Cantex Announces 48 Gold and Base Metal Discoveries on North Rackla Claims in the Yukon

KELOWNA, BC, July 9, 2020 /CNW/ - Cantex Mine Development Corp. (TSXV: CD) (the "Company") has released an update on the work program at its 100-percent-owned 14,077 hectare North Rackla claim block in the Yukon.

While the Company is working on defining drill targets for its massive sulphide drill program, which is expected to commence in early August, the Company has identified 48 new discoveries of gold and base metals.

Dr. Charles Fipke reports

HIGHLIGHTS

• 48 areas anomalous in gold and/or base metals discovered at North Rackla
• Anomalous areas range in size up to 15.7 hectares
• Prospecting, rock sampling and geologic mapping readying the areas for drill testing
• Drilling of these new discoveries contemplated for late 2020 or 2021

Forty-Eight New Discoveries of Gold and Base Metals at North Rackla

The Company's wholly owned, large (14,077 hectare) North Rackla claim block, shown in Map 1, is drained by streams anomalous in gold, copper, lead, zinc and silver as determined by our heavy mineral stream sampling.  This same heavy mineral stream sampling technique was used to detect four Carlin-style gold deposits now in production.

Most of the anomalous drainages were initially soil-talus sampled on lines spaced 200 metres apart perpendicular to the dominant geologic trend.  Each sample is an approximately 1.5kg composite of soil and talus collected every 5 metres over a 25 metre interval.  The samples are sent to C.F. Mineral Research Ltd., a laboratory owned by Dr. Charles Fipke, where they are pulverized and prepared for analysis including the insertion of standards.  ALS Chemex conducts the analyses for 49 elements by ICP Mass Spectroscopy.

In anomalous areas the sampling density is increased; additional infill lines are completed on either 50 or 100 metre spacing.  To date, 24,658 soil-talus samples and 881 rock samples have been collected on the North Rackla claims. 

This technique is effective where weathering does not break down siliceous rock, thereby not allowing gold and other metals to disperse into conventional -0.177mm (-80 mesh) soil only samples. The technique has been used to detect drill targets on the claims, including the discovery of the high grade massive sulphides in the Discovery and Extension Targets as situated in Map 1.

Map 1 also illustrates the 48 areas the soil-talus sampling has detected with strongly anomalous metal values within the North Rackla claim block surrounding the high-grade massive sulphide zones.  There are 14 new areas of gold with accessory arsenic or zinc; 15 areas of copper-lead-zinc-silver with accessory gold; 3 areas of lead-zinc-silver with accessory gold; 9 areas of copper-lead-zinc-silver; 4 areas of lead-zinc-silver; 2 areas of copper-lead-zinc and 1 area with anomalous lead-zinc.

Some of the higher priority targets are as follows:

Anomaly G16 is a large (15.7 hectare) irregular anomaly roughly 640m long and 245m wide of weak to very strong anomalous gold frequently accompanied by weak to moderate zinc in soil-talus samples.  Several rock grab samples contained up to 39.6 g/t gold.  Other rock samples show values of up to 38.3% zinc, 368 g/t silver or 30.2% copper.  An additional 8 hectare anomaly (B42) of silver-lead-zinc occurs on the southwest border of the anomaly.

The 9.9 hectare anomaly B17 contains weak to strongly anomalous copper-lead-zinc-silver soil-talus samples.  The anomaly remains open to the southwest, where the next closest sample line is 1,100 metres away.  This line of samples is also anomalous in copper-lead-zinc-silver; infill sampling will be completed this year to determine whether Anomaly B17 continues all the way to this next anomalous sample line.

Anomaly G7 is an irregular 7.7 hectare area containing weak to strongly anomalous copper-lead-zinc-silver with local weak to moderately anomalous gold.  Four rock samples collected from the area analyzed 25 to 73ppb gold with up to 5.6% lead and 79 g/t silver. 

The 10 hectare anomaly G8 contains weakly to strongly anomalous copper-lead-zinc-silver rarely with weakly anomalous gold in soil-talus.  Eleven rock grab samples collected from the area analyzed between 11 and 49 ppb gold, and up to 0.96% copper, 6.8% zinc, 1.2% lead and 80 g/t silver.

Anomaly G4 is a 13.4 hectare irregular area roughly 900 metres long and 150 metres wide of moderately to strongly anomalous copper-lead-zinc-silver with common weakly to moderately anomalous gold in soil-talus.  A rock sample collected within the anomaly analyzed 4.27% zinc, 0.54% copper, 0.61% lead, 318 g/t silver and 21ppb gold.  There are three similarly anomalous areas of 3.21, 1.2 and 0.87 hectares adjacent to G4.

Anomaly G11 consists of a 2.57 hectare southeast trending anomaly 400 metres in length and 65 metres in width and remains open to the south east.  Soil-talus is strongly to weakly anomalous in gold, arsenic, silver and zinc.  Ten rock grab samples collected from this anomaly are weakly to strongly anomalous in gold (up to 293ppb) and arsenic (up to 8,450ppm).  Three rock samples are anomalous in zinc (up to 30%) and silver (up to 327 g/t).

Defining Drill Targets
Most anomalies are not completely closed off and additional soil-talus sampling is needed to establish the exact dimensions of the anomalous areas.  The existing geochemical coverage has shown that the minimum sizes of the anomalies range from 15.7 hectares (~640m x 245m) down to 5 areas less than 0.4 hectares in size.  In addition to soil-talus sampling, field work in July will include prospecting, rock sampling and geologic mapping to prepare the highest priority areas for drill testing in 2020 or 2021.

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 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 statements 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 undertake 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 to download multimedia: http://www.newswire.ca/en/releases/archive/July2020/09/c6708.html