KELOWNA, BC, Jan. 27, 2012 /CNW/ - Cantex Mine Development Corp. (CD : TSXV) ("Cantex" or the "Company") is pleased to provide an update
on the progress on the Yukon and Al Hariqah projects.
Nevada Gold Projects
In Nevada, the Company has conducted an extensive exploration program.
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. With
this knowledge a regional geochemical survey was conducted over the
significant 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.
Six of the properties contain drill worthy targets. The Company is
currently seeking a joint venture partner to earn an interest in the
project by funding drill testing of these targets.
Al Hariqah Gold Project
Company President, Chad Ulansky, and a representative of WCP Resources
recently visited Yemen and are pleased to report that the exploration
license containing the Al Hariqah project has been renewed under the
new Yemeni mining code. The new license is valid for an initial four
year period and can be renewed for two further four year periods.
Cantex is pleased to have secured this lengthy title for the project as
it will allow time for the extensive drill program required to assess
the scale of the gold mineralization and subsequent feasibility studies
at Al Hariqah.
In addition, the license has been expanded from its original 71 km2 to 956 km2. The new license area covers a trend of gold anomalies discovered by
Cantex's regional exploration program which could reflect additional
mineralization similar to that found at Al Hariqah.
A second core drill rig has been mobilized to Al Hariqah to assist with
the ongoing drill program. This drill program is being overseen by
Yemeni geologist Abdul Moain Al Shybani and Canadian geologist Graham
Yukon Gold Project
During 2011, the Company collected 2,315 heavy mineral samples from
areas underlain by geology prospective for Carlin-type gold
mineralization in the Yukon. C.F. Mineral Research has commenced heavy
mineral processing of all of these samples. An additional 119 follow up
samples were collected to test the Company's claims along strike from
Atac Resources' Osiris Carlin-type gold discovery. To date 1,965 of the
exploration samples have been submitted for assay and complete results
have been received for 722 of these samples. 71 samples are anomalous
for gold. Twenty samples are anomalous in the full suite of key
pathfinder elements characteristic of Carlin-type gold mineralization
in the Yukon. These and forthcoming results will be used to guide the
acquisition of claims and a future exploration program.
Cantex looks forward to the continued progress on its Al Hariqah and
Yukon gold projects.
This press release has been prepared by Chad Ulansky P.Geol, a Qualified
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., 203-1634 Harvey Ave., Kelowna, BC, V1Y 6G2, Tel (250) 860 8582, Fax (250) 860 1362, Email firstname.lastname@example.org