(TheNewswire)
C algary , A B - TheNewswire - June 29, 2023- CMX Gold & SilverCorp. ( CSE:CXC ) ( OTC:CXXMF ) (“ CMX ” or the “ Company ”) has received assays forconcentrate successfully recovered from samples taken in 2022 from thehistoric stockpile adjacent to its 100%-owned Clayton Silver Mine inIdaho. Jan Alston, President & CEO of CMX stated: “This is asignificant milestone with respect to advancing the Company’sClayton Silver Project. The silver, lead and zinc assay results arerobust and ore-sorting returned a high-grade concentrate. Thisprovides CMX with a unique opportunity as a junior mining company toexploit the stockpile, which is estimated to contain 1,000,000 tonnesor more of mineralized material. Processing thestockpile is expected to start next year.”
Approximately 500 kilograms of sample material wasshipped to TOMRA Systems ASA’s (“TOMRA”)ore-sorting laboratory in Sydney, Australia (see "2022/23 StockpileSampling” below). The concentrate producedby sorting was subsequently assayed at Bureau Veritas Australia Pty Ltd.’s laboratory in Sydney. The initial testof the ore-sorting technology comprised a 395-kilogram sample. Thetest recovered at least 70% of the metals and returned a 41-kilogramconcentrate of sorted product of about 10% of the initial mass. Assays for the silver, lead, zinc, copper, and gold in theconcentrated product returned the following grades:
Ag (g/t)/(oz/t) | Pb (%) | Zn (%) | Cu (%) | Au (g/t) |
156 / 5.02 | 3.10 | 1.91 | 0.096 | 0.1 |
Compared to average grades documented in theCompany’s 2014 stockpile evaluation program (see below), ore-sortingincreased the silver grade by 6.4 times and the lead and zinc gradesby 7 times. Mr. Alston said: “The success of TOMRA’s ore-sortingto enhance the grade of the metals of interest in the stockpile isconfirmed by the excellent assay results.” Mr. Alston emphasized:“Ore-sorting is a proven technology utilized successfully around theworld to recover metals from historically mined material. Testingconfirmed our expectation that it would work well on our stockpilematerial.”
The Company’s 2014 stockpile evaluation programreturned an average gold grade of 0.80 g/t for samples collected from16 locations. The 2014 assay results indicated that the gold gradein the stockpile is variable. CMX believes the low grade for goldassayed in the 2023 ore-sorted product is probably representative ofthe “nugget effect”, which means the sample recovered from thestockpile may or may not have contained more significant gold. Ore-sorting is expected to capture gold in the concentrate when itis present in the stockpile.
2022/23 StockpileSampling, Ore-Sorting and Assaying
The Company is working with Sulphide Remediation Inc.(“SRI”), an affiliate of ABH Engineering Inc. of Surrey, B.C.specializing in mineral processing. Under SRI’s supervision, approximately 600 kilograms of material wascollected from seven separate locations throughout the mine stockpile. The locations duplicated several of the Company’s sample sitesfrom its 2014/15 stockpile sampling program (see below). Under thesupervision of an SRI representative, samples were transported toVancouver, B.C., washed and then approximately 500 kilograms ofsamples were shipped in a secure container to Sydney, Australia. Onarrival in Australia, samples were delivered into the custody of TOMRAat its Sydney facility. After completion of ore-sorting tests, theresulting concentrate was delivered by TOMRA to Bureau Veritas’laboratory for assaying.
Bureau Veritas crushed and then pulverized the samples. Metal content was assayed utilizing Inductively Coupled Plasma-MassSpectrometry (ICP-MS). Samples returning over-limit values (greaterthan 1%) for lead and zinc were re-submitted for multi-acid digestionfollowed by Atomic Absorption (AA) analysis. Analysis for goldentailed mixing and then splitting the pulverized samples, followed byfire assay of a 50-gm pulp. No quality assurance/quality controlissues were noted with the results reported herein.
Clayton SilverMine Stockpile
As part of CMX’s 2014/15 stockpile evaluationprogram, over 3,000 kilograms of sample material were collected from16 locations selected to ensure representative results. Comprehensive analysis of samples confirmed the presence of gold ineach sample. Subsequent assays indicated gold to 2.84 g/t with anaverage of 0.80 g/t for the 16 locations sampled. Statisticalaverages for the metals of interest from the 16 locations of the minestockpile sampling program were: gold – 0.80 g/t; silver – 24.31g/t; lead – 0.44%; zinc – 0.27%.
