Canamex Resources TSXV:CSQ shot up 28% on November 5 after announcing a set of excellent drill results at its Bruner gold project, Nye county, Nevada.
The Vancouver-based explorer said in a statement its final round of reverse circulation drilling in 2013 at drill hole B-1340 intersected 57.9 metres of gold grading 5.23 grams per tonne between 79.3 metres and 137.25 metres in depth, and was lost at 140.3 metres in a fracture zone while still in gold mineralization.
The intercept included a clay-rich and silicified interval at 83.87 metres to 85.4 metres containing 121 g/t gold. Canamex pointed out the entire length of the hole is oxidized and it is located in the heart of the historic resource area.
Canamex’s Bruner project is located in central Nevada near the Paradise Peak, Round Mountain and Rawhide mines with historical production of 100,000 ounces.
In early afternoon dealings the micro cap was trading up 28.6% at $0.09 on the Toronto Venture board, in huge volumes. More than 770,000 shares versus usual daily volume of 80,000 shares had changed hands by 1:30 p.m. EST on November 5.
The $8.7-million company did not escape the carnage in the junior mining sector, which has been decimated this year.
Canamex, which is also drilling for gold in Guyana, is down 58% since the start of the year.
Reprinted by permission of MINING.com