Cantex announces outstanding Yukon prospecting results

KELOWNA, BC, Jan. 22, 2016 /CNW/ - Cantex Mine Development Corp. (CD : TSXV) ("Cantex" or the "Company") is pleased to announce the results of the 2015 Yukon summer soil-talus sampling program.  This program focused on the 100% owned North Rackla and Mount Good claim blocks in central Yukon.

2015 Soil - Talus and Rock Sampling Program

During the summer of 2015, 1,187 soil/talus samples were collected with the objective of closing off and filling in areas of anomalous gold-silver and base metals identified by previous soil/talus sampling.  These samples were crushed, split and pulverized at C.F. Mineral Research Ltd. prior to being submitted for gold and base metal analysis at ALS Chemex Laboratories in Vancouver.

These results, along with the analytical results of 26,474 soil-talus samples collected during previous programs conducted by Cantex, have identified twelve and ten significant anomalous areas in the North Rackla and Mt Good claim blocks respectively.  Composite soil-talus samples were collected at a sample spacing of 25 meters.  While the initial soil-talus sampling was conducted on a line spacing of 200 meters, many of the anomalies have now been sampled at up to a 50 meter line spacing.

Prospecting in areas of anomalous gold and/or base metal soil-talus samples has resulted in the collection of 557 rock samples.  The rock samples were prepared at CF Minerals and analyzed at the ALS Chemex Laboratory in Vancouver using the same methods as the soil-talus samples.  In this way source mineralization of many of the soil-talus anomalies have been discovered.  The analytical results of anomalous rock samples collected within the areas of anomalous soil-talus samples are reported in this release. 

North Rackla Soil - Talus Anomalies

Area 1
A 230m by 340m area of soil-talus samples show moderate to strong anomalies of gold, arsenic, antimony, silver, lead and zinc.  The area has been discovered in the Lower Proterozoic Gillespie Lake Formation which consists of locally stromatolitic dolostone and silty dolostone.  Prospecting within this area determined that mineralization was hosted in siliceous gossanous, locally brecciated limestone.  Rock samples from the area are significantly anomalous in both gold and other metals as contained in the following table:

Areas 2 and 3
Soil-talus samples from two areas in close proximity returned moderately to strongly anomalous gold values.  Both areas are underlain by the Lower Proterozoic Gillespie Lake carbonates.  One area measured 325m by 180m and limited prospecting discovered rock sample KAR 469 which contained 0.22 g/t gold in silicified carbonate.  Quartz veinlets cutting the silicified carbonate contained microscopically visible gold.  The second area measures 500m across slope and 250m along slope and is currently open in both the upslope and along slope directions.  Brief prospecting of this area discovered silver, lead, zinc mineralization in gossanous limestone.  Rock sample KAR 472 analyzed 5.22 oz/ton silver, 3.2% lead and 11.6% zinc.

Area 4
Weakly to strongly anomalous gold +/- arsenic was discovered in soil-talus samples over a 400m by 200m area underlain by the Lower Proterozoic Gillespie Lake carbonates.  Detailed prospecting is required on this area.

Area 5
A two kilometer long soil-talus anomaly which remains open at both ends has been discovered in the Lower Proterozoic Quartet Formation which consists of black weathering shales.  Weakly to moderately anomalous gold +/- arsenic, antimony, thallium, nickel and copper define the anomalous zone which is typically 200 to 300 meters wide but can be up to 500 meters wide in places.  Prospecting and rock sampling of this area is required.

Area 6
Soil-talus sampling defined a 400m x 200m area with weakly to strongly anomalous gold with associated arsenic, antimony and silver.  Prospecting of the area located anomalous gold in gossanous limestone and siltstone/shales with disseminated arsenopyrite, arsenian pyrite and with laminations of native silver.  These rock sample results are presented below:

Area 7
A 600 metre long soil-talus anomaly, which ranges in width from 25 to 150 metres was identified in Lower Proterozoic Gillespie Lake carbonates.  Weakly to strongly anomalous gold contents were returned along with arsenic, antimony and silver.  Prospecting of the area determined that the high silver was in locally vuggy siliceous limonite gossan with native silver in disseminations and fractures.  Analyses from grab samples are presented in the following table:

Area 8
Soil-talus samples weakly to strongly anomalous in gold, antimony, silver, lead, zinc, copper and cobalt define a 350 by 250m anomaly hosted in the Lower Proterozoic Gillespie Lake carbonates.  The mineralization is hosted in siliceous dolomitic rocks.  Results from rock samples are presented in the following table:

Area 9
Weakly to strongly anomalous silver, lead and zinc was discovered in soil-talus samples in a 600 by 200m area underlain by the Lower Proterozoic Gillespie Lake carbonates.  Prospecting and rock sampling of this area is required. 

Area 10
A 400m by 75m area of soil-talus samples weakly to moderately anomalous in silver, lead, zinc and copper has been discovered in Lower Proterozoic Gillespie Lake Formation carbonates.  The anomalous area remains open along strike.  Prospecting and rock sampling of this area is required.

Area 11
A discontinuous anomalous zone 1,200m long and typically 25 to 200m wide is characterized by both weakly to strongly anomalous gold (with arsenic and antimony) and weak to strong base metal (lead, zinc, copper, cobalt and silver) soil-talus sample results.  The anomaly is contained within the Lower Proterozoic Gillespie Lake carbonates.  Prospecting and rock sampling of this area is required.

