Canamex Resources climbs on core drill results from historic area at Bruner project
Wed 1:14 pm by Deborah Bacal
proactiveinvestors.com
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. |
