Cantex intersects 12 metres (4.2 metres true width) of 52.61% lead-zinc with 7.45 oz/ton silver at North Rackla
Cantex intersects 12 metres (4.2 metres true
width) of 52.61% lead-zinc with 7.45 oz/ton
silver at North Rackla
KELOWNA, BC
,
Nov. 5, 2019
/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 drilling continues to define a
lead-zinc-silver mineralized system with Broken Hill Type (BHT) affinities.
CEO
Chad Ulansky
reports
HIGHLIGHTS
11 holes from drilling at pads MZ3, MZ4 and MZ5 have returned assays that show the
persistence of high-grade lead-zinc-silver mineralization within the Main Zone
Highlights include YKDD19-046 (
32.0m
of 8.47% lead, 16.47% zinc and 134.4 g/t silver) at pad
MZ5, and YKDD19-068 (
22.2m
of 6.84% lead, 1.69% zinc and 85.2 g/t silver) at pad MZ4
Additional drilling along trend to the ENE and WSW of the holes released thus far has
intersected mineralization along
1,675m
of strike of the prospective Main Zone trend
Results continue to confirm the presence of a large-scale mineralizing system within a marine
sedimentary sequence of Proterozoic age
The Company remains fully financed, with
$12 million
of cash on hand
DRILLING UPDATE
To date, 30,000 metres of drilling has been completed and 3 rigs are currently drilling along strike
and down dip along the Main Zone trend, including one rig currently testing the down-dip extension of
the high-grade mineralization at depth below pad MZ5 at 100-metre (vertical) intervals. New
intersections of massive sulphide have been logged
1,386m
along strike to the ENE from the Pad
MZ6 discovery holes. To the WSW, massive sulphides have been logged at Pad 2,
175m
from Pad
MZ6.
115 holes have been drilled to date at North Rackla, outlining a large footprint of mineralization
hosted along or near a siltstone-dolostone contact within a Proterozoic sequence of marine
sedimentary rocks. Drilling is expected to continue into December with assays results expected to
be received in batches through to 2020.
MAIN ZONE RESULTS
Full assay results have been now been received from Pads MZ3, MZ4 and MZ5, and are reported
below in Table 1. Drilling at depth is ongoing in this area below pad MZ5. In total, massive
sulphides have been now logged in drill core as far as
1,800m
ENE of Pad 6, bringing the known
mineralized trend up to
1,675m
of strike excluding the
300m
dike swarm). Results have also been
received from 9 holes drilled from pads MZ7, MZ9 and MZ10, which were drilled into the dike
swarm segment where, as expected, little to no mineralization was encountered. A plan view of the
pads reported in this release is attached to this press release (Figure 1), as are cross sections
through pads MZ3 through MZ6 (Figures 2-5).
Figure 1.
Drilling plan view (CNW Group/Cantex Mine Development Corp.)
Figure 2.
Drill pad MZ3 section (CNW Group/Cantex Mine Development Corp.)
Figure 3.
Drill pad MZ4 section (CNW Group/Cantex Mine Development Corp.)
Figure 4.
Drill pad MZ5 and MZ5X section (CNW Group/Cantex Mine Development Corp.)
Figure 5.
Drill pad MZ6 section (CNW Group/Cantex Mine Development Corp.)
MAIN ZONE RESULTS TABLE
Pad
Dip
Hole
From
(m)
To
(m)
Length
(m)
True
Width
(m)
Silver
(g/t)
Lead+Zinc
(%)
Lead
(%)
Zinc
(%)
Copper
(%)
Mn
(%)
Comment
MZ5
-88
YKDD19-046
104.5
136.5
32.0
11.2
134.41
24.94
8.47
16.47
0.13
2.59
Fresh
Sulphide
Including
122.5
134.5
12.0
4.2
231.75
52.61
14.50
38.11
0.06
1.42
MZ4
-45
YKDD19-059
No
significant
intervals
Oxidized
-62
YKDD19-062
64.0
69.0
5.0
3.41
17.2
2.29
1.10
1.19
0.06
4.13
Fresh
Sulphide
104.0
104.5
0.5
0.34
73.4
16.91
5.21
11.70
0.03
0.38
-70
YKDD19-064
76.0
77.0
1.0
0.67
13.9
4.08
3.59
0.49
0.02
1.06
Fresh
Sulphide
80.8
87.1
6.3
4.22
40.8
4.75
1.88
2.87
0.09
4.44
-80
YKDD19-067
96.8
105.0
8.2
4.34
9.7
2.76
1.83
0.93
0.01
3.91
Fresh
Sulphide
120.0
122.4
2.4
1.27
302.0
14.24
13.25
0.99
0.87
2.37
188.3
197.8
9.5
5.03
62.9
12.75
6.22
6.53
0.01
1.67
Including
194.1
197.8
3.7
1.96
136.1
28.54
14.44
14.10
0.02
2.88
-89
YKDD19-068
166.0
167.0
1.0
0.23
40.2
6.49
3.12
3.37
0.02
2.49
Fresh
Sulphide
168.9
191.1
22.2
5.00
85.2
8.53
6.84
1.69
0.04
2.78
Including
171.4
174.1
2.7
0.61
267.0
30.78
29.69
1.09
0.08
1.86
MZ3
-45
YKDD19-044
90.2
91.2
1.0
0.78
11.4
2.53
2.10
0.43
0.01
2.78
Oxidized
-62
YKDD19-047
117.5
123.5
6.0
4.46
32.6
2.79
0.96
1.83
0.28
3.13
Oxidized
-70
YKDD19-050
129.0
130.0
1.0
0.64
37.3
8.83
8.49
0.34
0.03
