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 September 16, 2022, Management, directors (including their family members) and associates have a significant share position in CMX and own 43,050,426 Common Shares (61.9%) of the 69,494,724 issued and outstanding Common Shares. Other major supporting shareholders hold 9,271,090 Common Shares (13.3%).
CMX Expands Clayton Landholdings
In October 2022, the Company completed its claims staking program surrounding the 100%-owned Clayton Silver Property. A total of 22 lode claims were surveyed and staked on federal Bureau of Land Management land, adding approximately 450 acres. The staking increased the Company's land position by 66%, bringing the total acreage covered to 1,134 acres. The 22 new claims are adjacent to and surround the Company's patented claims and cover the historic Rob Roy silver/lead/zinc mine immediately north of the Clayton patented claims. 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 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 up to 1,000,000 tonnes of unprocessed 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 should confirm CMX ‘s opportunity to generate cash flow in 2023.
The Company has developed plans to assess the underground resource potential as well as to investigate the economic potential of the above ground Mine Stockpile. The Company is investigating utilizing precision ore-sorting technology to enhance the grade of the stockpile for delivery to a toll mill. The stockpile is estimated to contain greater than 500,000 tonnes and possible up to 1,000,000 tonnes of metal-bearing material readily available for processing.
The Company will commence an exploration program in 2023 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 drill programs. CMX has concluded that very little geophysics or exploration drilling was done on the property historically.
The Company plans to commence the first program in 2023, starting with geophysical work to pinpoint drill locations for immediate follow-up drilling within the known mineralized systems identified and referred to as the South and North Ore Bodies in the old mine workings.
Phase 1 One-Year Work Program $1,077,500 (funding dependent):
Underground Resources Potential
Geophysics CAD $60,000
Drilling – approximately 7500 feet with assays
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