16:04:57 EDT Fri 21 Sep 2018
Enter Symbol
or Name
USA
CA



Cantex Mine Development Corp (3)
Symbol C : CD
Shares Issued 12,443,145
Close 2018-07-12 C$ 0.20
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Cantex to close $1.75-million financing tomorrow

2018-07-12 17:01 ET - News Release

Mr. Charles Fipke reports

CANTEX PROVIDES FINANCING AND DRILL PROGRAM UPDATE FOR NORTH RACKLA CLAIMS, YUKON

Cantex Mine Development Corp.'s financing is fully subscribed and will close tomorrow. The drill program will commence next week on the North Rackla claims.

Drill program

Crews will begin mobilizing to the project on July 16 and drilling is expected to start shortly thereafter as the core drill is already on site.

Drilling will commence at the northeastern end of the massive sulphide zone. This area has not previously been drill tested but trenching of oxidized mineralization at surface returned 15.7 metres of 36 grams per tonne silver, 7.04 per cent lead and 1.85 per cent zinc, and a second parallel mineralized horizon approximately 10 metres away containing 5.6 metres of 54 g/t silver, 1.95 per cent zinc and 0.48 per cent copper.

The drill will then be moved two kilometres to the southwestern end of the mineralized zone. In previous drilling here Cantex encountered oxidized mineralization that increased in grade and width with depth. The deepest intervals occur in hole YKDD-0006, which include 4.05 m (from 22.95 m) of 21.1 g/t silver, 2.12 per cent lead and 1.79 per cent zinc; 5.7 m (from 33.0 m) of 137 g/t silver, 2.8 per cent lead and 0.83 per cent zinc; and 4.4 m (from 43.7 m) of 49 g/t silver, 5.35 per cent lead and 5.99 per cent zinc. Cantex will be testing the mineralization at greater depth, to determine whether the mineralization grade and thickness continue to increase.

The final proposed target for this phase of drilling will be the northern gold area where mineralization outcrops within a 120 m by 150 m area where a stromatolitic dolomitic unit is exposed beneath a sandy bedded dolomitic unit. Prospecting, rock sampling and trenching have returned results as high as 15.75 g/t gold, 377 g/t silver, 11.0 per cent lead and 32.5 per cent zinc.

Financing

Cantex is pleased to report that the $1.75-million financing, as announced on May 31, 2018, is fully subscribed and will close tomorrow, July 13, 2018.

The technical information and results reported here have been reviewed by Chad Ulansky, PGeol, a qualified person under National Instrument 43-101, who is responsible for the technical content of this release.

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