Disseminated on behalf of CMX Gold & Silver Corp. (CSE: CXC) (OTC: CXXMF) and may include paid advertising.
- CMX Gold & Silver Corp., an exploration-stage company advancing the historic Clayton Silver Mine in Idaho, just announced plans to undertake a non-brokered private placement financing
- Proceeds from the offering will be utilized for a geophysical survey of the mine and initial drilling program at its 100%-owned flagship property
- The Clayton Silver Mine Story described below explains the unique untapped geological opportunity missed by all previous miners
CMX (CSE: CXC) (OTC: CXXMF), an exploration-stage company advancing the historic Clayton Silver Mine in Idaho, just announced its plans to undertake a non-brokered private placement financing for aggregate gross proceeds of up to CAN$2,000,000. The proceeds obtained from the offering will be utilized for a geophysical survey as well as an initial diamond drilling program on the company’s flagship Clayton Silver Project in Idaho, U.S.A. (https://ibn.fm/Z2dXC).
The Clayton Silver Mine Story
The Clayton Silver project is a past-producing underground operation with a long history and significant remaining exploration. Located in the Bayhorse Mining District of central Idaho, the property comprises a 1,028-acre land package, including 29 patented mining claims, 2 patented mill sites, and 20 unpatented claims. The mine operated up until the drop in silver prices in 1986 and once ranked as the most active underground mine in the district, producing silver, along with lead, zinc, minor gold, and copper (https://ibn.fm/ASbuU).
However, the Clayton mine was never fully explored. It was simply mined down a single vein. As long as that vein was producing, previous miners didn’t bother to look beyond it. The key thing to remember is that the site represents a dolomite limestone deposit, uplifted when the mountains were formed. Even conservative geology suggests that there should be many undiscovered cracks in the overall deposit, cracks in which minerals would have entered and been deposited just as they were in the original producing vein. As a result, it’s highly improbable that the single partially mined vein was the only silver vein there. That, in conjunction with the historically high demand and price for silver, represents a “perfect storm” opportunity, beginning now with a survey followed by drilling.
Survey, Drilling, and Offering
CMX plans to conduct a comprehensive geophysical program over the Clayton Silver Project beginning in the spring of this year. The program will include a 3-D Direct Current Induced Polarization (“DCIP”) survey and a Magnetotelluric (“MT”) survey to delineate known structures on the property, identify extensions of the partially mined ore body, identify potential new ore bodies, and evaluate deeper sources of mineralization, with follow-up diamond drilling planned to test priority targets.
The offering for this will comprise up to 8,000,000 units, sold at CAN$0.25 a unit. Each unit will consist of one common share of the company’s capital and one common share purchase warrant. Each warrant is exercisable for one common share at CAN$0.40 a share within 24 months of the closing of the offering. The plan is to sell the units to “accredited investors” and other exempt parties pursuant to exemptions from prospectus requirements under Canadian securities laws (https://ibn.fm/8mAWX).
The Clayton Silver Mine represents a seldom found situation, where the geology points to grossly overlooked potential for a precious metal in continuing high demand.
For company information, visit the company’s website at www.CMXGoldandSilver.com.
NOTE TO INVESTORS: The latest news and updates relating to CXXMF are available in the company’s newsroom at https://ibn.fm/CXXMF