1.43
Fresh
Sulphide
140.0
141.5
1.5
0.96
94.2
0.50
0.30
0.20
0.19
2.43
157.3
160.3
3.0
1.93
99.5
14.34
9.81
4.53
0.08
2.68
-80
YKDD19-052
171.5
172.5
1.0
0.56
102.0
0.35
0.08
0.27
1.39
2.59
Fresh
Sulphide
-89
YKDD19-055
268.0
269.0
1.0
0.37
52.6
1.16
0.53
0.63
0.26
2.27
Fresh
Sulphide
319.0
320.0
1.0
0.37
51.2
8.10
4.91
3.19
0.03
1.55
321.1
322.2
1.1
0.41
15.1
5.84
5.37
0.47
0.01
0.64
346.9
348.9
2.0
0.75
30.7
13.90
6.79
7.11
0.03
3.55
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 which were in turn placed into larger bags closed with security seals prior to being
transported to CF Mineral Research Ltd in
Kelowna, BC
.
At CF Minerals the samples were dried prior to crushing to -10 mesh. The samples, which averaged
over 3kg, were 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 the insertion of coarse
quartz samples to assess the sample preparation. 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 of the
mineralization. Where lead or zinc values exceeded one percent the Pb-OG62 or Zn-OG62
techniques were used. These have upper limits of 20% lead and 30% zinc respectively. Samples
with lead and zinc values over these limits are then analyzed by titration methods Pb-VOL70 and Zn-
VOL50. The over limit analyses (and the over limit – over limit analyses) contribute to delays in
receiving final assay results.
DISCUSSION
As drilling continues along strike and down dip, the Company continues to define an extensive trend
of high-grade lead-zinc-silver mineralization believed to be of sedimentary exhalative (sedex) origin.
Mineralization is coarsely crystalline and appears to be stratabound, showing evidence of
recrystallization during mild metamorphism. Based on a combination of multiple factors (the nature of
the sedimentary host sequence, the Proterozoic age, the elevated manganese levels, and the high
silver content), the North Rackla mineralization is believed to belong to the BHT (Broken Hill type)
sub-class of sedex lead-zinc-silver deposits.
The high grades being encountered clearly demonstrate the fertile nature of this large-scale system.
Drilling to date has shown the potential for both structural thickening and thinning, with mineralized
widths to date averaging 7.54 metres per drill hole in the Main Zone (true thicknesses range from
~0.5m to >
16m
). Structural and geochemical data are being compiled in order to guide the focus of
future drilling within the Main Zone sequence, in parallel with the further interpretation of geophysical
surveys run over the course of the summer program.
In addition, CEO
Chad Ulansky
states, "In just one season, we have expanded the known footprint
of mineralization, in drill core, to over
1,975m
of strike length within the Main Zone sequence. Based
on observations in the field and drill core, it is clear that we are dealing with a system of
considerable scale, capable of generating exceptional lead-zinc-silver grades (e.g., 14.50% lead,
38.11% zinc and 231.8 g/t silver over a true width of
4.2m
in hole YKDD19-046). Our rapid
advancement of the project from grassroots prospecting, through to the current phase of drilling
definition, is due to the hard work of our field crews and the generally predictable nature of the Main
Zone sequence. Drilling results from this significant phase of delineation will define the most
prospective sections of the known trend for additional drilling and should also allow vectoring to more
vent/feeder-proximal facies. It is highly encouraging to be experiencing this kind of success at such
an early stage in the history of the project. In many regards, we have barely scratched the surface
at North Rackla, but we remain exceedingly optimistic about the project based on what we have
seen already."
Drilling is ongoing along strike and at depth within the Main Zone on flat ground with good access.
Assays from additional holes along strike and at depth are expected to continue to come in through
to 2020.
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
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
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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.
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For further information:
Cantex Mine Development Corp, Tel: +1-250-860-8582; Email:
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CNW 07:15e 05-NOV-19