Canamex to Commence Exploration Drilling at Bruner Gold Project
Canamex to Commence Exploration Drilling at Bruner Gold Project, Nye County, Nevada
Momentum Public Relations
Press Release: May 30, 2017
Vancouver, British Columbia–(Newsfile Corp. – May 30, 2017) – Canamex Resources Corp. (TSXV: CSQ) (the “Company“) is pleased to announce that it has entered into a contract to drill 10,000 feet (3,000 metres) of reverse circulation drilling at the Bruner Gold Project, Nye County, Nevada.
H1 2017 Exploration Program
The Company will commence exploration drilling at the Bruner Gold Project on or about June 11, 2017, having contracted for 3,000 metres of reverse circulation (“RC”) drilling in a total 18-20 holes in the upcoming drilling program. Ten to twelve holes in 5-6 fans of two holes each are planned to test beneath the largest silica-adularia alteration spire located at the north end of the Historic Resource Area (“HRA”) on the property. Newmont drilled one hole (BRU-056) to the east of the alteration spire which intersected 45 feet (13.7 metres) of 1.19 gpt Au, including two 5-ft (1.5 metre) intercepts of +4 gpt Au from 95-145 feet (29-44 metres) down hole, and a second interval of 0.69 gpt Au from 355-390 feet (1.08-119 metres) down hole. This hole lies peripheral to the large alteration spire and is currently not included in the resource at the HRA.
The second half of the drilling program will test for extensions to the deep higher grade intercepts encountered at the end of the 2014 drilling program at the Penelas resource area, encountered primarily in breccias at a depth of 600-800 feet below the surface. Project geologists believe these deeper intercept reflect a deep boiling zone that hasn’t been intersected by drilling except for the late 2014 drilling completed by the Company. Those drill holes intersected 22.8 metres at 3.34 gpt Au (B-1430), 24.4 metres at 3.13 gpt Au (B-1446C (a core hole)), and 9.1 metres at 14.73 gpt Au (B1436 to end of hole), across a distance of up to 300 metres apart. A total of 6-8 holes are planned to test the ground between these three holes from 2014.
Greg Hahn, President and COO of the Company, stated, “These exploration holes have been in the planning stages since early 2015. It is only now, having closed the most recent financing, that we can drill these targets, using our limited financial resources in 2015 to buy out the patented claims, on which half of the resources lie, and in 2016 and Q1 2017 to negotiate the buy-out of Patriot Gold’s 30{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} working interest in the project. We now own 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} of the project and can move forward with testing these attractive targets.”
The drilling program is expected to take most of the months of June and July to complete, with assay results expected to start to return in early July. Drill samples will be transported to the ALS Minerals sample preparation facility in Sparks, Nevada, where they will be dried, crushed, split and pulverized and from whence a representative sample split of pulps will be sent to the ALS Minerals analytical facility in Vancouver, BC for gold and silver fire assays.
Successful drilling results will be followed by any necessary permit amendments and continued drilling.
Greg Hahn, President and COO and a Certified Professional Geologist (#7122) is the Qualified Person under NI43-101 responsible for preparing and reviewing the technical data contained in this press release.
ON BEHALF OF THE BOARD
SIGNED: “Mark Billings“
Mark Billings, Chief Executive Officer
Phone: (514) 296-1641; mbillings@canamex.us
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release, and the TSX Venture Exchange has in no way passed upon the merits of the transactions herein.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release are forward-looking statements that involve various risks and uncertainties. Forward-looking statements in this news release include statements in relation to the timing, cost and other aspects of the planned future programs on the Bruner property; and other future plans, objectives or expectations of the Company. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s plans or expectations include the risk that actual results of current and planned exploration activities, including the results of the Company’s planned future drilling program(s) on the Bruner property, will not be consistent with the Company’s expectations; the geology, grade and continuity of any mineral deposits and the risk of unexpected variations in mineral resources, grade and/or recovery rates; fluctuating metals prices; possibility of accidents, equipment breakdowns and delays during exploration; exploration cost overruns or unanticipated costs and expenses; uncertainties involved in the interpretation of drilling results and geological tests; availability of capital and financing required to continue the Company’s future exploration programs and preparation of geological reports and studies; delays in the preparation of geological reports and studies; the metallurgical characteristics of mineralization contained within the Bruner property are yet to be fully determined; general economic, market or business conditions; competition and loss of key employees; regulatory changes and restrictions including in relation to required permits for exploration activities (including drilling permits) and environmental liability; timeliness of government or regulatory approvals; and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. In connection with the forward-looking information contained in this news release, the Company has made numerous assumptions, including that the Company’s future exploration programs will proceed as planned and within budget. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as otherwise required by applicable securities legislation.