Historical records suggest most of the stockpile wasdeposited during mining operations from the 1930’s to the 1960’s. Processing low-grade ore from the mine during that period wasuneconomic due to a combination of milling technology, mining costsand metals prices. As Mr. Alston explained: “Fast forward totoday, and modern ore-sorting technology is the key to unlocking thelatent value contained in the stockpile. This could provide the Company with the necessary capital toextensively drill the property, which remains largely unexplored,without diluting our shareholders.”
About the ClaytonSilver Project
The Clayton Silver Property is located in CusterCounty, south-central Idaho, a mining-friendly state. The 1,131-acreproperty includes the former Clayton silver-lead-zinc mine on patentedclaims. The Clayton Mine was developed on eight levels to a depth of1,100 feet below surface and is comprised of approximately 19,690 feetof underground development. Two major ore bodies were partiallymined: the “South Ore Body” and the “North Ore Body”.
Recorded production from the Clayton Mine included7,031,110 oz silver, 86,771,527 lbs lead, 28,172,211 lbs zinc,1,664,177 lbs copper, and minor amounts of gold from an estimated2,145,652 tonnes of ore mined between 1934 and 1985 (Hillman, Bob,M.S. Thesis, June 26, 1986, Eastern Washington University).
Very little exploration has been carried out previouslyon the property. Significant potential is demonstrated in hole1501-A, drilled in the mid-1960’s, which penetrated the mineralizedzone at 1,425 feet. At that depth, the hole intercepted 22 feet ofmineralization grading 4.07 oz (126 g/t) Ag, 5.75% lead and 5.37% zinc(note: true width is unknown).
Technical and scientific information in this newsrelease was reviewed and approved by Richard Walker, M.Sc. (Geology),P.Geo., recognized as a Qualified Person under the guidelines ofNational Instrument 43-101. Readers are cautioned that historicalinformation referenced in this news release is not NI 43-101 compliantbut has been obtained from sources that the Company believes arereliable.
The CSE has notreviewed and does not accept responsibility for the adequacy oraccuracy of this news release.
For furtherinformation contact:
Robert d’Artois, Investor Relations at (604) 329-0845 bobdartois@cmxgoldandsilver.com
Jan M. Alston, President & C.E.O. at (403) 816-6974 or (403) 457-2697 janalston@cmxgoldandsilver.com
You can also visit the Company’s Website : www.cmxgoldandsilver.com
Forward-Looking StatementsAdvisory
This news release contains statementsconcerning the exploration plans, results and potential for recoveryfrom the stockpile and other mineralization at the Company’s ClaytonSilver Property, geological and geometrical analyses of the stockpileand comparisons to historical production and other expectations,plans, goals, objectives, assumptions, information or statements aboutfuture, conditions, results of ore sorting or performance that mayconstitute forward-looking statements or information under applicablesecurities legislation. Such forward-looking statements orinformation are based on a number of assumptions, which may prove tobe incorrect.
Although CMX believes that theexpectations reflected in such forward-looking statements orinformation are reasonable, undue reliance should not be placed onforward-looking statements because the Company can give no assurancethat such expectations will prove to be correct. Forward-lookingstatements or information are based on current expectations, estimatesand projections that involve a number of risks and uncertainties whichcould cause actual results to differ materially from those anticipatedby CMX and described in the forward-looking statements or information.These risks and uncertainties include, but are not limited to, risksassociated with geological interpretation and analysis of the oresorting results, the ability of CMX to recover all or any portion ofthe mineralization present in the stockpile, the extent to which thesamples represent a uniform distribution of the recoverable ore in thestockpile, CMX’s ability to exploit the stockpile economically, the likelihood of exploiting the stockpile in a timely manner or atall, CMX’s ability to obtain financing, equipment, supplies andqualified personnel necessary to exploit the stockpile and the generalrisks and uncertainties involved in mineral exploration and analysis.The forward-looking statements or information contained in this newsrelease are made as of the date hereof and CMX undertakes noobligation to update publicly or revise any forward-looking statementsor information, whether as a result of new information, future eventsor otherwise, unless so required by applicable securitieslaws .
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