Dr. Charles Fipke reports

CANTEX INTERSECTS 47.5% ZINC, 12.5% LEAD AND 336G/T SILVER OVER 3.7M WITHIN A 16.05M INTERSECTION OF 24% LEAD-ZINC WITH 101G/T SILVER AT GZ ZONE ON CANTEX'S 100% OWNED NORTH RACKLA PROJECT, YUKON

Cantex Mine Development Corp. has released an update on the work program at its 100-per-cent-owned 14,077-hectare North Rackla claim block in Yukon.

GZ zone drill results

Drilling from pad GZ02D at the GZ zone has intersected exceptional silver-lead-zinc grades. Hole YKDD21-209 drilled at a dip of minus-45 degrees and an azimuth of 304 degrees intersected two significant zones of mineralization. The first measures 16.05 metres of 23.95 per cent combined lead and zinc with 101 grams per tonne silver and the second measures 9.1 m of 17.78 per cent combined lead and zinc with 53 g/t silver.

Within the first intercept are two exceptional high-grade zones. The first measures 2.6 m of 48.2 per cent combined lead-zinc with 117.6 g/t silver. The second measures 3.7 m of 60 per cent combined lead-zinc with 336.5 g/t silver. These results are presented in the attached table.

Results are awaited from a further six holes at the GZ zone. Hole YKDD21-207 drilled from pad GZ0 did not intersect significant mineralization.

Summary

The drill results in this release from the GZ zone are the highest silver-lead-zinc results yet reported from the North Rackla project. Drilling has yet to be completed in between the GZ zone and the Main massive sulphide zone located 500 m to the north. Extensive drilling at the Main zone has previously defined high-grade silver-lead-zinc mineralization over 2.1 kilometres of strike length.

The Cantex directors are most excited by these outstanding high-grade near-surface intersections. Additional drilling in between the Main and GZ zones is needed to determine whether or not the two zones are connected.

Sample preparation

The drill holes reported in this press release were drilled using HQ (63.5 millimetres) diamond drill bits. The core was logged, marked up for sampling and then divided into equal halves using a diamond saw on site. One-half of the core was left in the original core box. The other half was sampled and placed into sealed bags which were in turn placed into larger bags closed with security seals prior to being transported to CF Mineral Research Ltd. in Kelowna, B.C.

At CF Minerals the drill core was dried prior to crushing to minus-10 mesh. The samples, which averaged over three kilograms, were then mixed prior to splitting off 800 grams. The 800 g splits were pulverized to minus-200 mesh and a 250 g split was sent for assay. Quality control procedures included running a barren sand sample through both the crusher and pulverizer between each sample to ensure no intersample contamination occurred. Silica blanks were inserted along with certified reference samples. These quality control samples were each inserted approximately every 20 samples.

ALS Chemex in Vancouver assayed the samples using a four-acid digestion with an ICP-MS (inductively coupled plasma mass spectrometry) finish. The 48-element ME-MS61 technique was used to provide a geochemical signature of the mineralization. Where lead, zinc or copper values exceeded 1 per cent the Pb-OG62, Zn-OG62 or Cu-OG62 techniques were used. These have upper limits of 20 per cent lead, 30 per cent zinc and 50 per cent copper, respectively. Samples with lead and zinc values over these limits were then analyzed by titration methods Pb-VOL70 and Zn-VOL50. Where silver samples exceeded 100 g/t the Ag-OG62 technique was used which has an upper limit of 1,500 g/t. The overlimit analyses contributed to delays in receiving final assay results.

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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