Cantex provides financing and drill program update for North Rackla claims, Yukon
Cantex provides financing and drill program update for
North Rackla claims, Yukon
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.
Drill Program
Crews will begin mobilizing to the project on
July 16
th
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.
Financing
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.
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 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.
View original content: http://www.newswire.ca/en/releases/archive/July2018/12/c5602.html
%SEDAR: 00010333E
For further information:
Cantex Mine Development Corp, Tel: +250-860-8582; Email: [email protected]
CO: Cantex Mine Development Corp.
CNW 16:53e 12-JUL-18