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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. However, near term value is expected to be realized from processing the mine stockpile on the property.
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 has signed an agreement with Sulphide Remediation Inc. (“SRI”), a firm specializing in mineral processing (see May 31 and October 13, 2022 News Releases). SRI utilizes precision ore sorting technology to high-grade mine stockpiles of unprocessed rock to enhance the grade of material delivered to a toll mill. See https://investingnews.com/how-investors-and-mining-companies-benefit-from-stockpile-projects/ Results from testing the ore-sorting process on the Clayton stockpile material confirm CMX ‘s opportunity to generate cash flow in 2024 (See June 29, 2023 News Release).
The Company has developed plans to assess the underground resource potential, as well as proceeding with exploitation of the above-ground Mine Stockpile. The Company will use precision ore-sorting technology to enhance the grade of the stockpile for delivery to a toll mill. The stockpile is estimated to contain 1,000,000 tonnes or more of mineralized material readily available for processing.
The Company will commence an exploration program in 2024 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 some geophysical work and multiple follow-up drilling programs within the known mineralized systems identified and referred to as the South and North Ore Bodies in the old mine workings. CMX has concluded that very little geophysics or exploration drilling was done on the property historically.