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CMX GOLD & SILVER CORP.
CMX Gold & Silver Corp. holds the Clayton Silver Property in the U.S.A. through its wholly-owned Idaho-incorporated subsidiary, CMX Gold & Silver (USA) Corp.
As of May 23, 2024, Management, directors (including their family members) and associates have a significant share position in CMX and own 42,559,326 Common Shares (61%) of the 69,886,224 issued and outstanding Common Shares. Other major supporting shareholders hold 13,776,590 Common Shares (19.7%).
CMX Expands Clayton Landholdings
During 2022 the Company staked 22 new unpatented claims on BLM land to the north, east and south of the current land holdings. The staking was completed in November 2022. Subsequent to the 2023 year end, the Company was informed by the U.S. Bureau of Land Management that some of the claims staked in 2022 contiguous to its Clayton Mine property overlaid portions of seven historic claims staked in 1993. These claims are in the vicinity of the historic Rob Roy mine immediately north of the Clayton patented claims. This means that the Company’s new lode claims are subject to adjustment, which is expected to reduce the acreage by up to 103 acres. Prior to carrying out the staking program, the Company researched whether there were any claims records on the subject BLM lands in the vicinity of CMX’s patented claims. The Company’s investigation did not reveal that any older claims existed. Local public records did not flag the old claims. CMX is currently assessing the full effect this has on the Clayton Mine land position. Based on current information, the Company’s aggregate land holdings for the Clayton Silver Project have been adjusted to 1,028 acres. An important part of the Company’s strategy is to gain control of land surrounding the Clayton Mine prior to starting a drilling program.
Plans and Status for The Clayton Silver Project
Although the Clayton property was a producing mine until 1986, the property is considered to be an early-stage project as the Company has not completed any programs to assess the resource potential.
The Company anticipates commencing work programs later in 2024 and extending over the next several years to assess the resource potential within the structures related to the previously mined sections and to expand the search to determine the potential for other mineralized zones in adjacent structures. This will entail detailed geophysical work and multiple follow-up drilling programs within the known mineralized system. The Company has concluded that very little geophysics was done on the property historically.
The Company plans to commence geophysical work in Fall 2024. The proposed geophysical survey will delineate the known structures and potentially identify other new ore bodies within and below the existing flooded underground workings, and provide an evaluation of the surrounding prospective claims held by the Company. The survey will provide requisite detailed subsurface mappable data to strategically locate Diamond Drill Sites (DDS) on the Issuer’s 100%-owned property. Interpretation of the geophysics is expected to identify optimum DDS. The program is expected to include a Direct Current Induced Polarization Survey (DCIP) and a Magnetotelluric Survey (MT).
The Company has a large stockpile of 1,000,000 tonnes or more of unprocessed mineralized rock that was tested for metals in 2014. The Company is seeking to realize near term value from processing the mine stockpile on the property, utilizing precision ore sorting technology to high-grade mine stockpiles of unprocessed rock to enhance the grade of material delivered to a toll mill. Ore sorting is a proven technology utilized successfully around the world to recover metals from historically mined material. The application of precision ore-sorting technology to high-grade the Clayton Mine stockpile will enhance the grade of material delivered to a toll mill. Testing in 2022 confirmed the Company’s expectation that ore sorting would work well on the stockpile material. When circumstances permit, the Company plans to install a custom TOMRA ore-sorting system on the Clayton property to process the stockpile. The timing of the ore-sorting project depends on when the system can be funded on terms acceptable to the Company.