averaging 7.2 gpt Au over 9.1 m (0.210 opt over 30 feet) between 630-660 feet. A re-run on the interval 635-640 feet using gravimetric methods returned 32.9 gpt Au (0.960 opt).
The Penelas East target remains open. Drilling of the strike extensions of this gold mineralized zone is planned to continue through 2013 with further results expected to be released in the fourth quarter. Drill work will also focus on the Bruner Vein, a yet-to-be-drilled high-grade vein target.
The positive metallurgical results released in August 2012 coupled with continued high-grade intercept at the Penelas East target support management’s decision to advance the project toward establishing a maiden NI 43-101 mineral resource and formulating a preliminary economic assessment in 2014.
Aranka North Gold Project—Guyana, South America
The Aranka North Gold Project is located in the country of Guyana, on the northern coast of South America. The 98,057-acre property lies approximately 140 kilometres northwest of Guyana’s capital, Georgetown, in a region on trend with major gold discoveries by Guyana Goldfields at Aurora, and Sulphur Rose/ Aranka and Sandspring Resources at Toroparu. This trend alone hosts more than 14 million ounces of gold or approximately 70 percent of the quantified bedrock gold deposits currently known in Guyana.
The project is currently on care and maintenance. Click here to read more about The Aranka North Project.
Canamex Resources has the option to earn a 75 percent interest in the Bruner property and is actively advancing the project toward a maiden NI 43-101 Resource Estimate and Preliminary Economic Assessment. The property lies in close proximity to the Round Mountain Mine, which has produced more than 10 million ounces of gold over a thirty year period, as well as the Paradise Peak Mine and the Rawhide mine.
In April 2013, the Company announced the results of the first and second drill holes at the Penelas East target including drill hole B-1301 which 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.
Greg Hahn, P.Geo, Geo, Engineer — Interim CEO, President, and COO
Mr. Hahn is a Professional Geologist and Geological Engineer with more than 35 years of extensive experience in exploration and mine development. Mr. Hahn has held senior level management positions with several public mining companies and during his career has used his expertise to take projects from mine development through to production, including: permitting, engineering, construction and operations for Constellation Copper Corporation; construction and operations for two open pit heap leach gold and silver mines with Coca Mines Inc; exploration for investment opportunities in Latin America for St. Mary Minerals Inc.; and exploration and pre-development for Noranda Inc. Additionally, Mr. Hahn has been instrumentally involved in financing and mergers for Metalline Mining Company, which resulted in significant market cap increase, and Marathon PGM Corp which sold in 2010 for $170 million. Mr. Hahn holds a B.A. in Earth Sciences and an M.S. in Geology and Geological Engineering.
Richard Barnett, CGA — Chief Financial Officer and Secretary
Mr. Barnett has extensive corporate experience as a Chief Financial Officer, Controller, and Secretary with more than 20 years of accounting experience serving both public and private corporations. His experience covers a wide range of companies producing oil & gas, resource & explorations, engineering, and research & development In order to stay abreast of new business procedures, he has taken extensive business and accounting courses in addition to regulatory courses and workshops. In addition to overseeing the accounting functions within the Company, Mr. Barnett’s responsibilities include managing the annual audit, budgeting, preparation of financial statements and management discussions & analyses.
Dr. Dean McDonald, Ph.D., P.Geo. — Director
A seasoned industry professional, Dr. McDonald, Ph.D., P.Geo serves as Hecla Mining Company’s Senior Vice President-Exploration. Dr. McDonald is experienced in all aspects of mineral exploration from grassroots programs through to feasibility studies, ore reserve estimations, and has experience in operations. Prior to his employment with Hecla Mining Company, he was Vice-President Exploration and Business Development for Committee Bay Resource Ltd., and was Exploration Manager for Miramar Mining Corporation and Northern Orion Explorations from 1996 to 2003. From 1990 to 1995 he was Superintendent Technical Services at the Con Mine for Miramar Mining/Nerco Minerals. Dr. McDonald obtained his Bachelor of Science Degree from McMaster University, and completed a Master’s in Economic Geology at the University of New Brunswick. He completed a Ph.D. in Mineral Deposits Geology at the University of Western Ontario.
Dr. W. Pierce Carson, Ph.D. — Director
Dr. Carson, Ph.D. Geology, has more than 35 years of international mining experience, and has managed the discovery, financing, development and operation of precious metals, base metals and industrial mineral properties in the U.S., Australia and other countries. He has been President and CEO of Santa Fe Gold Corporation since 2003. From 1981 to 2000, Dr. Carson worked for Nord Pacific Limited and Nord Resources Corporation in senior management capacities, including President and CEO. Prior to 1981, he managed exploration programs for Exxon Minerals Company and Kennecott Copper Company. Dr. Carson holds a Bachelors Degree in Geology from Princeton University, and M.S. and Ph.D. Degrees in Economic Geology from Stanford University.
Mike Stark — Director
Mr. Stark has more than 32 years’ experience as a successful entrepreneur during which time he started, owned and operated two companies within the private sector. Additionally, Mr. Stark has more than 22 years’ experience as a fireman and is currently serving as Captain for the City of White Rock. As a former President of the Fire Department Charity, Mr. Stark has continued to perform an active leadership role in organizing fundraisers and charity events for the fire department and the community. He has served as an independent director and audit committee member since February 2009, and is also a director of TransAmerican Energy Inc.
Mark Billings, CFA, MBA — Director
Mr. Billings holds an MBA from Harvard Business School, and is a Chartered Financial Analyst. Mr. Billings, being an independent director and audit committee member of Canamex Silver Corp., is also currently the President and CEO of Orex Exploration Inc., Director and CFO of Argex Mining Inc., and a director of Bonaventue Enterprises Inc.