- Published in Canamex Resources Corp., Mining, News Home
Swiss Referendum – A Resounding NO
The Vote is in – and the people have said no on all three accounts. In an unsurprising move over the weekend, the vote was 77{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} to 23{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} in support of no. Polls forecast the initiative’s rejection.
The referendum was on 3 issues – the firs was the “Save Our Swiss Gold” initiative that stipulates that the Swiss National Bank hold at least 20 percent of its 520-billion-franc ($538 billion) balance sheet in gold and never sell any bullion ( and also which also required the 30 percent of central bank gold stored in Canada and the U.K. to be repatriated).
Currently holding about 1040 tons, The Swiss National Bank would have had to buy another 1,500 tons for about 60 billion Swiss francs ($62 billion) to meet the 20{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} level.
The other two issues were Immigration limits, and tax policies for foreign millionaires.
Switzerland operates under under a system of Direct Democracy. Several times a year referendums are held on both national and municipal levels. The gold initiative was put forth by several members of the Swiss People’s Party.
Thomas Jordan, President of the Swiss National Bank said in a statement, “The initiative is both unnecessary and dangerous”, saying further that “It is unnecessary because, under the current monetary order, there is no link between price stability and the share of gold in the SNB balance sheet.”
Pressure for the Swiss National Bank to cut interest rates below zero to keep the Swiss franc below its exchange rate floor has mounted in recent months – the “Save Our Swiss Gold” shows a growing discontent with easy monetary policy.
Despite the early drop this morning, gold prices rally around $1192.
- Published in Blog
“Save our Swiss Gold”: Could this Cause a new Gold Rally?
This weekend Switzerland is set to vote on 3 referendums, requiring the central bank to hold at least 20 percent of its assets in gold, a clampdown on immigration and abolishing tax privileges for foreign millionaires.
“If these initiatives get accepted, Switzerland will be at a turning point” said Patrick Emmenegger, professor of comparative political economy and public policy at the University of St. Gallen.
“Save Our Swiss Gold” was started by several members of the Swiss People’s Party, who argue that the Swiss National Bank was wrong to sell 1500 tons from 2000-2008.
This “Save Our Swiss Gold” initiative would require the Swiss National bank to build up its bullion holdings, which are currently at 8{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} of it’s assets. Michael Widmer, a Bank of America Anaylist, suggests that it could create a firm support at $1200/ounce, and could push gold above $1350/ounce!
If the vote is yes on this initiative we could see the gold community respond favourably to this. Small caps that were previously unfeasible over current prices could open up, as well as greater profits for exist producers.
More to come on these developments!
- Published in Blog
Cyanide, Mercury and Tailing Pond Spills – Perhaps we Should Change our Extraction Methods
In recent years, we have noticed the growing agreement over concerns for the enviroment and health. Cyanide bans have now reached 8 countries, with more on the way. The European Union almost passed a ban a few years ago, but didn’t, citing the need for change but lack of viable alternatives at the time. In Peru, locals blow up gold operations over health concerns.
Recently, these problems have come home.
4 Months ago in Williams Lake, B.C., the Mount Polley Tailing pound breached, releasing contaminants into the surrounding environment. the B.C. environment ministry released its first progress report Monday into the Mount Polley tailing pond breach.
“This is the very, very beginning. And it’s not to downplay the efforts that have been made by Mount Polley,” Environmental minister Mary Polak said in a conference call with reporters. “But the scale of the initial disaster is tremendous. We are at the very beginnings of this. It is going to take a long time.”
Going back to last year, this is not the first of it’s kind. On Oct. 31, 2013, 670,000 cubic meters of water and 37,000 cubic meters of sediment poured out of a containment pond at the Obed mine, located 30 kilometers northeast of Hinton.
This month, the Red Chris Mine was recently reviewed to have design problems that could lead to damages WORST then Mount Polley.
What kind of extraction is being used? Heap leach extraction techniques (cyanide). That means that these disasters might have been prevented. How? By using (DST:C) Dundee Sustainable’s technology.
The company’s patented green process for gold extraction utilizes chlorination instead of cyanidation, helping to provide a closed-loop process with recycling of reagents and water, eliminating the need for tailing ponds and the risks of containment collapse. Fortunately, DST has gained much recognition in recent years: The SDTC, The government of Quebec, MOU’s with Peru and Chile, and most recently, having a decree passed in Argentina’s San Juan for the use its technology.
