KELOWNA, BC, July 12, 2018 /CNW/ - Cantex Mine Development Corp. (CD: TSXV) (the "Company") is pleased to announce that its financing is fully subscribed and will close tomorrow. The drill program will commence next week on the North Rackla claims.
Crews will begin mobilizing to the project on July 16th and drilling is expected to start shortly thereafter as the core drill is already on site.
Drilling will commence at the northeastern end of the massive sulphide zone. This area has not previously been drill tested but trenching of oxidized mineralization at surface returned 15.7m of 36 g/t silver, 7.04% lead and 1.85% zinc and a second parallel mineralized horizon approximately ten metres away containing 5.6m of 54 g/t silver, 1.95% zinc and 0.48% copper.
The drill will then be moved two kilometres to the southwestern end of the mineralized zone. In previous drilling here Cantex encountered oxidized mineralization that increased in grade and width with depth (see cross sections on www.cantex.ca). The deepest intervals occur in hole YKDD-0006 which include 4.05m (from 22.95m) of 21.1 g/t silver, 2.12% lead and 1.79% zinc; 5.7m (from 33.0m) of 137 g/t silver, 2.8% lead and 0.83% zinc; and 4.4m (from 43.7m) of 49 g/t silver, 5.35% lead and 5.99% zinc. Cantex will be testing the mineralization at greater depth, to determine whether the mineralization grade and thickness continue to increase.
The final proposed target for this phase of drilling will be the northern gold area where mineralization outcrops within a 120m by 150m area where a stromatolitic dolomitic unit is exposed beneath a sandy bedded dolomitic unit. Prospecting, rock sampling and trenching have returned results as high as 15.75 g/t gold, 377 g/t silver, 11.0% lead and 32.5% zinc.
Cantex is pleased to report that the $1.75M financing, as announced on May 31, 2018, is fully subscribed and will close tomorrow, July 13, 2018.
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.
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. Information set forth in this news release includes forward-looking statements under applicable securities laws. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as "anticipate", "believe", "plan", "estimate", "expect", and "intend", statements that an action or event "may", "might", "could", "should", or "will" be taken or occur, or other similar expressions. All statements, other than statements of historical fact, included herein including, without limitation; statements about the terms and completion of the proposed sale transaction are forward-looking statements. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, risks identified in the management discussion and analysis section of the Company's interim and most recent annual financial statement or other reports and filings with Canadian securities regulators. Forward looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and the respective companies undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable securities laws. Investors are cautioned against attributing undue certainty to forward-looking statements.
SOURCE Cantex Mine Development Corp.
For further information: Cantex Mine Development Corp, Tel: +250-860-8582; Email: email@example.com
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....
Also from this source: