Cantex Mine Development Corp. Continues to Climb Higher on Optimism over new VMS Discovery in Canada’s Yukon
TSX VENTURE: CD
Toronto, ON / July 5, 2019 / JMN Wire / Shares of Cantex Mine Development Corp. (TSX.V: CD) have risen nearly 50% over the last 5 trading sessions and are up over 2,775% since last September.
Even still, investor sentiment in the stock continues to rise as the Company recently commenced a 17,000 metre core drill program at its 100% owned North Rackla claims located in Canada’s Yukon territory.
The 2019 exploration program is intended to follow up on last summer’s scout drill program, which revealed high-grade volcanogenic massive sulphide (VMS) mineralization and suggested the Company may be on to a significant new silver-lead-zinc discovery. Cantex previously released drill results last November that reported a high-grade intercept assaying up to 51.14% zinc along with solid silver and lead grades.
The Company used the promising assays to raise C$15 million over the winter and has since set up a 32-man camp that will support an aggressive 2019 drill program along with property-wide airborne geophysics as well as geochemical surveys over existing anomalies.
Three drill rigs are currently on site and active. Drilling will focus on the Massive Sulphide zone, a 2.4-kilometre-long zone previously defined by soil-talus sampling, prospecting, trenching and drilling. Mineralization is hosted within Proterozoic aged rocks and contains elevated manganese values similar to the SEDEX-style Sullivan and Mt Isa mines.
North Rackla encompasses a 14,000 square kilometre claim block located north of the soon to be producing Eagle gold mine, currently under construction by Victoria Gold Corp. (TSX.V: VIT), as well as the Rackla gold property being explored by ATAC Resources Ltd. (TSX.V: ATC).
Cantex is led by renowned exploration geologist Charles Fipke, who previously led Dia Met Minerals Ltd. and the team responsible for discovering the Lac de Gras diamond field and what is now the Ekati diamond mine in Canada’s Northwest Territories. Dia Met was taken out in 2001 by BHP Billiton Limited (NYSE: BBL) for C$687 million.