Area 12
Previous prospecting identified a massive sulphide dyke which outcropped or sub-cropped for a distance of 800 metres.  Soil-talus sampling of this area has shown that the mineralization may extend further than originally identified.  Weak to strongly anomalous lead, zinc, silver, copper and cobalt have been identified over a length of 1,400 metres across slope and up to 250 metres down slope.  This anomaly is located in the Middle to Upper Proterozoic Hart River Formation folded diorite and gabbro sill/dyke complex where it is in contact with the Lower Proterozoic Gillespie Lake carbonates.  Highlights of rock samples collected from this occurrence are presented in the following table:

Mount Good Soil - Talus Anomalies

Areas 1 to 3
Soil-talus sampling has identified an irregular area weakly to moderately anomalous in gold, arsenic, antimony, thallium and copper.  This area, which measures 1,500m long by up to 600m wide, is associated with two satellite areas weakly to strongly anomalous in gold and often associated with elevated copper and zinc.  These satellite areas measure 150m by 250m and 200m by at least 150m.  The anomalous areas are hosted along the contact of a Middle to Upper Proterozoic Hart River dyke and Lower Proterozoic Quartet black shales.  Limited prospecting of one of the satellite areas discovered a vuggy calcareous shale with chalcopyrite and chalcocite on bedding planes and fractures, commonly altered to malachite and azurite.  A grab sample (KAST 22699) returned 107ppb gold, 3.21% copper and 0.47 oz/t silver.  Detailed prospecting and rock sampling of this area is required. 

Area 4
A 1,200m long zone varying in width from 25m to 300m contained soil-talus samples weakly to strongly anomalous in gold sometimes associated with arsenic, antimony and thallium.  Copper and nickel contents are commonly elevated within the area and are sometimes associated with anomalous lead, zinc and silver.  The anomaly is within and at the edges of a 250 to 500m wide Middle to Upper Proterozoic Hart River gabbroic dyke which intrudes a contact between the Lower Proterozoic Quartet Formation (shales) and Lower Proterozoic Gillespie Lake Formation (carbonates).  Limited prospecting discovered a quartz breccia with interstitial malachite.  Results from this rock sample are presented in the following table:

Area 5
Soil-talus samples defined an anomalous 400m by 200m area within the core of an anticlinal-folded Middle to Upper Proterozoic Hart River sill within Lower Proterozoic Gillespie Lake carbonates.  The area is weakly to strongly anomalous in gold, thallium and copper with locally elevated arsenic and antimony contents.  Rock sample KAR 450, of a silicified gossan with quartz veining, contained 51 ppb gold, 626 ppm arsenic and 133 ppm antimony.

Area 6
Strongly anomalous copper and moderately anomalous silver contents within soil-talus samples define a 100m by 400m zone within the Lower Proterozoic Gillespie Lake carbonates.  Prospecting within the anomaly discovered variably brecciated silicified carbonates with chalcopyrite frequently altered to malachite.  Results of rock samples collected from this area are presented in the following table:

Area 7
A 750m long zone varying in width from 25m to 100m contains soil-talus samples weakly to moderately anomalous in gold associated with elevated thallium and copper.  The anomaly is contained within a 300m wide Middle to Upper Proterozoic Hart River gabbroic dyke near the contact with the host Lower Proterozoic Quartet black shales.

Area 8
Soil-talus sampling results defined a 150m by 200m area weakly to moderately anomalous in gold with associated arsenic, silver and lead.  The area is underlain by the Lower Proterozoic Gillespie Lake Formation.  One rock sample (KAR 489) of a carbonate breccia with chalcopyrite was collected from the area which returned 2.98% oz/t silver, 0.62% copper, 666 ppm arsenic and 2,370 ppm antimony.

Area 9
Weakly to strongly anomalous gold results were returned by soil-talus sampling in a 150m by 300+m area.  The area, underlain by the Lower Proterozoic Gillespie Lake carbonates, is currently open at both ends and also features anomalous arsenic and silver.  Prospecting identified light brown limestone with disseminated quartz containing thin laminar beds of chalcocite altered to hematite and malachite (KAST 22763) which contained 0.34 oz/t silver and 5.70% copper,  as well as an intense sericitic gossan (KAST22772) analyzing 108ppb gold and 911 ppm arsenic.

Area 10
A 150m by 200m zone within the Lower Proterozoic Gillespie Lake carbonates contained soil-talus samples strongly anomalous in silver; moderately to strongly anomalous in copper, arsenic and antimony; and weakly anomalous in zinc.  Prospecting determined that azurite and malachite mineralization, along with native silver, were contained within locally brecciated and silicified carbonates.  Rock samples with the following results are presented in the following table:

Summary

Cantex geologists are most encouraged by the extensive gold, silver and base-metal results of both the soil-talus samples and rock samples collected on the Company's North Rackla and Mount Good claims.  

New discoveries have been made in which high grade mineralized rock has been identified.  These defined areas, as well as areas of anomalous soil-talus samples, will be the focus for 2016.  It is envisaged that the 2016 program will consist of additional infill sampling, prospecting, geologic mapping and drilling.

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 release.

Signed,

Charles Fipke

Charles Fipke
Chairman

About the Company

Beyond the Yukon project Cantex has projects in Yemen and Nevada.  In Yemen operations at the advanced Al Hariqah gold project are currently suspended and held by Cantex in Force Majeure.  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: info@cantex.ca

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