KELOWNA, BC, Oct. 11, 2016
/CNW/ - Cantex Mine Development Corp. (CD : TSXV)
("Cantex" or the "Company") is pleased to announce results from the
2016 Yukon summer exploration program and the mobilization of a
core drill to its North Rackla project.
During the period of July 1 to 19
Cantex completed trenching, rock sampling and geologic mapping in
an area of anomalous gold-zinc-lead-silver in rock outcrop,
sub-outcrop and talus in the northern portion of the North Rackla
claim block and also in the area of a massive sulphide occurrence
in the eastern portion of the claim block.
Prospecting, rock sampling and infill soil-talus sampling was
also completed on several additional areas within the North Rackla
claim group which the Company's previous work had shown to be
anomalous in gold, zinc, lead and silver.
The 100% Cantex owned North Rackla claims are situated 115km
northeast of Victoria Gold Corp's fully permitted Eagle Gold
Project as well as 100km northeast of the Keno Hill Mine, which are
in turn 45km north and 43km northeast respectively of the town of
Mayo, Yukon. It is thought
that the north Rackla claims could be accessed by winter road
connecting to the all season roads servicing these two
deposits.
North Rackla Summer Program - Phase One
Results
1. Northern Gold-Zinc-Lead-Silver Area
The trenching exposed areas of 1.28 g/t gold with 10 g/t silver
over 1.5 metres, 2 metres of 41 g/t silver, 0.94% lead and 2.85%
zinc; and one metre of 66 g/t silver, 4.8% lead and 0.29% zinc.
However, detailed prospecting outlined highly anomalous float
topographically above the mineralized trench interval, indicating
the presence of an undiscovered insitu mineralized zone. This
highly gold anomalous float analysed up to 15.75 g/t gold, 989 g/t
silver, 56.74% lead and 21.7% zinc and is thought to originate from
an unexposed contact zone between stromatolitic dolomite and
overlying dolomitic siltstone topographically above the area
trenched. As the contact zone is not amenable to trenching it
is to be tested by core drilling.
2. Areas Prospected and Soil-Talus Sampled
Prospecting of areas with anomalous soil-talus sample results
from previous programs has resulted in the discovery of a new in
situ gold bearing zone. Three samples collected from over a
200 metre length of a mineralized structure returned 5.62, 3.13 and
1.36 g/t gold. Approximately 600 metres directly down slope a
piece of mineralized float in talus returned 39.6 g/t gold and 16.4
g/t silver.
A second area with anomalous soil-talus sample results was
prospected with significant silver results. The area from
which the samples were collected measures 200m by 70m. Silver
values as high as 9,810 g/t (315.4 ounces per tonne) were
returned. The individual sample results are presented in the
following table:
|
Silver
(g/t)
|
Cu
(%)
|
Pb
(%)
|
Zn
(%)
|
KAR 0416
|
101
|
0.01
|
0.08
|
0.15
|
KAR 3008
|
43
|
0.05
|
0.08
|
0.23
|
KAR 3205
|
153
|
0.03
|
0.51
|
0.21
|
KAR 3206
|
138
|
0.04
|
1.63
|
0.20
|
KAR 3207
|
3520
|
6.74
|
41.28
|
0.64
|
KAR 3208
|
9810
|
12.40
|
14.35
|
1.53
|
Both of these areas, as well as several other anomalous areas,
justify additional trenching, mapping and infill soil-talus
sampling, which will be undertaken next summer.
3. Silver-Lead-Zinc-Copper Massive Sulphide
Zone
Trenching, rock sampling and geologic mapping revealed the
massive sulphides are covered by varying amounts of talus over a
strike length of 600 metres within the initial discovery
area. Prospecting by geologist Chad
Ulansky discovered an extension to the zone to the southwest
for an additional 1,300 metres, thereby increasing the known strike
length to over 1,900 metres.
Due to thick talus cover only the northeastern end of the 1,900
metre massive sulphide zone could be trenched. Three trenches
were completed crosscutting the massive sulphide zone. Trench
1, furthest to the northeast, contained a 5.6 metre interval which
averaged 54 g/t silver, 0.48% copper, 0.28% lead and 1.95% zinc as
well as a second mineralized interval measuring 15.7 metres was
encountered which contained 36 g/t silver, 0.05% copper, 7.04% lead
and 1.85% zinc. Trench 2, 56 metres to the southwest of
Trench 1, intersected a mineralized zone measuring 3.1 metres
averaging 31 g/t silver, 0.17% copper, 2.15% lead and 2.86%
zinc. Trench 3, a further 213 metres to the southwest of
Trench 2, contained a 2.8m wide mineralized zone assaying 46 g/t
silver, 0.22% copper, 0.33% lead and 1.14% zinc.
To evaluate the newly discovered southwestern extension of the
zone Mr. Ulansky collected composite sub-outcrop gossan
samples. These samples returned grades of up to 314 g/t
silver, 13.85% lead, 18.7% zinc and 1.97% copper.
The results of these composite gossan samples, when combined
with the abundance of gossan in talus, suggest that the
southwestern portion of the newly discovered extension should be a
priority drill target.
Current Plans
As a consequence, a large core rig is presently being mobilized
to the North Rackla Project so that drilling can commence both on
the northern gold-zinc-lead-silver area and the newly discovered
eastern silver-lead-zinc-copper massive sulphide zone.
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
About the Company
Beyond the Yukon project Cantex
has projects in Yemen and
Nevada. In Yemen operations
at the advanced Al Hariqah gold project are currently suspended and
held by Cantex in Force Majeure. In Nevada, the Company has
five drill ready properties along known trends of gold mines and is
currently seeking joint venture partners to advance the
projects.
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.