2022-08-11 | TSXV:CD | Press release

KELOWNA, BC, August 11, 2022 /CNW/ – Cantex Mine Development Corp. (TSXV: CD) (OTCQB: CTXDF) (the “Company”) is pleased to provide an update on the drilling of the GZ Zone on its 14,077 hectare wholly owned North Rackla claim block in the yukon.

dr. Charles Fipke reports

A 5 meter zone containing 39% lead-zinc and 116 g/t silver intersected in hole YKDD22-226 at the GZ zone

Cantex is pleased to announce top results from its 2022 drilling program at the North Rackla project. To date, results from seven holes have been received, with three of these holes yielding significant results, as shown in Table 1.

Holes YKDD22-224, YKDD22-226 and YKDD22-228 were all drilled from basement GZ2.5C and each of these holes intersected significant sulphide mineralization. Hole YKDD22-224 intersected 11 meters of 11.7% lead-zinc and 36 g/t silver. Hole YKDD22-226 intersected 5.0 meters of 39.0% lead-zinc and 116 g/t silver. Hole YKDD22-228 intersected 9.0 meters of 18.0% lead-zinc and 59 g/t silver which included a 4.5 meter high-grade zone containing 29.0% lead-zinc and 93 g/t silver.

The drill pipe location of these holes is shown in Figure 1. A cross section of these holes is shown in Figure 2.

Table 1. Significant results from the GZ zone

Buffer

Soak

Hole

From (m)

to M)

Length (m)

Silver (g/t)

Lead + Zinc (%)

Conduct (%)

Zinc (%)

Copper (%)

Manganese (%)

GZ2.5C

-45

YKDD22-224

19.0

23.0

4.0

6.56

2.82

0.13

2.69

0.00

3.19

24.5

25.0

0.5

1.62

1.87

0.06

1.81

0.00

1.50

36.0

47.0

11.0

36.62

11.71

2.48

9.23

0.04

2.65

Including

40.5

44.5

4.0

79.68

26.68

4.24

22.44

0.06

2.89

49.5

50.0

0.5

6.28

1.88

1.42

0.46

0.05

2.43

60.0

61.5

1.5

9.95

5.77

0.77

5.00

0.01

1.00

-70

YKDD22-226

24.0

25.0

1.0

10:55

4.42

0.94

3.48

0.01

0.18

54.0

59.0

5.0

115.97

39.01

9.53

29.48

0.02

1.04

68.0

69.0

1.0

2.71

1.46

0.34

1.12

0.00

0.79

-80

YKDD22-228

58.0

67.0

9.0

58.72

18.03

5.10

12.93

0.01

0.84

Including

59.0

63.5

4.5

92.93

28.98

8.61

20.37

0.01

1.01

Cantex has completed 36 holes on the North Rackla project so far in the 2022 season. The results for 29 of these holes are still pending and will be communicated upon receipt.

The drill crew has just taken a two-week hiatus, as mandated by the Yukon Workers’ Safety and Compensation Board, and will resume drilling on 20 Auguste.

Sample preparation

The drill holes reported in this press release were drilled using HQ (63.5mm) diamond bits. Core was logged, tagged for sampling, then split into equal halves using a diamond saw on site. Half of the carrot was left in the original carrot box. The other half was sampled and placed in sealed bags which were in turn placed in larger bags closed with security seals before being transported to CF Mineral Research Ltd. Kelowna, BC.

At CF Minerals, drill core was dried before being crushed to -10 mesh. The samples, which weighed on average more than 3 kg, were then mixed before separating 800 g. The 800g fractions were pulverized to -200 mesh and a 250g fraction was sent for analysis. Quality control procedures included running a sterile sand sample through the crusher and pulverizer between each sample to ensure that no inter-sample contamination occurred. Silica blanks were inserted 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. When lead or zinc values ​​exceeded one percent, the Pb-OG62 or Zn-OG62 techniques were used. These have upper limits of 20% lead and 30% zinc respectively. Samples with lead and zinc values ​​above these limits were then analyzed by Pb-VOL70 and Zn-VOL50 titration methods. When silver samples exceeded 100 g/t, the Ag-OG62 technique was used, with an upper limit of 1,500 g/t. Over-limit scans have contributed to delays in receiving final scan results.

The technical information and results reported herein 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.

Sign,

Charles Fipke2Zones

Charles Fipke

President

Neither the 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. The information in this press release includes forward-looking statements under applicable securities laws. Forward-looking statements are statements that relate to future and 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 “have the intention”, statements that an action or event “may”, “could”, “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 that may cause actual results, performance or achievements, or other future events, to differ materially from the results, performance or future achievements expressed or implied by such forward-looking statements. These factors include, among others, the risks identified in the discussion and analysis of management section of the Company’s interim and most recent annual financial statements or other reports and documents filed with the Canadian securities authorities. Forward-looking statements are made based on the beliefs, estimates and opinions of management as of the date the statements are made and the respective companies undertake no obligation to update the forward-looking statements if such beliefs, estimates and opinions or other circumstances were to change, except as required by applicable securities laws. Investors are cautioned against attributing undue certainty to forward-looking statements.

Cantex Mine Development Corp.  (CNW Group/Cantex Mine Development Corp.)

Logo Cantex Mine Development Corp.  (CNW Group/Cantex Mine Development Corp.) (CNW Group/Cantex Mine Development Corp.)

SOURCE Cantex Mine Development Corp.

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Jack L. Goldstein