Vancouver explorer rockets on Nevada gold drilling results

Canamex Resources Corp (CVE:CSQ) shot up 28% on Tuesday 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 g/t between 260-450 feet in depth, and was lost at 460 feet in a fracture zone while still in gold mineralization.

The intercept included a clay-rich and silicified interval at 275-280 feet containing 121 g/t gold and 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 oz.

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 1.30pm EDT on Tuesday.

The $8.7 million company did not escape the carnage in the junior mining sector which have been decimated this year.

Canamex, which is also drilling for gold in Guyana, South America, is down 58% since the start of year.

Image by Canamex