(TheNewswire)
C algary , A B - TheNewswire - March 28, 2023- CMX Gold & SilverCorp. ( CSE:CXC ) ( OTC:CXXMF ) (“ CMX ” or the “ Company ”) announces the successfulcompletion of the ore-sorting test at the TOMRAfacility in Sydney, Australia. The sorted product has been sent toBureau Veritas for assaying. Results are expected in late April2023.
CMX’s plan for processing the stockpile on its100%-owned Clayton Silver Property is to use state-of-the-artprecision ore-sorting technology to high-grade the unprocessed rockand thereby enhance the grade of material delivered to a toll mill. Dual Energy X-Ray Transmission technologies are effective atcapturing sulphides and concentrating valuable metals. Data fromother sorting projects across North America indicate ore-sorting hasthe potential to increase the grade of sorted rock by 6 to 10 times. The Company’s expectation is that TOMRA’s testing captured mostof the metals in the 10% product from the first run, with theremainder in the 10% product from the second run of the first run’srejected material. Confirmation will come from the assay results.
Jan Alston, President & CEO of CMX stated:“Completion of the ore-sorting test is an important milestone inadvancing the Company’s Clayton Silver Project. Once we receivethe assays for the sorted stockpile material, we anticipate this willprovide confirmation of the value proposition that CMX can obtainsignificant cash flow from processing the stockpile nextyear.”
The historic Clayton Silver Mine stockpile is estimatedto contain up to 1,000,000 tonnes of metal-bearing rock. In CMX’s2014/15 evaluation program, over 3,000 kilograms of sample materialwere collected from 16 locations selected to ensure representativeresults. Analysis of the samples confirmed the presence of gold ineach sample. Assays indicated gold values up to 2.84 gm/t with anaverage of 0.80 gm/t for the 16 locations sampled. Statisticalaverages of the 16 locations of the mine stockpile sampling programwere: gold – 0.80 gms/t; silver – 24.31 gms/t; lead – 0.44%;zinc – 0.27%.
About the ClaytonSilver Project
The Clayton Silver Property is in Custer County insouth-central Idaho, a mining-friendly state. The 1,134-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”.
The 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.
Significant potential is demonstrated in hole 1501-A,drilled in the mid-1960’s, which penetrated the mineralized zone at1,425 feet. At that depth, the hole intercepted 22 feet of 4.07 oz(126 gms) Ag/t, 5.75% lead and 5.37% zinc (note: true width isunknown).
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) 457-2697 janalston@cmxgoldandsilver.com
You can also visit the Company’s Website : www.cmxgoldandsilver.com
WARNING : theCompany relies upon litigation protection for "forwardlooking" statements. The information in this release may containforward-looking information under applicable securities laws. Thisforward-looking information is subject to known and unknown risks,uncertainties and other factors that may cause actual results todiffer materially from those implied by the forward-lookinginformation. Factors that may cause actual results to vary materiallyinclude, but are not limited to, inaccurate assumptions concerning theoperations of the Company, changes to securities regulationrequirements, other changes in laws or regulations, unanticipatedrisks from a future global health crisis, and changes in generaleconomic conditions or the state of financial markets impacting theability to raise additional financing. Readers are cautioned not toplace undue reliance on this forward-looking information. The Companydoes not assume the obligation to revise or update thisforward-looking information after the date of this release or torevise such information to reflect the occurrence of futureunanticipated events, except as may be required under applicablesecurities laws.
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