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 16th 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
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forward-looking statements often address expected future business
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"intend", statements that an action or event "may", "might",
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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
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securities regulators. Forward looking statements are made based on
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SOURCE Cantex Mine Development Corp.