(TheNewswire)
October 13, 2022
CALGARY, ALBERTA – TheNewswire – October 13, 2022 - CMX Gold & SilverCorp. ( CSE:CXC ) ; ( OTC:CXXMF ) (“CMX” or the “Company”)announces that testing of samples taken from the Clayton MineStockpile is nearing completion. The testing was undertaken with noupfront cost to CMX pursuant to the agreement with SulphideRemediation Inc. (“SRI”) announced on May 31, 2022.
Under SRI’s supervision, 600 kilograms of materialswere collected from nine locations on the mine stockpile locatedadjacent to the old Clayton Silver Mine. These locations were thesame as the locations used by the Company for its 2014/15 stockpilesampling program. Approximately 536 kilograms were shipped toSydney, Australia for testing in TOMRA’s ore-sorting laboratoryfacility. TOMRA is a world-leader in state-of-the-art precision oresorting technology used to high-grade mine stockpiles of unprocessedrock to enhance the grade of material delivered to a mill. DualEnergy X-Ray Transmission technologies differentiate between rocksbased on small fluctuations in density profiles and are effective atremoving sulphides and concentrating valuable metals. The sortedrock can be treated at existing mills/smelters where valuable metalswill be extracted and sulphides will be safely handled.? SRI hassome of the world's leading experts in crushing, screening and oresorting.
The testing program results will be used to determinethe best ore-sorting process for the Company’s stockpile. JanAlston, President & CEO of CMX stated: “Positive test resultswill confirm our assessment that there should be significant valuerealized from processing the stockpile material, based on thestockpile sampling program conducted in 2014/15. We expect theapplication of modern technology will unlock near-term value for CMXshareholders and provide funds for future exploratory drillingprograms targeting significant prospects for additional resourcesadjacent to the old mine workings.”
The Company’s historic Clayton Silver Minestockpile is estimated to contain up to 1,000,000 tonnes ofmetal-bearing rock. In the 2014/15 evaluationprogram, over 3,000 kilograms of sample material were collected from16 locations selected to ensure representative results. Analysis ofthe samples confirmed the presence of gold in each sample. Inparticular, assays confirmed 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%.
Subject to positive results from analysis of thesamples taken from the stockpile and confirmation of suitability ofthe material for the ore sorting process, SRI at its cost willconstruct and deliver an optimal ore sorting system to the ClaytonMine site. The system will be capable of processing from 3,000tonnes to 4,000 tonnes per day. SRI will manage all aspects of thestockpile processing program. After deducting operating expensesfrom the revenue received for the processed stockpile material fromthe toll mill or smelter, the net profits will be shared 50:50 betweenCMX and SRI.
About the ClaytonSilver Project
CMX's 100%-owned Clayton Silver Property is located inthe mining-friendly State of Idaho, USA. The property comprisesapproximately 684 acres in Custer County in south-central Idaho,including the former Clayton silver-lead-zinc mine. The Clayton Minewas developed on eight levels to a depth of 1,100 feet below surfaceand is comprised of approximately 19,690 feet of undergrounddevelopment. Two major ore bodies were partially mined: the “SouthOre 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).
The CSE has notreviewed and does not accept responsibility for the adequacy oraccuracy of this news release.
For furtherinformation contact:
Jan M. Alston, President & C.E.O. at (403) 457-2697 janalston@cmxgoldandsilver.com ;
Robert d’Artois at (604) 329-0845 bobdartois@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 of the COVID-19 pandemic crisis, changes in general economicconditions or conditions in the financial markets and the inability toraise additional financing. Readers are cautioned not to place unduereliance on this forward-looking information. The Company does notassume the obligation to revise or update this forward-lookinginformation after the date of this release or to revise suchinformation to reflect the occurrence of future unanticipated events,except as may be required under applicable securities laws.
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