Latest news with #Cantex
Cision Canada
11-07-2025
- Business
- Cision Canada
CANTEX TO COMPLETE FINANCING INVOLVING CRESCAT CAPITAL TO DRILL HIGH GRADE COPPER, MASSIVE SULPHIDE AND GOLD ON ITS NORTH RACKLA CLAIMS, YUKON
KELOWNA, BC, July 11, 2025 /CNW/ - Cantex Mine Development Corp. (TSXV: CD) (OTCQB: CTXDF) (the "Company") is pleased to announce that it will undertake a non-brokered private placement to raise gross proceeds of up to C$3,000,000 (the "Offering") for drilling commencing this summer on its 100% owned North Rackla project. Cantex is pleased to announce that both Crescat Capital and Rob McEwen (founder of Goldcorp and McEwen Mining) are increasing their investment in Cantex through this placement. "Last year's drilling, though limited in scope, yielded some remarkable high-grade results. It also demonstrated the deposit displays continued potential for growth along strike. Though most people think of deposits like MacMillan Pass when they think of the Yukon, Cantex's North Rackla deposit is something unique. It is a deposit that more closely resembles the famous Broken Hill Deposit of Australia, a deposit characterized by high grades as well as a substantial endowment of the exotic metal germanium, a metal highly elevated at North Rackla. We are keen to see Cantex follow up with drilling the newly discovered strike extension found late last season." - Quinton Hennigh, Geologic and Technical Advisor, Crescat Capital. "We are happy to support Cantex with more capital for drilling this season. The zinc grades encountered at its vast North Rackla property last season were outstanding, same with the germanium, a sought-after critical metal. We think the Company is onto a potentially expansive high-grade ore body with much value still to be unlocked. We are furthermore pleased to be investing alongside its Chairman and largest shareholder, Chuck Fipke, a legend in the mining industry." - Kevin Smith, CFA, Founder and CEO, Crescat Capital. The Offering The Offering will be comprised of a combination of charity flow through units ("CFT units") and hard units ("Units") for total gross proceeds of up to C$3,000,000. The CFT units will be priced at $0.21 per unit, with each CFT unit comprised of one flow through share and one non-flow through warrant. Units will be priced at $0.14 per unit, with each Unit comprised of one common share and one non-flow through warrant. Each whole warrant issued in connection with either a CFT unit or a Unit entitles the holder to acquire a non-flow through share at a price of $0.21 for a term of three years. 0974052 B.C. Ltd. ("BC Ltd"), a company over which Dr. Charles Fipke, the Chairman and a control person of the Company exercises control and direction over, will be subscribing for 3,571,429 Units for a total subscription price of C$500,000. BC Ltd will acquire the Units for investment purposes. The Offering and the acceptance of the subscription by BC Ltd was approved by unanimous resolution of the board of directors of the Company with Dr. Fipke declaring his interest in the resolution and abstaining from voting. There was no formal valuation of the Company done in connection with the Offering, nor has there been such a formal valuation in the past 24 months. The Company will rely upon the exemptions contained in Section 5.5(b) and 5.7(b), of Multilateral Instrument 61-101 ("MI 61-101") to avoid the formal valuation and shareholder approval requirements of MI 61-101. For the purposes of Section 5.5(b), the Company does not have any securities listed on any of the stock exchanges set out in Section 5.5(b) and for the purposes of Section 5.7(b) the exemption will be available as the consideration paid for the Units subscribed for by Dr. Fipke will be less than $2,500,000. The Company may pay finder's fees in connection with the Offering in accordance with the policies of the TSX Venture Exchange. Proceeds from the Offering will be used to fund qualified critical mineral exploration expenditures on the Company's North Rackla project in the Yukon. The Offering remains subject to the acceptance of the TSX Venture Exchange. About Cantex Cantex is focused on its 100% owned 20,000 hectare North Rackla Project located 150 kilometers northeast of the town of Mayo in the Yukon Territory, Canada where high-grade massive sulphide mineralization has been discovered. Over 86,000 meters of drilling has defined high grade silver-lead-zinc-germanium mineralization over 2.65 kilometers of strike length and at least 700 meters depth. The mineralization remains open along strike and to depth. The Company is led by Dr. Charles Fipke, C.M., the founder of Ekati, Canada's first diamond mine. The technical information and results reported here have been approved by Mr. Chad Ulansky a Qualified Person under National Instrument 43-101, who is responsible for the technical content of this release. Mr Ulansky is the Company's President and CEO. Signed, Chad Ulansky Chad Ulansky President and CEO 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. SOURCE Cantex Mine Development Corp.
