KELOWNA, BC, March 26 /CNW/ - Cantex Mine Development Corp. (CD : TSXV) ("Cantex" or the "Company") is pleased to announce preparations are under way for the upcoming drill program on its Nevada project.
In Nevada the Company has identified 13 drill ready gold targets. These targets are the end result of an extensive exploration program and are located on claims wholly owned by Cantex.
Initially, sampling surveys were conducted over known gold mines in Nevada to assess their geochemical signatures. A distinctive suite of pathfinder elements was found to accompany many of the mines. Specifically, anomalous gold, bismuth, antimony, mercury and/or arsenic were found to be associated with significant gold mineralization. With this knowledge a regional geochemical survey was conducted over known gold mine trends in Nevada. Numerous similar geochemical signatures were found and claims were then acquired over these areas.
Once the lands were staked focused exploration was undertaken; the anomalies were followed up with geological mapping, soil sampling, rock sampling, trenching and geophysics. The geophysical surveys typically used Controlled Source Audio-frequency Magnetotelluric (CSAMT) techniques. CSAMT is a deep-looking geophysical technique that measures lateral and vertical resistivity contrasts which are important for evaluating the presence of geologic units which are favourable to host large tonnage gold deposits similar to those found elsewhere in Nevada.
A summary of the properties and the targets to be tested in the upcoming program are presented below.
The Bruner property is located 40km northeast of the Paradise Peak Mine and consists of 25 claims covering 209 hectares. Soil sampling identified a 750 x 600 meter gold anomaly at the southern end of a larger mercury anomaly. Sixteen holes have been outlined to test this anomalous area.
The Carico Lake property comprises 42 claims covering 351 hectares located along the prolific Battle Mountain - Eureka trend 25km southwest of the Cortez Mining District. A 292 soil sample survey outlined a 700 by 800 meter area anomalous in arsenic with coincident antimony anomalies along the eastern margin. A CSAMT survey was conducted over the anomalous area and outlined structures conducive to hosting gold mineralization as well as a resistivity low at depth which could potentially reflect lower plate rocks which commonly host significant gold deposits in Nevada such as Cortez Hills.
Four holes are designed to test these prospective geophysical features overlain by the anomalous pathfinder elements.
The Baxter Springs property comprises sixteen claims covering 134 hectares and is located 30km south of the Round Mountain Mine. A 307 sample composite soil survey identified two zones of anomalous pathfinder elements. The first is a 150 by 800 meter zone anomalous in arsenic, antimony and mercury, accompanied by areas of anomalous gold. The second is a 120 by 240 meter area of anomalous gold accompanied by bismuth. A CSAMT geophysical survey identified a resistivity high under the gold-bismuth anomaly.
Two holes are planned to test the resistivity high underlying the gold-bismuth anomaly and another two holes will test the 150 by 800 meter pathfinder element anomaly.
The North Fork property comprises six claims covering 50 hectares located six kilometers southwest of the Buckskin-National Mine. A 442 composite soil sample program discovered a gold-arsenic-antimony-silver-mercury anomaly at least 200 meters long. As the mineralization is suspected to occur at shallow depths the prospects are to be tested by 4 trenches.
The Gold Basin property comprises twenty claims covering 167 hectares and is located 13km east of the Gold Ledge Mine. Cantex has discovered anomalous gold, silver and arsenic in soil samples overlying a felsic breccia pipe. The breccia pipe will be drill tested.
The Weepah South property comprises 31 claims covering 260 hectares located three kilometers south of the Weepah Mine. The claims are located over a 300 by 400 meter Induced Polarization geophysical anomaly which may reflect mineralization in underlying Paleozoic rocks. Four holes are planned to test this anomaly.
Coarse gold grains in a regional sample focused exploration on the Leonard Creek property, comprising 127 claims covering 1,062 hectares, 80km north of the Crofoot-Lewis Mine. The alluviums covering the claims area have historically been extensively placer mined for gold. Leonard Creek is one of the few major placer areas in Nevada where a hard rock gold mine has yet to be found as the source of the placer gold.
As alluvium covers most of the bedrock in the area geophysics was used to identify potential gold mineralization. A CSAMT survey identified several targets, including buried structurally controlled resistivity highs and vertical structurally controlled conductive zones potentially reflecting areas suitable for gold mineralization. Twelve holes are planned to test four geophysical anomalies, two areas of outcropping sulphur mineralization, two areas of siliceous sinter and one area of alteration. It is possible that one or more of these anomalies may be the source to the abundant placer gold.
In summary Cantex has conducted an extensive exploration program in Nevada focused on the discovery of significant gold mineralization. The work has generated seven properties which contain 13 drill ready targets. Any one of these targets may contain gold mineralization of economic potential. The necessary permits have been obtained to conduct the program immediately on four of the properties. Applications for drilling the three remaining properties have been submitted and the permits are expected to be issued within eight weeks. Cantex is currently tendering drill contracts for the upcoming program and looks forward to the results of the drilling.
This press release has been prepared by Chad Ulansky, a Qualified Person.
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: For further information: Cantex Mine Development Corporation, 203-1634 Harvey Ave, Kelowna, B.C., Canada, V1Y 6G2, Tel (250) 860-8582, Fax (250) 860-1362