KELOWNA, BC, Jan. 23, 2019 /CNW/ - Cantex Mine Development
Corp. (CD: TSXV) (the "Company") is pleased to announce details
of the upcoming work program on its 100% owned 14,077 hectare North
Rackla claim block.
Geophysics
Ground magnetic, electromagnetic, resistivity and gravity
surveys are planned over 1 km2 covering 2.3 kilometres
of the strike length of the massive sulphide zone. These
surveys will be focused on determining the exact location of the
massive sulphide mineralization beneath a region covered in glacial
till between the Discovery and Extension zones. The results
will be used to fine tune the proposed drill program as well as
test areas at the extremities of the mineralized zone.
In addition, ground geophysics is proposed over a surrounding 6
km2 area in which the Company's soil-talus sampling has
identified anomalous silver-lead-zinc values.
Drilling
The Company will be utilizing three diamond drills on the
project this year. One core drill is currently on site, a
second drill is currently being refurbished and a third new drill
has been ordered and is nearing completion. These drill rigs
will be tasked with completing a 75 hole, 17,000 metre drill
program on the massive sulphide zone and a three hole 1,000 metre
program at the northern gold area.
Geochemistry
Within the North Rackla claim block there are numerous discrete
areas where the Company's previous widely spaced soil-talus sample
lines have detected anomalous metal values. Infill sample
lines are proposed in the areas, with an additional 7,500
soil-talus samples planned. This work should constrain the
bedrock sources of these anomalies.
Mineralogy
CF Minerals has undertaken scanning electron microscope and
electron microprobe studies of the mineralization intersected at
the Extension Zone last year and reports that the massive sulphides
consist of fine to coarse grained sphalerite (zinc sulphide)
intergrown with galena (lead sulphide) and microcrystalline to
coarsely crystalline light brown to grey siderite (iron
carbonate).
The sphalerite is essentially pure zinc sulphide with up to 1%
iron but without other elements such as cadmium.
The galena locally contains +/- 5 micron elongated blebs of
silver bearing tetrahedrite-tennanite series minerals containing
silver, copper, zinc and antimony.
The siderite analysed was iron rich, typically 38.7% iron oxide,
13.4% manganese oxide and 7.2% magnesium oxide together with
stochiometric lead and zinc sulphides and some silica. Small
amounts of pyrite are occasionally present.
Fine veinlets and vugs of siderite locally intergrown with
galena and sphalerite are common. Vein quartz has not been
observed but quartz occurs randomly in trace to small amounts as
globules within the carbonates and adjacent to the sulphides.
The mineralogy and chemistry of the ore supports a Sedex
(sedimentary exhalative) origin of the mineralization, similar to
the Broken Hill Deposit.
Eleven sections of mineralized core have had their densities
measured. Their specific gravities range from 2.93 to 4.69
g/cm3 with an average of 3.83 g/cm3.
Financing
The Company intends to complete a $10 to 15 million financing in February to fund
the 2019 exploration program. The Board is considering
various options, including a rights offering to existing
shareholders.
AGM and Core Display
The Company is pleased to invite its shareholders to its Annual
General Meeting at 1:30pm on Friday January
25th at the Ramada hotel in Kelowna, BC. In advance of the meeting
shareholders are invited to view the core from last year's drilling
between the hours of 11am and 12:30pm
at the premises of CF Mineral Research Ltd., located at 1677 Powick
Rd., Kelowna BC.
Summary
The Directors are exceedingly optimistic about the summer
program and hope to prove out one kilometer of the 2.4 kilometre
long massive sulphide zone which has been identified by soil-talus
sampling, prospecting, trenching and drilling.
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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SOURCE Cantex Mine Development Corp.