Cision Canada
24-04-2025
- Business
- Cision Canada
CANTEX PLANS DRILLING FOR GOLD AND SILVER-COPPER IN ADDITION TO COPPER AND MASSIVE SULPHIDE SILVER-LEAD-ZINC-GERMANIUM PROJECTS AT NORTH RACKLA, YUKON, CANADA
KELOWNA, BC, April 24, 2025 /CNW/ - Cantex Mine Development Corp. (TSXV: CD) (OTCQB: CTXDF) (the "Company") is pleased to provide the exploration plans for 2025 on its 100-percent-owned 14,077 hectare North Rackla claim block in the Yukon. Dr. reports Massive Sulphide Silver-Lead-Zinc-Germanium Project Cantex's directors continue to be impressed with the scale and grade of the mineralization at the Massive Sulphide project. Drilling in 2024 brought the drill confirmed strike length to 2.65 kilometres and continued to intersect high grade mineralization such as hole YKDD24-315 which intersected 15 metres of 62 g/t silver, 3.49% lead, 19.38% zinc and 117 g/t germanium (see news release of February 12, 2025). The mineralization is open both along strike and to depth, with the deepest intercept occurring at 700 metres depth where hole YKDD20-163 contained a 23.67 metre true width of 24 g/t silver, 2.31% lead and 5.84% zinc (see news release of December 17, 2020). Drilling this season will focus on further expanding the mineralization. Cantex is also initiating metallurgical test work on the Massive Sulphide mineralization. The coarse grained, high grade nature of the mineralization suggests that concentration on site may not require flotation. This would eliminate hazardous tailings and minimize the environmental impact of mining at North Rackla. Copper Project The Copper Project was discovered by prospecting a soil-talus anomaly on the western side of the North Rackla property. Initial drilling intersected 2.5 metres of 3.93% copper including 1 metre of 7.32% copper (see news release of April 13, 2023). This was followed up with drilling early in the 2024 field season where results included 2.9 metres of 4.54% copper in hole YKDD24-287 (see news release of August 19, 2024). Late in the 2024 season a ground geophysical induced polarization/conductivity survey was completed over the area. This survey detected several strong conductors which we think represent copper mineralization. Drill testing of these anomalies is planned for this summer. Regional Focus Anomalies in North Rackla Cantex's exploration of the North Rackla claim block has identified several other prospective targets worthy of drilling. Structural geologist Chris Buchanan will be on site this summer and will be selecting sites for drilling at the North Gold and G67 gold anomalies and the G14 silver-copper anomaly. Details of these areas are presented below. Northern Gold Area The Northern Gold Area consists of a 120m by 150m area where mineralization occurs within a stromatolitic dolomitic unit that is exposed beneath a sandy bedded dolomitic unit. The Company's previous drilling will aid in defining the structural controls of the mineralization to best test the mineralization. Selected rock samples collected from this area are contained in the following table. G67 Gold Area Anomaly G67 consists of a gold-arsenic soil-talus anomaly approximately 950 metres long and of irregular width of between 40 and 550m (averaging about 200m) underlain by Proterozoic dolostones. Rock samples from this anomaly have contained up to 39.60 g/t gold. Selected samples are presented in the table below (see release dated June 24, 2021). G14 Silver-Copper Anomaly Anomaly G14 is an irregular (990 x 75m) anomaly which contains consistently high silver and copper values. Results (see release of June 24, 2021) from selected rock samples from this anomaly are presented in the table below. Summary Cantex looks forward to a productive drill season on its North Rackla project. Work will be undertaken not only on the advanced Massive Sulphide Project but also selected targets within the broader claim block. These include the Copper Project, the G14 silver-copper anomaly, the G66 gold anomaly and the Northern Gold Area. Sample Preparation 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. The other half was sampled and placed into sealed bags which were in turn placed into larger bags closed with security seals. Prospecting rock samples were also placed into security sealed bags prior to being transported to the ISO 9001:2015 accredited CF Mineral Research Ltd. laboratory in Kelowna, BC. At CF Minerals the drill core or rock 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. A 250g portion of this pulverized material was submitted for multi-element analysis at ALS Chemex in North Vancouver. Quality control procedures included running a barren sand sample through both the crusher and pulveriser between each sample to ensure no inter-sample contamination occurred. Silica blanks were inserted along with certified reference samples. These quality control samples were each inserted approximately every 20 samples. ALS Chemex in North 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. These have upper limits of 20% lead and 30% zinc respectively. Samples with lead and zinc values over these limits were then analyzed by titration methods Pb-VOL70 and Zn-VOL50. Where silver samples exceeded 100 g/t the Ag-OG62 technique was used which has an upper limit of 1,500 g/t. For the germanium results completed on bulk core, a portion of the remaining pulverized material from the base metal analysis was analyzed by ALS Chemex in North Vancouver, Canada. The pulverized samples were analyzed using a sodium peroxide fusion followed by an ICP Mass Spectrometer finish on a 0.2g pulverised sample. The technical information and results reported here have been reviewed by Mr. Chad Ulansky a Qualified Person under National Instrument 43-101, who is responsible for the technical content of this release. Signed, Charles Fipke Dr. Charles Fipke, CM 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.