Of course there is cost in switching extraction method, and DST is relatively new to the landscape. But with it’s lower costs, and it’s consistent 90{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} extraction or more, this method cannot be forgotten by those who wish greater returns and lower costs. As society pushes for more and more environmental and health consideration, it is technology like this that will change the way miners and policy makers view extraction.
One thing is for sure – change is on the tip of everyone’s tongue.
- Published in Blog
Dundee Sustainable Technology (CSE:DST) in the News! (Global Mining)
Dundee Sustainable Technologies (CSE:DST) is a newly listed CSE small cap that is shaking up the gold extraction world. Industry standards use cyanide extraction methods, which leave behind tailing ponds. With several devastating spills each year, this is a health risk each company must deal with. With that in mind, 7 countries have banned cyanide in various degrees, and legislation banning cyanide leaching in the European Union nearly passed in 2010.
With a new method using chlorination, DST created a process that requires less contact time, can deal with a variety of ore types ( beyond the limits of cyanide), has high recovery of 90{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} +, and has lower capital costs. More importantly, the method is environmentally sound, and has been recognized by the Sustainable Development Technology Canada, The Province of Quebec, and most recently, the Minister of Mines of the Argentian province of San Juan through an MOU earlier last month.
To read more on Dundee Sustainable Technologies, check out November’s issue of Global Mining!
-MomentumPR
Catch El Tigre by the tail, ride the silver whale!
ELS pushes to process historic tailings to create cash for new exploration
Most junior explorers face the same quandary. They own a prospective project, or perhaps several, but have no sources of income, which means finding the funds to explore their prospective lands is a constant struggle.
El Tigre Silver (ELS: V) (EGRTF: OTCQX) is in that same…
ELS pushes to process historic tailings to create cash for new exploration
Most junior explorers face the same quandary. They own a prospective project, or perhaps several, but have no sources of income, which means finding the funds to explore their prospective lands is a constant struggle.
El Tigre Silver (ELS: V) (EGRTF: OTCQX) is in that same boat, but hopefully not for long. If things work out according to plan the junior will be producing silver in the near term from historic tailings dumps at its Mexican property, and those ounces will give El Tigre the income it needs to keep drilling for the untapped silver and gold still hiding in those Sonoran rocks.
El Tigre’s namesake project is in northeastern Sonora state, less than 100 km from the US border. The project has deep history: between 1903 and 1938 the El Tigre mine churned out some 75 million oz. silver and 320,000 oz. gold, pulled from three high-grade epithermal veins laced through the hills.
The historic mine was no small operation, with 15 mine levels extending along 1.5 km of strike and reaching across 450 metres of vertical. It was shut down in 1938, not for lack of ore, but for lack of returns. The price of silver had collapsed from 60¢ per oz. to just 30¢, rendering the mine uneconomic.
The result today is a property rife with opportunity.
Figure 1 El Tigre drill roads and surface veins
First, there is certainly still gold and silver in those hills. The property sits at the north end of the Sierra Madre belt, an area renowned for precious metal mineralization, and the old El Tigre mine is proof that the Sierra Madre’s mineralization made it this far north. Ore extracted from the mine averaged roughly 1,200 grams silver per tonne and 8 grams gold per tonne.
The mine’s 15-oz. per tonne silver cut-off grade means miners left behind any rocks carrying less than 460 grams silver. As such the supposedly mined-out sections of the veins still contain a lot of silver. The mine also ceased operations before reaching the known limits of the three main veins, which translates into another stash of remnant mineralization.
The real excitement for El Tigre, though, is the potential to find faulted extensions of known veins and as-yet undiscovered new veins – in other words, to find new mineralization. To test that theory, the company has spent the last few years slowly probing the hills along strike from the old mine.
Between surface mapping and almost 18,000 metres of drill data from owners old and new, El Tigre has mapped the prospective strike for more than 5 km. The company focused on a 1.2-km long segment of the 5.3-km long zone to form a strong initial resource estimate published in a NI 43-101. The southern portion is of interest because El Tigre thinks it might host bulk-tonnage disseminated gold mineralization alongside the known high-grade veins.
Results from recent drill holes support that notion, with good grades over strong widths. Hole 51 returned three such intercepts: 22 metres grading 0.89 gram gold and 6.38 grams silver, 25.5 metres of 2.93 grams gold and 20.9 grams silver, and 25.1 metres grading 1.35 grams gold and 43.9 grams silver, all lying between 22 and 134 metres depth.
Hole 56 cut 70.4 metres of 1.04 grams gold and 55.8 grams silver from surface. Hole 55 hit into 47.5 metres of 0.53 gram gold and 34.7 grams silver from 12 metres depth. And hole 53 returned 46 metres carrying 0.74 gram gold and 14.4 grams silver.
