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Cantex Intersects Gold Accompanied by Arsenic, Antimony and Mercury in Initial Drilling on Bruner Property in Nevada

04.05.2021  |  CNW

KELOWNA, May 4, 2021 - Cantex Mine Development Corp. (TSXV: CD) (the "Company") is pleased to report the first five of fourteen reverse circulation drill holes on its 100% owned Bruner property in Nevada.

Dr. Chuck Fipke reports

Bruner Property

The Bruner property is located in Nye County, Nevada, which hosts numerous gold mines. Its location is presented in Figure 1. Cantex completed 14 reverse circulation ("RC") holes on the project and has received results from five holes.

Table 1 presents the most significant intercepts from the first five holes, the locations of which are presented in Figure 2.

Table 1. Significant Bruner drill results.

Hole

Intersection

Length

Gold

Arsenic

Antimony

Mercury

From

To

(m)

(m)

(m)

(g/t)

(ppm)

(ppm)

(ppm)

733DH21010

19.81

24.38

4.57

0.060

2.90

0.96

0.50

733DH21011

59.44

64.01

4.57

0.054

5.13

2.54

0.64

733DH21012

16.76

19.81

3.05

0.118

4.05

2.75

0.51

733DH21013

0

39.62

39.62

0.348

11.17

10.59

0.87

733DH21014

0

7.62

7.62

0.084

25.78

1.63

2.94

36.58

42.67

6.09

0.229

27.73

1.84

1.95

54.86

65.53

10.67

0.083

5.41

1.32

0.99

79.25

118.87

39.62

0.144

9.62

0.83

1.39

Sample Preparation and Analysis

The drill holes reported in this press release were drilled using reverse circulation drilling with hole diameters between 140 and 146mm. A representative split of the sample was collected off the drill and sent for geochemical analysis. Another split of the sample has been stored on site. Samples were securely transported to the ALS Chemex Laboratory in Reno, Nevada. Here the samples were dried and crushed to 70% passing 2 mm before a 250 gram split was pulverized to 85% passing 75 micrometres. The samples were then analyzed using the AuME-TL43 technique which involves the Aqua Regia digestion of a 25 gram charge and analysis by ICP-MS and ICP-AES. Quality control included the insertion of blanks, standards and field duplicates

Weepah South Property

Drill testing at the Weepah South property determined that the source of the conductive geophysical anomaly was graphite interbedded in Paleozoic carbonate rocks rather than the hoped for conductive gold mineralized target. Analytical results confirmed that gold mineralization was not present and no additional work is planned for these claims.

Baxter Springs Property

Five drill holes were completed on the 100% owned Baxter Springs property and analytical results are pending.

Carico Lake Property

Roads and three drill pads have been constructed at the Carico Lake property. Three holes totalling 1,100 metres are to be drilled as soon as a suitable drill is available.

Conclusion

The Cantex directors are most encouraged by the Bruner property results; the five holes completed to date indicate a Nevada-style gold-arsenic-antimony system has been intersected.

Structural geological mapping will be undertaken after the remaining drill results are received. The focus of the mapping will be to assist in determining where the centre of the mineralized system is. In addition, work will include rock chip sampling of the road cuts created by the access roads leading to the 14 drill sites. It is hoped that these results as well as the forthcoming analytical results from the nine remaining holes will further define gold mineralization on the Bruner property.

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

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 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.



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Cantex Mine Development Corp., Tel: +1-250-860-8582; Email: info@cantex.ca
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