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Cantex Intersects Fresh Massive Sulphides in Four Recent Drill Holes on North Rackla Claims, Yukon

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Cantex Intersects Fresh Massive Sulphides in Four Recent Drill Holes on North Rackla Claims, Yukon

Canada NewsWire

KELOWNA, Aug. 22, 2018 /CNW/ - As of August 19, Cantex Mine Development Corp. (TSXV:CD) (the "Company") has completed four core holes toward the steeply dipping oxidized discovery outcrop of 15.7 meter apparent width.  In addition, four core holes have been drilled into the southern extension zone.  These two zones occur within a massive sulphide zone of at least 3 kilometers in length on the 100% Cantex owned North Rackla claims located about 110 km northeast of Victoria Gold Corp.'s proposed Eagle Gold Mine in the Central Yukon.

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

In the discovery area, the two deep holes numbered 3 and 4 did not intersect the oxidized near surface massive sulphide zones intersected in hole 1 over 15.4 meters apparent width, and in hole 2 over 4.66 and 9.96 apparent widths.  The geologists think that it is possible the lower most zone has been thrust faulted to the northwest to an area where a subparallel highly anomalous zone of silver-copper-lead-zinc-manganese in soil talus occurs.  Geologist Dr. Trygve Hoy, who logged the drill core previously obtained from the southern extension, is going to the property on August 22 to undertake geologic mapping and investigate the thrust fault possibility.  Additional soil-talus and rock sampling is being completed this year in case the anomalous area to the northwest will warrant drilling next year.

The drill was moved to the southern extension of the massive sulphide wherein previous near surface drilling intersected oxidized massive sulphides analysing 214.3 g/ton silver, 0.7% copper, 2.22% lead and 1.11% zinc over an apparent width of 5.6 meters with high grade sections yielding up to 1,040 g/ton silver, 29.6% lead and 2.19% zinc over 0.85 meter apparent width.  Three new holes were drilled here at 137° azimuth southeasterly at dips of -62°, -70°, and -80° into this oxidized massive sulphide zone steeply dipping at about 80o to the northwest.

All three drill holes that have been drilled below this oxidized massive sulphide intersection have intersected fresh silver-lead-zinc massive sulphides of 15.5 meter, 16.0 meter and 21.8 meter apparent widths at depths of 61 meters,  84 meters, and 156 meters respectively below the previous intersection.  We are most encouraged as these intersections demonstrate the massive sulphide zone maintains a substantial thickness at depth.

A fourth core hole has been drilled at a 102° azimuth and -60° dip toward southwest trending massive sulphide from the same drill pad as the three holes.  This hole has also intersected fresh massive sulphides over a 9 meter apparent width between 125.4 and 134.4 meters.

The drill rig is now in the process of drilling a fifth hole from the same drill pad at a 192° south azimuth and -60° dip.  When complete, the drill will be moved to a pad to drill the previous untested northern gold-silver-copper-lead-zinc discovery located about 8 km northward on the same North Rackla claims.  This discovery has yielded many rock grab and trench samples assaying to 15.7 g/ton gold, 377 g/ton silver, 22% zinc, 11% lead and 0.3% copper.

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 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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