“We did a drill program in 2011 that was broadly spaced,” said Stuart Ross, El Tigre president and CEO. “In 2012 we were a little more targeted. In 2013 it is strictly limited to a 1.2 km length, which will gave us the spacing we need for a block model. There is a lot of ground to test, but for us to get a block model published in the 43-101 we just had to focus on a smaller length.”
Ross is certainly pleased that the drill program at El Tigre went smoothly and produced good results. However, he is somewhat distracted by another task: raising the $5 million his company needs to start processing the silver-rich tailings sitting in dumps around his property.
There are approximately 1.3 million tons of tailings piled at El Tigre that carry approximately 99.8 grams silver equivalent and 1.66 grams gold equivalent. Metallurgical testwork indicates agitated leaching works well to recover those precious metals, at a rate of 78{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} for silver and 93{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} for gold.
Figure 2El Tigre tailings stock pile
El Tigre would like to build a facility that grinds the tailings once and then sends them through the agitation leach process at a rate of 400 tonnes per day (“tpd”). To do that will only cost roughly $5 million.
“We’re currently looking for a reasonable, non-equity type of funding for the procurement of the equipment to go ahead and build it,” said Ross. “At this point there are some funding arrangements available that are either very dilutive or very expensive, so we’re being a little picky in finding one that suits our shareholders and our board of directors.”
Ross says they have been looking for the full $5 million to fund a 400 tpd facility.
“If you look at the grades and the recoveries there’s still a significant amount of cash that will come out of the operation,” said Ross. That cash would let El Tigre focus on its real goal: finding enough new mineralization to get this historic silver-gold mine back in action.
El Tigre’s share price has been range-bound for the last year, moving between 12¢ and 50¢. It currently sits at approximately 30¢. The company has 61 million shares outstanding.
Read more http://financialpress.com/2014/09/17/catch-el-tigre-by-the-tail-ride-the-silver-whale/
- Published in Mining
Looking for the Next Big Gold Discovery in the Cortez Trend
Despite the shorts in precious metals reaching record heights, the junior gold miners (GDXJ) continue to find support at the 200 day moving average, a critical area of long term support. This may be signaling to investors that gold may soon bottom around $1200 and that the major miners may start looking for economic deposits to replace current…
Despite the shorts in precious metals reaching record heights, the junior gold miners (GDXJ) continue to find support at the 200 day moving average, a critical area of long term support. This may be signaling to investors that gold may soon bottom around $1200 and that the major miners may start looking for economic deposits to replace current resources that are being exhausted.
If you find quality gold properties near majors with top notch management with track records then you have a good shot to make a profit even through this historic bear market.
For instance, about a month ago I sent out a report that the “Smart money is looking at the Cortez Trend”.
I highlighted a small junior called Nulegacy Gold (NUG.V or NULGF) partnered with Barrick (ABX) which I visited only six weeks ago. Nulegacy may be at just the beginning of discovering a gold deposit on trend with Barrick’s three multi-million ounce deposits. These massive deposits are some of the lowest cost and most profitable mines for Barrick in the entire world.
Nulegacy’s deposit is next to Barrick’s Goldrush Deposit which is one of the best greenfield discoveries in the world with over 14 million ounces of gold. Recently a major billion dollar private equity fund has taken a 19.9{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} in Nulegacy for $3.5 million which will help Nulegacy expand exploration and earn in to the deal with Barrick. This deal provides financial security for the company and is a significant development in Nulegacy’s history.
In addition, Nulegacy has significantly strengthened its board with the addition of Alex Davidson who was the former VP of exploration for Barrick during its major growth years. He was instrumental in Barrick acquiring those profitable Cortex Mines from Placer Dome. He retired from Barrick in 2009 but is still recognized in the mining exploration circle.
In conclusion, I was early highlighting this story more than a year ago at under a dime and you may have not believed me when I told you that Nulegacy owns prime real estate in the Cortez Trend. Its understandable at that point to be a little skeptical with an early stage explorer in Nevada. However, after seeing a major private equity firm become a 19.9{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} strategic partner and seeing old time famous veterans from Barrick such as Alex Davidson joining the board, an investor should be more confident that this is a first class exploration target with the potential to become a major resource for Barrick. Take a look at Nulegacy before the potential breakout as two drill rigs are on the property.
Disclosure: I am a Nulegacy shareholder and the company is a website sponsor. Conflicts of interest apply and one should do their own due diligence.
Read more http://financialpress.com/2014/09/17/looking-for-the-next-big-gold-discovery-in-the-cortez-trend/
- Published in Mining