KELOWNA, BC, July 15, 2020 /CNW/ - Cantex Mine
Development Corp. (TSXV: CD) (the "Company") has released an
update on the work program at its Nevada gold project.
Dr. Charles Fipke reports
Cantex is pleased to announce that a drill program on its
Nevada claims is planned to
commence in the Fall of 2020.
Cantex previously completed a heavy mineral stream sediment
sampling program in Nevada that
resulted in the discovery and staking of several properties
containing anomalies of gold as well as key pathfinder elements
(such as arsenic, antimony, mercury, thallium and lead),
characteristic of bulk mineable heap leach ("Carlin-style") gold
mineralization. The proprietary heavy mineral processing methods
utilised by C.F. Minerals Research Ltd. have been utilized to
detect four previously unknown Carlin-style gold deposits now in
production in Nevada.
Follow-up heavy mineral, BLEG and soil-talus sampling as well as
prospecting, geophysics, and geologic mapping have established
drill targets on four claim blocks, 100% owned by Cantex. As
Cantex's management is focused on the North Rackla project in the
Yukon, Discovery Consultants have
been engaged to manage the US$800,000
drill program to test all four of the Nevada claim blocks.
A summary of the four claim blocks to be drilled in 2020 is as
follows:
1) Baxter Springs Property
Heavy mineral stream sampling detected anomalous gold and
Carlin-style pathfinders within the Baxter Springs property which
is underlain by Cambrian to Ordovician shale, limestone and
quartzites of the Palmetto Formation. The Palmetto Formation hosts
many of Nevada's heap leach gold
mines such as Carlin, Cortez as
well as the Manhattan Mine, 10 km to the north of the property. The
northeast corner of the property is intruded by Cretaceous age
granitic rocks. A major northerly trending block fault
crosscuts the property.
Cantex funded a 307 sample composite soil-talus sampling survey
at 60 metre intervals and a CSAMT (Controlled Source Audio
Frequency Magnetotelluric) geophysical survey over the gold
anomalous area underlain by the Palmetto Formation rocks. A
north-northwest trending gold-antimony-bismuth anomaly underlain by
a (>600 m by 300 m) resistivity high occurs in the northwest
corner of the area surveyed. A 200 metre vertical hole is planned
to establish if the resistive block is mineralized and a 530 metre
60 degree inclined hole is to test the gold-antimony-bismuth
anomaly within and at the edges of the resistivity high.
A second west-northwest trending arsenic-antimony-mercury + gold
anomaly is underlain by a (>900 m
by >600 m) strongly conductive
anomaly. A vertical 250 metre hole is needed to test the core
of the strong conductor which is coincident with anomalous
gold-arsenic-mercury and antimony in soil-talus samples. Two
additional vertical holes comprising 260 metres are planned to test
for altered meta-sedimentary rocks within the highly conductive
area. These holes are 135 m and
320 m east of the hole discussed
above.
2) Bruner
Property
The Bruner property, within the Bruner Mining District, lies
within a watershed anomalous in gold as discovered by the Company's
heavy mineral sampling. It is situated within 1km of three
former gold mines, the Penelus, Duluth and Derelict Mines which
were active between 1906 and 1940.
Cantex's Bruner claims host tuffaceous sediments underlain by
rhyolitic and rhyodacitic volcanic rocks, all of Miocene age.
The three former mines are also hosted in the same tuffaceous
sediments. The Round Mountain Mine located 70 km southeast of
Bruner is the pre-eminent example of these deposits.
The Paradise Peak Gold Mine is situated about 40 km southwest
and the Santa Fe Gold Mine is situated about 60 km southwest of
Cantex's Bruner claims.
The property is cut by extensive southwest trending
faults. A 619 composite soil-talus sampling program was
completed on a line spacing of 60 metres and a sample spacing of 60
metres. This survey defined a large (>600 m by 850 m)
gold anomaly, commonly accompanied by anomalous mercury.
The upcoming program will initially build roads to 16 proposed
drill pads at the highest gold values within the large gold
anomaly. Outcrops cut by the road will then be sampled and
sixteen drill holes comprising 2,000 metres are planned.
3) Carico Lake Property
Cantex's Carico Lake property is situated about 25 km southwest
of the historic Cortez Mining District, which hosts many large
low grade gold mines including Cortez, Pipeline, Cortez Hills and Horse Canyon.
The Carico Lake claim block covers an area drained by streams
containing anomalous gold. The claims area is underlain by commonly
brecciated Ordovocian aged Valmy
formation cherts, quartzites and minor siltstone. The target
deposit is sediment-hosted gold in lower plate rocks similar to
that found in the Cortez Mining District.
A 292 composite (soil/talus) sample survey detected a 1km long
arsenic anomaly. The east end of this arsenic anomaly is marked by
north-south oriented antimony and tungsten anomalies. Most of the
highest geochemical anomalous areas were covered by a CSAMT
geophysical survey.
Three 60 to 64 degree dipping holes, totalling 1,220
metres, are planned. The first will test a conductive
anomaly beneath high arsenic in soil-talus samples. The
second hole will test a resistivity high geophysical anomaly
coincident with strong antimony and strong arsenic anomalies in
soil-talus samples. The third hole will pass through a major
fault block into a deep conductive zone under strongly anomalous
arsenic in soil-talus.
4) Weepah South Property
The Weepah South Property is situated 4 km southwest of the
Weepah Gold Mine in Esmeralda
County, South Nevada.
Mining at Weepah commenced in 1934, with open pit, heap leach
mining methods being implemented in the late 1980's. In 1986
and 1987 alone, 58,000 oz of gold were produced (NBMG, 1986).
The claim block is centred on a 300
m by 470 m induced
polarization chargeability anomaly that is thought to be the source
of anomalous gold and Carlin
pathfinder elements in streams draining the property. The
property is mapped as being underlain by alluvium and Tertiary
rhyolitic and rhyodacitic rocks which are in turn underlain by the
Ordovician Palmetto Formation and Cambrian Emigrant Formation which
are comprised of mainly claystones and limestones. These
formations are the host of the nearby Weepah Gold Mine as well as
many other large-tonnage, low grade gold mines throughout
Nevada.
A report by geophysicist Phil
Nielson states that the IP chargeability anomaly "is about
four times background" and that it "is overlain by a layer of more
resistive rocks." The overlying resistive rocks are likely the
Tertiary rhyolites and the IP target is likely the underlying
prospective Cambrian to Ordovician sedimentary rocks.
The 2020 drill program includes four drill holes totalling 900
metres testing the IP anomaly.
Summary
The four wholly owned claim blocks were staked based on their
drainages hosting anomalous gold and Carlin-style pathfinder
elements. The subsequent geochemical, geophysical and
geological work completed has defined 12 drill targets. These
targets are to be tested by 28 holes totalling 5,360 metres.
Cantex's board of directors looks forward to the commencement of
drilling on these promising targets in a prolific gold producing
region.
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
Cantex's main focus is its wholly owned Massive Sulphide
discovery in the Yukon Territory,
Canada. Also within the Yukon, the Company is advancing a number of
new gold and base metal discoveries this season.
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SOURCE Cantex Mine Development Corp.