CALGARY, ALBERTA – CMX Gold & Silver Corp. (CSE:CXC; OTC:CXXMF) (“CMX” or the “Company”) announces the successful completion of the ore-sorting test at the TOMRA facility in Sydney, Australia. The sorted product has been sent to Bureau Veritas for assaying. Results are expected in late April 2023.
CMX’s plan for processing the stockpile on its 100%-owned Clayton Silver Property is to use state-of-the-art precision ore-sorting technology to high-grade the unprocessed rock and thereby enhance the grade of material delivered to a toll mill. Dual Energy X-Ray Transmission technologies are effective at capturing sulphides and concentrating valuable metals. Data from other sorting projects across North America indicate ore-sorting has the potential to increase the grade of sorted rock by 6 to 10 times. The Company’s expectation is that TOMRA’s testing captured most of the metals in the 10% product from the first run, with the remainder in the 10% product from the second run of the first run’s rejected 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 in advancing the Company’s Clayton Silver Project. Once we receive the assays for the sorted stockpile material, we anticipate this will provide confirmation of the value proposition that CMX can obtain significant cash flow from processing the stockpile next year.”
The historic Clayton Silver Mine stockpile is estimated to contain up to 1,000,000 tonnes of metal-bearing rock. In CMX’s 2014/15 evaluation program, over 3,000 kilograms of sample material were collected from 16 locations selected to ensure representative results. Analysis of the samples confirmed the presence of gold in each sample. Assays indicated gold values up to 2.84 gm/t with an average of 0.80 gm/t for the 16 locations sampled. Statistical averages of the 16 locations of the mine stockpile sampling program were: gold – 0.80 gms/t; silver – 24.31 gms/t; lead – 0.44%; zinc – 0.27%.
About the Clayton Silver Project
The Clayton Silver Property is in Custer County in south-central Idaho, a mining-friendly state. The 1,134- acre property includes the former Clayton silver-lead-zinc mine on patented claims. The Clayton Mine was developed on eight levels to a depth of 1,100 feet below surface and is comprised of approximately 19,690 feet of underground development. Two major ore bodies were partially mined: the “South Ore Body” and the “North Ore Body”. The recorded production from the Clayton Mine included 7,031,110 oz silver, 86,771,527 lbs lead, 28,172,211 lbs zinc, 1,664,177 lbs copper, and minor amounts of gold from an estimated 2,145,652 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 at 1,425 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 is unknown). Technical and scientific information in this news release was reviewed and approved by Richard Walker, M.Sc. (Geology), P.Geo., recognized as a Qualified Person under the guidelines of National Instrument 43- 101. Readers are cautioned that historical information referenced in this news release is not NI 43-101 compliant but has been obtained from sources that the Company believes are reliable.
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
For further information contact:
Robert d’Artois
Investor Relations
Tel: (604) 329-0845
Email bobdartois@cmxgoldandsilver.com
Jan M. Alston
President & C.E.O.
Tel: (403) 457-2697
Email: janalston@cmxgoldandsilver.com
You can also visit the Company’s Website: www.cmxgoldandsilver.com
Forward-Looking Statements Advisory This news release contains statements concerning the exploration plans, results and potential for recovery from the stockpile and other mineralization at the Company’s Clayton Silver Property, geological and geometrical analyses of the stockpile and comparisons to historical production and other expectations, plans, goals, objectives, assumptions, information or statements about future, conditions, results of ore sorting or performance that may constitute forward-looking statements or information under applicable securities legislation. Such forward-looking statements or information are based on a number of assumptions, which may prove to be incorrect. Although CMX believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because the Company can give no assurance that such expectations will prove to be correct. Forward-looking statements or information are based on current expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by CMX and described in the forward-looking statements or information. These risks and uncertainties include, but are not limited to, risks associated with geological interpretation and analysis of the ore sorting results, the ability of CMX to recover all or any portion of the mineralization present in the stockpile, the extent to which the samples represent a uniform distribution of the recoverable ore in the stockpile, CMX’s ability to exploit the stockpile economically, the likelihood of exploiting the stockpile in a timely manner or at all, CMX’s ability to obtain financing, equipment, supplies and qualified personnel necessary to exploit the stockpile and the general risks and uncertainties involved in mineral exploration and analysis. The forward-looking statements or information contained in this news release are made as of the date hereof and CMX undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
