Announces Acquisition of Historical Data on Silverton Gold Property, Options Grant and Resignation of a Director
(TheNewswire)
Vancouver, British Columbia / TheNewswire / December 8th, 2017 – Canamex Gold Corp. (the “Company”) (TSX-V: CSQ) (OTCBB: CNMXF) (FSE: CX6) announces that it has purchased and secured all of the historical exploration data generated since the early 1980s on the Silverton Gold Property in Nevada.
Silverton Gold Property Exploration Data
The historical exploration data includes rock geochemical data, drill hole logs and assay certificates, geologic and geochemical maps, and RC drill cutting samples from the majority of the 65 holes drilled previously on the property. This data will allow the Company to refine its exploration model for testing gold in silicified and dolomitized carbonates on the property, which remain largely untested to date. Field examination of the main western exploration target indicates the target is over 2000 feet long by 500 feet wide, as defined by silicified and brecciated dolomite and gold in surface rock samples, and is exposed across a thickness of about 200 feet in cliff faces below the top of the ridge. No drill holes penetrate this target area, but historic holes drilled peripheral to it demonstrate the presence of gold in the subsurface adjacent to the target area. This is only one of several targets in silicified and dolomitized limestone that were never tested with drill holes previously.
Bruner PEA Update
The updated PEA on the Bruner gold project located in Nye County, Nevada is nearing completion. The Company anticipates being able to announce the results of the updated resources and PEA in the coming weeks, with the NI43-101 Technical Report to follow within 45 days following its announcement.
Bruner Water Well
The Company has engaged Harris Exploration Drilling to drill a water well on the access road into the Bruner gold property where the Company has obtained a water right for up to 350 gallons per minute (gpm) water for drilling fluid and future mineral processing. Harris has started moving equipment to site and drilling is anticipated to begin next week. The Nevada Division of Water Resources as extended the water right application through December 2018 to allow for completion of this well.
The Company wishes to announce that it has granted incentive stock options to purchase a total of 60,000 common shares at an exercise price of $0.25 per share based on last closing price for a period of five years to a consultant in accordance with the provisions of its stock option plan.
The Company also announces the resignation of Mr. Dean McDonald from the board of directors, effective immediately. Mr. McDonald has served as a director of the Company since 2013, and the Company thanks him for his dedicated service and wishes him well in the future.
About the Company
Canamex Gold Corp. (TSX-V: CSQ) (OTCBB: CNMXF) (FSE: CX6) is engaged in fast-tracking toward development of the Bruner Gold Project in the prolific gold jurisdiction of Nye County, Nevada. The region is home to several producing and past-producing mines along the Walker Lane Trend. Canamex completed a positive Preliminary Economic Assessment (PEA) on the Bruner Gold Project in April 2016. Based on additional drilling conducted on the property, the company has requested a new PEA and resource estimate, expected to be completed before the end of 2017. The 2016 PEA demonstrates that the Bruner Gold Project has a high IRR and low capex, based on a low-cost heap leach operation, with high metallurgical recoveries and low reagent consumption. The second asset is the Silverton Gold property, which is a gold exploration project, in Nevada, which has geological similarities to the Long Canyon gold deposit (+3 million ozs Au) in Nevada, being mined by Newmont Mining. Canamex has signed a Terms of Agreement with Harmonychain AS, for Blockchain Ethereum Platform Smart Contract Tokens for Gold and Silver, as an alternative means of raising capital, potentially without equity dilution. The Company has secured the exclusive rights to use the Ethereum Token symbols “GOLD” (Gold), “GUS” (Gold United States) and “SUS” (Silver United States) for any future Token offering, if any of them are completed successfully by December 31, 2018.
Greg Hahn (CPG#7122), President & COO of the Company is the qualified person who has reviewed and approved all technical disclosures in this release.
ON BEHALF OF THE BOARD
David Vincent
Chief Executive Officer and Director
Mike Stark
Chairman of the Board
Contact: (604) 833-4278
mike.stark@canamexgold.com
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.
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