KELOWNA, BC, Nov. 20, 2018
KELOWNA, BC, Nov. 20, 2018 /CNW/ - Cantex Mine Development Corp. (CD: TSXV) (the "Company") is pleased to announce the over-limit drill results from the Massive Sulphide zone on its 100% owned 14,077 hectare North Rackla claim block.
Over-Limit Results Received
The over-limit results have now been received for the 23 samples that exceeded with 30% zinc or 20% lead. The 14 over limit zinc samples representing 12.05 metres of drill core contained between 35.47% and 51.14% zinc. The 9 over limit lead samples representing 6.00 metres contained between 20.94% lead and 39.63% lead.
Updated Extension Zone Results
Each of the five holes drilled this summer at the Extension Zone intersected fresh galena and sphalerite mineralization which contained over-limit samples. The following table presents the significant mineralized intercepts incorporating these over-limit results. These results improve upon and supersede the provisional results released October 29, 2018.
*These results include over-limit analyses.
Hole YKDD18-012 contained two mineralized intervals with one having an estimated true width of 9.19m assaying 150.6 g/t silver, 8.09% lead and 18.04% zinc. Within this interval there was a 3.54 metre section that contained 277.8 g/t silver, 14.01% lead and 35.36% zinc.
Hole YKDD18-013 intersected three mineralized intervals. The most significant has an estimated true width of 7.10m containing 158 g/t silver, 6.04% lead and 23.23% zinc. Contained within this interval was a 3.24 metre higher grade section with 207.5 g/t silver, 7.43% lead and 40.24% zinc.
Hole YKDD18-014 intersected two mineralized intervals including one with an estimated true width of 9.30 metres of 122.6 g/t silver, 7.33% lead and 10.97% zinc. Within this were two higher grade 0.85 metre zones which contained 158.0 g/t silver, 6.93% lead, 37.65% zinc and 475.5 g/t silver, 24.49% lead, 13.73% zinc respectively.
Hole YKDD18-015 contained a 5.21 metre interval of 67.2 g/t silver, 5.48% lead and 10.48% zinc.
Hole YKDD18-016 contained two mineralized intervals one metre apart. The most significant was 4.46 metres of 142.1 g/t silver, 11.44% lead and 18.36% zinc.
The five holes were drilled from the same location. Holes YKDD18-012, YKDD18-013 and YKDD18-014 were all drilled at an azimuth of 137 degrees and at dips of -60, -70 and -80 degrees respectively. Hole YKDD18-015 was drilled at an azimuth of 102 degrees and a dip of -60 degrees. YKDD18-016 was drilled at an azimuth of 180 degrees and a dip of -60 degrees. These holes tested the main mineralization along a 56m strike length and to a depth of 190m below surface.
Maps and sections containing these new results are presented on the Company's website www.cantex.ca.
The drill holes reported in this press release were drilled using HQ (63.5mm) diamond drill bits. The core was logged, marked up for sampling and then divided into equal halves using a diamond saw on site. One half of the core was left in the original core box and these boxes were removed from site and stored in a secure facility. The other half was sampled and placed into sealed bags which were in turn placed into larger bags closed with security seals prior to being transported by commercial carrier to CF Mineral Research Ltd in Kelowna, BC.
At CF Minerals the samples were dried prior to crushing to -10 mesh. The samples, which averaged over 3kg, were then mixed prior to splitting off 800g. The 800g splits were pulverized to -200 mesh and a 250g split was sent for assay. Quality control procedures included the insertion of coarse quartz samples to assess the sample preparation. Silica blanks were inserted along with certified reference samples. These quality control samples were each inserted approximately every 20 samples.
ALS Chemex in Vancouver assayed the samples using a four acid digestion with an ICP-MS finish. The 48 element ME-MS61 technique was used to provide a geochemical signature of the mineralization. Where lead or zinc values exceeded one percent the Pb-OG62 or Zn-OG62 techniques were used which have upper limits of 20% lead and 30% zinc respectively. Over limit samples were analyzed by titration methods Zn-VOL50 and Pb-VOL70.
Cantex has traced the mineralized zone for approximately three kilometres. The strata bound mineralization is contained within Proterozoic age marine clastic rocks and contains elevated silver, lead, zinc, manganese and low copper values. These are geological characteristics similar to other globally significant massive sulphide mines. In comparison, the Sullivan Mine in British Columbia averaged 62 g/t silver, 5.65% lead and 5.9% zinc. At the Broken Hill Mine in Australia the ore averages 180 g/t silver, 10.0% lead, 11.0% zinc and 0.1% copper. The Mount Isa Mine in Australia contains 150 g/t silver 6.9% lead, 6.4% zinc and 3.0% copper.
Conclusion and Proposed Plans
The average grade of the massive sulphide intersections of the aforementioned five holes testing the Extension Zone is 107.6 g/t silver, 6.84% lead, 13.58% zinc and 0.05% copper over an average true width per hole of 9.15 metres. These grades compare well with the grades of mines of a similar deposit style. As a consequence a 16,000 metre core drilling program is proposed to test a 800 metre strike length of the Extension Zone down to depth of 400 metres. Additional drilling is also planned to test a zone of anomalous soil and rock samples parallel to the Massive Sulphide zone as well as at the recently discovered gold mineralization at the north end of the claim block (see January 22, 2016 news release). The budget for this program is $10 million.
Planning and permitting for this work program are presently underway. Weather permitting, Cantex hopes to commence work with two drills in late March.
Additional results with respect to the 2018 summer work program are forthcoming.
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.
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 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 financial statement 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 undertakes 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.
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