CD.V · 2024-08-19 12:00:00

Cantex Announces Resumption of Drilling and Reports Outstanding Copper and Silver Results ON Its Copper Project Located 10KM WEST of Its Silver-Lead-Zinc-Germanium Deposit ON Its 100% Owned North Rackla Claims IN the Yukon

Exploration Programs

CANTEX ANNOUNCES RESUMPTION OF

DRILLING AND REPORTS OUTSTANDING

COPPER AND SILVER RESULTS ON ITS

COPPER PROJECT LOCATED 10KM WEST

OF ITS SILVER-LEAD-ZINC-GERMANIUM

DEPOSIT ON ITS 100% OWNED NORTH

RACKLA CLAIMS IN THE YUKON

KELOWNA, BC

Aug. 19, 2024

/CNW/ -

Cantex Mine Development Corp.

(TSXV: CD) (OTCQB:

CTXDF) (the "Company") is pleased to announce outstandingly high copper assays and silver results

from its 2024 drill program.

Copper Project Drilling

Cantex has now received assays and geochemical results from five holes drilled at the Copper

Project on the western side of the Company's North Rackla property (see Map 1). Significant

copper and silver mineralization was encountered in four holes, as presented in the following table.

Pad

Dip

Azimuth

Hole

From

Interval

Silver

Copper

(m)

g/t

( %)

CU2

-45

YKDD24-287

6.0

8.9

2.9

11.4

4.54

-45

YKDD24-288

14.0

27.0

13.0

2.7

0.86

-45

305

YKDD24-289

3.0

7.0

4.0

4.1

1.22

CU3

-45

YKDD24-290

114.0

115.0

1.0

3.1

0.77

Map 1: Copper Zone Geology – North Rackla Project (CNW Group/Cantex Mine Development

Corp.)

Holes YKDD24-287, 288 and 289 all intersected significant copper mineralization. This includes 2.9

metres of 4.54% copper in hole YKDD24-287 and 13 metres of 0.86% copper in hole YKDD24-

288.

When the core was inspected on site during drilling it became apparent that the discovery has the

potential for size and significant grade. To assist in targeting future drilling a ground Induced

Polarization – Conductivity geophysical survey and ground magnetic survey was completed over the

discovery area. The style of mineralization intersected in drilling looks to be suitable for detection

using these geophysical techniques. The final results and interpretation from this survey when

complete will assist in targeting additional holes planned to be drilled this year.

Main Zone Drilling

Prior to temporarily suspending work as requested by the First Nation of Na-Cho Nyäk Dun

("FNNND"), nine holes were completed on the Main Zone of the Massive Sulphide project at North

Rackla. The results of these holes are awaited and will be released when received.

North Rackla Drilling Resuming

As announced on

July 23, 2024

Cantex temporarily halted work on its North Rackla project to allow

the FNNND to prioritize their resources in dealing with the heap leach pad failure at Victoria Gold's

project, 120km from the North Rackla property. After a month pause in work Cantex will have

complied with the request of the FNNND to temporarily suspend exploration activities and will be

recommencing drilling on the North Rackla claims.

Sample Preparation

The drill holes reported in this press release were drilled using HQ (63.5mm) diamond drill bits. The

core was logged, marked up for sampling and then divided into equal halves using a diamond saw on

site. One half of the core was left in the original core box. The other half was sampled and placed

into sealed bags. Core samples averaged over 3kg in weight.

Samples are placed into larger bags closed with security seals prior to being transported to ISO

9001:2015 accredited CF Mineral Research Ltd. laboratory in

Kelowna, BC

At CF Minerals the samples were dried prior to crushing to -10 mesh. The crushed material from a

sample was then mixed prior to splitting off 800g. The 800g splits were pulverized to -200 mesh and

a 250g split was sent for assay. Quality control procedures included running a barren sand sample

through both the crusher and pulveriser between each sample to ensure no inter-sample

contamination occurred. Silica blanks were inserted along with certified reference samples. These

quality control samples were each inserted approximately every 20 samples.

ALS Chemex in

Vancouver

assayed the samples using a four-acid digestion with an ICP-MS finish.

The 48 element ME-MS61 technique was used to provide a geochemical signature. For samples

where copper values exceeded one percent the Cu-OG62 technique was used.

About Cantex

Cantex is focused on its 100% owned 20,000 hectare North Rackla Project located 150 kilometers

northeast of the town of

Mayo

in the

Yukon Territory, Canada

where high-grade massive sulphide

mineralization has been discovered. Over 60,000 meters of drilling has defined high grade silver-

lead-zinc-germanium mineralization over 2.3 kilometers of strike length and 700 meters depth. The

mineralization remains open along strike and to depth. The Company is led by Dr

Charles Fipke

C.M., the founder of Ekati,

Canada's

first diamond mine.

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

Chairman

FORWARD LOOKING STATEMENTS: Certain of the statements and information in this press

release constitute "forward-looking statements" or "forward-looking information", including

statements regarding the expected use of proceeds of the private placement. Further, any

statements or information that express or involve discussions with respect to predictions,

expectations, beliefs, plans, projections, objectives, assumptions or future events or performance

(often, but not always, using words or phrases such as "expects", "anticipates", "believes", "plans",

"estimates", "intends", "targets", "goals", "forecasts", "objectives", "potential" or variations thereof or

stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken,

occur or be achieved, or the negative of any of these terms and similar expressions) are not

statements of historical fact and may be forward-looking statements or information. The

Company's forward-looking statements and information are based on the assumptions, beliefs,

expectations and opinions of management as of the date of this press release, and other than as

required by applicable securities laws, the Company does not assume any obligation to update

forward-looking statements and information if circumstances or management's assumptions,

beliefs, expectations or opinions should change, or changes in any other events affecting such

statements or information. For the reasons set forth above, investors should not place undue

reliance on forward-looking statements and information.

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.

View original content to download multimedia:

http://www.newswire.ca/en/releases/archive/August2024/19/c3853.html

%SEDAR: 00010333E

For further information:

For further information: Cantex Mine Development Corp, Tel: +250-860-

8582; Email: [email protected]

CO: Cantex Mine Development Corp.

CNW 09:00e 19-AUG-24

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