Dr. Charles Fipke reports

CANTEX MAIN ZONE ENRICHED IN CRITICAL METAL GERMANIUM ON ITS 100% OWNED NORTH RACKLA PROJECT, YUKON

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

High germanium content in Main zone sulphides

Cantex reports that analyses of sphalerite (zinc sulphide) from its Main zone mineralization show very high germanium values. A total of 12 analyses were completed on samples from four drill holes testing the Main zone at the massive sulphide project in the Yukon. These results, along with gallium and indium, are presented in the table entitled "Germanium content in Main zone sphalerite."

As seen in the table entitled "Germanium content in Main zone sphalerite," the germanium content of sphalerite in the Main zone is very high, averaging 795 grams per tonne (g/t). This content is significant when compared with other global sources of germanium.

Germanium is one of the elements identified as a critical element in both Canada and the United States. It is a high-value metal, currently selling for $1.21 (U.S.) per gram (Feb. 08, 2023, Trading Economics price). Germanium is predominantly used in fibre-optic systems, infrared optics, polymerization catalysts, the highest efficiency solar cells currently available, and high-brightness light-emitting-diodes (LEDs) used in televisions and vehicle headlights.

Global production in 2021 is estimated at 140 tonnes. Approximately 60 per cent of this is sourced from sphalerite ores and 40 per cent is sourced from coal. The vast majority of this (95 tonnes) is from China, while Russia produced an additional five tonnes. The most significant western source of germanium is from the Red Dog mine in Alaska, whose sphalerite-rich ore is processed in Teck's smelter in Trail, B.C. The four primary deposits that comprise Red Dog average between 104 g/t and 249 g/t germanium.

Cantex looks forward to testing for germanium along the strike length of the Main zone and also at the nearby GZ zone.

Analytical methods

At the CF Mineral Research laboratory in Kelowna, B.C., pieces of HQ sized (63.5-millimetre diameter) drill core containing lead-zinc sulphide mineralization were extracted and mounted in resin. The mounts were then ground down to expose the rock and polished prior to being carbon coated.

The mounts were then examined with a scanning electron microscope employing energy dispersive spectroscopy to identify sphalerite grains. Two regions of sphalerite on each mount were then analyzed using laser ablation inductively coupled plasma mass spectrometry (LA-ICP-MS) at the University of British Columbia Okanagan. The laser spot size was 100 nanometres, and NIST 610 and NIST 612 standards were used. The germanium analyses are accurate to within 10 per cent.

The technical information and results reported herein 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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