Cantex Completes 2019 Drill Program at North Rackla
Cantex Completes 2019 Drill Program at North
Rackla
KELOWNA, BC
,
Jan. 6, 2020
/CNW/ -
Cantex Mine Development Corp.
(CD: TSXV) (the
"Company") has released an update on the work program at its Massive Sulphide project within its
100-per-cent-owned 14,077 hectare North Rackla claim block where it has been drilling to define a
lead-zinc-silver mineralized system with Broken Hill Type (BHT) affinities.
CEO
Chad Ulansky
reports
HIGHLIGHTS
38,174 metres of drilling completed in 2019
Massive sulphide mineralization intersected from pads MZ 31, MZ 33 and MZ 34
DRILLING UPDATE
In 2019, the Company completed 139 holes totalling 38,174 metres of core drilling on the North
Rackla project, substantially more than the 18,000 metres proposed at the start of the year. The
2019 drill program is now complete and drilling is expected to resume when field conditions allow in
late spring.
With the onset of winter, avalanche hazard limited the area in which it was safe to work. Drills which
were testing the continuity to depth beneath pad MZ 5 of the Extension Target and the strike extent
of the mineralization at the Discovery Target were relocated to the flat till covered area between
these two Targets.
The till in this area is up to 50 metres thick, making targeting difficult as prospecting and soil-talus
sampling were ineffective. In addition, ground geophysical surveys (including gravity,
electromagnetics, induced polarization and resistivity) were unable to define known massive sulphide
mineralization, preventing their application. In spite of these challenges Cantex successfully
intersected significant sulphide mineralization as described by the onsite geologists. These holes
were drilled from pads MZ 31, MZ 33 and MZ 34 collared between 880 and 1000 metres to the
ENE of Pad MZ 6.
The locations of these pads relative to pad 6 is shown in Figure 1 below.
Figure 1.
Drill collar locations. (CNW Group/Cantex Mine Development Corp.)
Cantex is presently in the process of hiring a world class structural geologist and will be utilizing
down hole electromagnetic geophysics to assist in defining additional massive sulphide targets for
the upcoming drill season.
Persistent poor weather towards the end of the year hampered air support to the project, delaying
the shipment of core samples from site. Conditions did improve just prior to Christmas, allowing the
samples to be sent out. These high interest samples have now arrived at CF Mineral Research Ltd
where they are being crushed and pulverized prior to being sent to ALS Global – Geochemical
Analytical Lab in
North Vancouver
for assay.
The Company expects the assays from these holes to be the next significant results to report.
Cantex continues to build its team and is pleased to announce that
Tom Obradovich
has been added
to the slate of directors for the upcoming Annual General Meeting. Mr. Obradovich brings 35 years
of experience in mining exploration, development and financing. He was a key individual behind
Aurelian Resources which discovered the Fruta del Norte gold deposit in
Ecuador
and was later
acquired by
Kinross Gold Mines
for
$1.2 billion
; a co-founder of Canadian Royalties Inc., which
discovered and developed the Raglan south nickel belt; acquired and developed the Yonge Davidson
Mine to a minable resource which was subsequently acquired by Northgate Minerals Ltd.; a member
of the Special Committee at Dalradian Resources which was privatized by Orion Mine Finance for
$550 million
; and a director and Special Committee member of Barkerville Gold Mines Ltd. which
was acquired by Osisko Gold Royalties for
$338 million
.
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
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policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
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past, events. In this context, forward-looking statements often address expected future business
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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
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attributing undue certainty to forward-looking statements.
SOURCE
Cantex Mine Development Corp.
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For further information:
Cantex Mine Development Corp, Tel: +1-250-860-8582; Email:
CO: Cantex Mine Development Corp.
CNW 08:30e 06-JAN-20