CMX Gold & Silver Corp. (CSE:CXC) announces plans for a fall 2016 work program on its 100%-owned Clayton silver property in Custer County, Idaho. The program will include comprehensive sampling of mine dump material situated adjacent to the old mill to confirm the results from the 2014 sampling program and assess economic potential of the dump material. A total of 16 locations were previously sampled yielding statistical average assay grades of 0.8 grammes per tonne gold, 24.31 grammes per tonne silver, and lead and zinc values of 0.44% and 0.27%, respectively. The 2016 program will include at least 75 locations on the mine dump and provide data for CMX to estimate the amount of material readily available for processing. Based on preliminary estimates, the Company believes the mine dump could contain at least 500,000 tonnes and, potentially, up to 1,000,000 tonnes of material.
The Clayton program will include geophysics to assist identifying optimal diamond drilling locations targeting both remaining mineralization in the underground workings and potential for new mineralized bodies adjacent to the mine workings. Drilling will include one (or more) holes required to confirm the presence of mineralization extending beyond the existing underground workings. Historical internal mine records indicate that as of January 1, 1982, there were approximately 458,590 tonnes of ore identified between the 800 and 1100 foot levels of the “North Ore Body”. Of this resource, 52,800 tonnes were mined in 1983, 76,110 tonnes in 1984 and 102,258 in 1985, suggesting 227,422 tonnes grading 3.83 oz Ag/t have not been mined. Values for lead and zinc were not disclosed, but production records confirm lead and zinc were recovered. Additional tonnage identified down to the 1530 level was not mined and, therefore, is interpreted to remain available. Significant potential is demonstrated in hole 1501-A, drilled in the mid-1960’s, which penetrated the mineralized zone at the 1425 level. At that depth, the hole intercepted 22 feet (6.70 m) of 4.07 oz Ag/t, 5.75% lead and 5.37% zinc (true width unknown).
Technical information in this press release was prepared 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.
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About CMX Gold & Silver Corp. (CSE:CXC):
CMX Gold and Silver Corp. is a junior mining company working to re-activate its 100%-owned Clayton Silver Property located in the State of Idaho, U.S.A. The property comprises approximately 276 ha (684 acres) in Custer County in south-central Idaho. The former producing Clayton silver-lead-zinc mine closed in 1986 as a result of low metals prices with active operations still in mineralization.