Cantex completes additional sampling in Yukon

KELOWNA, BC, Oct. 3, 2013 /CNW/ - Cantex Mine Development Corp. (CD : TSXV) ("Cantex" or the "Company") is pleased to provide an update on its gold exploration program in its North Rackla claim block in the central Yukon. The claim block is located 15 km north of the Rusty silver and base metal prospect that was explored underground in the early 1980's. Equipment to support the underground development and drilling were mobilized to site using tracked vehicles pulling sleighs in the winter. As reported on September 25, 2013, the first of the results from the Company's summer soil sampling program on the North Rackla claim block have shown eight areas which appear to host gold mineralization.  This release presents follow up work recently completed on two areas.

Intensely Anomalous Gold - Arsenic - Antimony Carlin-Style Zone

The summer sampling program defined a 300 meter long line of soil-talus samples which were strongly anomalous in gold (Au), arsenic (As) and antimony (Sb) which is characteristic of Carlin-type gold mineralization. Upon receipt of these results a field team, led by geologists Chad Ulansky and Charles Fipke, flew to the anomalous zone to collect an additional eight lines of soil-talus sampling (lines offset to each side of the anomalous line at 25, 50, 100 and 150 meters).

Even though the area was covered in about 30 cm of snow, some mapping was completed on nine exposed outcrops along a creek crosscutting the 300 meter strongly anomalous zone.  It was established that the shale-argillite units trend northeast and dip southeast and are cross cut by the northwest trending 300 meter strongly anomalous line as well as all of the eight parallel newly sampled lines. Thus, the 300 meters is the apparent thickness of the intensely anomalous Au-As-Sb zone.  The true thickness will need to be established by trenching and drilling while an indication of the strike length will be provided by the recent soil-talus sampling.

The exposed outcrops of marine shale and argillite contain tiny disseminated sulphides and are crosscut by quartz-carbonate veinlets and veins containing disseminated sulphides.  Eleven rock samples of these were collected for analysis for gold and key pathfinder elements for Carlin-style mineralization.

High Gold (Au) - Silver (Ag) - Arsenic (As) - Antimony (Sb) Zone

The second anomalous zone is located 1,150 meters to the northwest of the first zone described above.  A rock (float) grab sample of a mixture of vuggy siliceous goethite gossan and vuggy and siliceous goethite limestone breccia contains 2,910 ppb gold, 77 ppb silver, 7,570 ppb arsenic and 318 ppb antimony.  This rock sample was collected about 25 meters down slope from two soil-talus samples collected over a 50 meter section of line that analyzed moderately to strongly anomalous in Au, As and Sb.

The crew flew to this area but, due to heavy snow, were unable to obtain most of the required follow-up samples.  However, the crew were able to obtain three soil-talus samples on a line to within 40 meters of the anomalous rock talus sample site.  It was also found that the 50 meter northwest trending line upslope was collected across the thickness of the (locally stromatolitic) limestone stratigraphy that strikes northeast and dips southeast.  Thus, the 50 meters represents an apparent width of moderately to highly anomalous gold-arsenic-antimony.  Trenching or drilling will be required to establish the true width.

Summary

Both of the anomalous areas recently identified by the first of the summer's sample results within the North Rackla claim block have been evaluated in the field.  The local geology of both areas is conducive to hosting gold mineralization and the two areas have apparent widths of 300 and 50 meters respectively.  In total, 142 soil-talus samples were collected to better define the extent of the mineralization and to assist in sighting future drill holes.  These samples have been sent to CF Mineral Research Ltd. in Kelowna for preparation prior to analysis.  The forthcoming analytical results should be available in November.  Results from this new Carlin-style gold area will be released when received.

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 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.

Cantex Mine Development Corp, Tel: [phone], Email: [email protected]