Canamex stakes new Nevada gold claims

Dec 21, 2017

2017-12-20 14:48 ET – News Release

Mr. David Vincent reports

SILVERTON GOLD EXPLORATION AND BRUNER GOLD DEVELOPMENT PROJECTS – UPDATES

Canamex Gold Corp. has provided an update on progress at the Silverton gold exploration and Bruner gold development projects, located in Nye county, Nevada.

Silverton gold exploration project — additional claims and data review

The company has staked an additional seven unpatented lode mining claims covering 140 acres on the southwest corner of the existing claim block, to protect extensions to mineralization that are evident from initial inspection of gold-in-rock geochemical results from the recently acquired project database. Over 25 rock samples containing between 0.100 gram per tonne and 1.75 g/t gold were collected from strongly silicified and brecciated dolomite outcrops over an area 300 metres long by 100 m wide containing old prospect pits and shallow underground workings in brecciated and iron-stained dolomite. Only one historic reverse circulation drill hole was drilled near these outcrops, and it was drilled west of the outcrops of dolomite. That hole was intended to test a concept that the dolomites dipped westward beneath the collar location of the hole, but an obvious fault separates the mineralized dolomites from the drill hole location, and explains why the hole did not intersect any dolomite where anticipated. This entire target area remains untested by drilling.

In addition, the rock geochemical database recently acquired shows numerous other anomalous areas with gold values from 1.0 g/t to 16.13 g/t Au (0.47 ounce per ton Au) in brecciated dolomites in the central and northern portions of the claim block, that are surrounded by numerous samples in the 0.10-1.0 g/t Au range, and that also have never been tested by drilling. These areas represent several priority exploration targets that have never been drilled, where the company will undertake detailed mapping and sampling this coming spring, with the objective of defining a drilling program to test the best of these targets during 2018.

Bruner gold development project — preliminary economic assessment update

The updated PEA on the Bruner gold project located in Nye county, Nevada, is nearing completion. The updated resources have been completed, the preliminary pit designs and mine plan and production schedule have been finalized, capital and operating costs have been updated, and the cash-flow model is currently being reviewed. Management will thoroughly review the draft results of the updated PEA, and given the upcoming holidays, will likely report the results of the updated PEA in early January, 2018. The National Instrument 43-101 technical report will follow within 45 days following the announcement of the results of the new PEA.

Bruner gold development project — water well

Harris Exploration Drilling has commenced drilling of a water well on the access road into the Bruner gold project where the company has obtained a water right for up to 350 gallons per minute of water for drilling fluid and future mineral processing. Harris has set and cemented the 13-inch conductor casing to 60 feet and is currently at 200 feet depth on the 12-inch hole, with a target depth of 500 to 750 feet. The Nevada Division of Water Resources has extended the water-right application through December, 2018, to allow for completion of this well.

About Canamex Gold Corp.

Canamex Gold is engaged in fast-tracking toward development of the Bruner gold project in the prolific gold jurisdiction of Nye county in Nevada. The region is home to several producing and past-producing mines along the Walker Lane trend. Canamex completed a positive 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.

Greg Hahn (CPG No. 7122), president and chief operating officer of the company, is the qualified person who has reviewed and approved technical disclosures in this release.

http://canamexgold.com/news/