KELOWNA, BC, Jan. 6, 2020 /CNW/ - Cantex Mine
Development Corp. (CD: TSXV) (the "Company") has released an
update on the work program at its Massive Sulphide project within
its 100-per-cent-owned 14,077 hectare North Rackla claim block
where it has been drilling to define a lead-zinc-silver mineralized
system with Broken Hill Type (BHT) affinities.
CEO Chad Ulansky reports
HIGHLIGHTS
- 38,174 metres of drilling completed in 2019
- Massive sulphide mineralization intersected from pads MZ 31, MZ
33 and MZ 34
DRILLING UPDATE
In 2019, the Company completed 139 holes totalling 38,174 metres
of core drilling on the North Rackla project, substantially more
than the 18,000 metres proposed at the start of the year. The
2019 drill program is now complete and drilling is expected to
resume when field conditions allow in late spring.
With the onset of winter, avalanche hazard limited the area in
which it was safe to work. Drills which were testing the
continuity to depth beneath pad MZ 5 of the Extension Target and
the strike extent of the mineralization at the Discovery Target
were relocated to the flat till covered area between these two
Targets.
The till in this area is up to 50 metres thick, making targeting
difficult as prospecting and soil-talus sampling were
ineffective. In addition, ground geophysical surveys
(including gravity, electromagnetics, induced polarization and
resistivity) were unable to define known massive sulphide
mineralization, preventing their application. In spite of
these challenges Cantex successfully intersected significant
sulphide mineralization as described by the onsite
geologists. These holes were drilled from pads MZ 31, MZ 33
and MZ 34 collared between 880 and 1000 metres to the ENE of Pad MZ
6.
The locations of these pads relative to pad 6 is shown in Figure
1 below.
Cantex is presently in the process of hiring a world class
structural geologist and will be utilizing down hole
electromagnetic geophysics to assist in defining additional massive
sulphide targets for the upcoming drill season.
Persistent poor weather towards the end of the year hampered air
support to the project, delaying the shipment of core samples from
site. Conditions did improve just prior to Christmas,
allowing the samples to be sent out. These high interest
samples have now arrived at CF Mineral Research Ltd where they are
being crushed and pulverized prior to being sent to ALS Global –
Geochemical Analytical Lab in North
Vancouver for assay.
The Company expects the assays from these holes to be the next
significant results to report.
Cantex continues to build its team and is pleased to announce
that Tom Obradovich has been added
to the slate of directors for the upcoming Annual General
Meeting. Mr. Obradovich brings 35 years of experience in
mining exploration, development and financing. He was a key
individual behind Aurelian Resources which discovered the Fruta del
Norte gold deposit in Ecuador and
was later acquired by Kinross Gold
Mines for $1.2 billion; a
co-founder of Canadian Royalties Inc., which discovered and
developed the Raglan south nickel belt; acquired and developed the
Yonge Davidson Mine to a minable resource which was subsequently
acquired by Northgate Minerals Ltd.; a member of the Special
Committee at Dalradian Resources which was privatized by Orion Mine
Finance for $550 million; and a
director and Special Committee member of Barkerville Gold Mines
Ltd. which was acquired by Osisko Gold Royalties for $338 million.
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.