KELOWNA, BC, July 31, 2013 /CNW/ - Cantex Mine Development Corp. (CD : TSXV) ("Cantex" or the "Company") is pleased to provide an update
on its recent financing and current exploration work in the Yukon.
Further to the news release of June 21, 2013, the private placement
financing is now closed and was fully subscribed. The Company raised
$2,381,000 through the issuance of 21,645,455 flow through shares at
$0.11 per share. An additional $619,000 was raised through the issue
of 5,627,273 non-flow through units at $0.11 per unit. Insiders of the
Company subscribed for an aggregate of 9,172,727 shares.
In connection with the offering, the Company paid finders' fees of
All securities issued pursuant to the Offering are subject to a four
month hold period expiring December 1, 2013.
The proceeds from the issuance of the flow through shares shall be used
to finance an exploration program focused on the Company's gold claims
in the Yukon Territory and will qualify as Canadian exploration
expenses (as defined in the Income Tax Act) that will be renounced to
the investors. The proceeds from the issuance of the non-flow through
units shall be used to maintain the Company's claims in the Yukon and
Nevada, as well as general working capital purposes.
Yukon Gold Program
The Company is now active in the field, working on its Yukon projects.
Talus sampling is proceeding on the North Rackla claim group which has
yielded heavy mineral results exceedingly anomalous in gold, as well as
all key pathfinder elements indicative of Carlin-style gold
mineralization in Nevada as well as in the Yukon. It is estimated that
up to 25,000 1.5 kg soil/talus samples from the North Rackla and other
claim groups will be collected and analyzed for gold and key pathfinder
The North Rackla claim group is mostly underlain by thin bedded
argillaceous carbonate rocks, that appear locally unconformably
overlain by units of shale. Similar to Atac Resources's Osiris
deposit, the North Rackla claim group covers rocks mapped as
Proterozoic in age.
Geologists Chuck Fipke, Chad Ulansky and Alex Pollard have been
prospecting the highly anomalous drainages as identified by the heavy
mineral samples on the North Rackla, Hess River, Rogue River, Mount
Williams, Mount Good, Bonnet Plume and North Stewart River claim
groups. Talus and pebble to boulder-sized alluvial sediments
containing gold, galena, chalcopyrite, chalcocite and malacite
mineralization have been discovered. More importantly, they have
located gossan boulders some of which contain realgar and orpiment, as
well as alluvial boulders, talus and outcrops of intensely
quartz-veined, highly silicified carbonate rocks in some cases
containing pyrite and/or arsenian pyrite. Samples of these have been
collected and will be analyzed for gold, key pathfinder elements and
where appropriate base metals.
The geologists are most encouraged by the foregoing findings which are
all consistent with the detection of significant Carlin-style gold
mineralization. The prospecting and talus-soil geochemical programs
are designed to outline areas on the claims for drill testing.
The technical information and results reported here have been reviewed
by Mr. Chad Ulansky P.Geol., a Qualified Person under National
Instrument 43-101, who is responsible for the technical content of this
About the Company
Beyond the Yukon project Cantex has projects in Yemen and Nevada. In
Yemen the advanced Al Hariqah gold project has been optioned to WCP
Resources Ltd of Australia while in Nevada the Company has five drill
ready properties along known trends of gold mines and is currently
seeking joint venture partners to advance the projects.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Cantex Mine Development Corp.
For further information:
Cantex Mine Development Corp, Tel: +250-860-8582, Email: firstname.lastname@example.org