Fipke’s Cantex drills 25.07% lead-zinc at North Rackla, shares rally

Cantex Mine Development Corp. [CD-TSXV; CTXDF-OTC] shares rallied Monday after the company released drilling results, including 25.07% lead-zinc, with 72 g/t silver from its North Rackla project northeast of Mayo in central Yukon.

The shares rose 5.3% or $0.01 to 20 cents on volume of 216,500 and now trade in a 52-week range of 31.5 cents and 16.5 cents.

Cantex reported results from five holes completed at the Discovery and Central Sectors of the Main Zone at the Rackla project. The company said all four holes drilled at the Discovery Sector intersected mineralization. Highlights include three holes drilled from Pad MZ54, and include an 8.35-metres interval in hole YKDD23-278, which contained 24.5 g/t silver, 7.68% lead and 5.50% zinc.

The final hole of the 2023 season was drilled from pad MZ33 in the Central Sector. It consistently intersected mineralization between 429.25 and 538.60 metres. High grade intercepts include 1.40 metres of 19.4 g/t silver, 6.43% lead, and 24.15% zinc and 2.85 metres of 72.10 g/t silver, 8.77% lead and 16.30% zinc. That included 25.07% lead plus zinc from 535.75 to 538.60 metres.

On Monday, Cantex also announced its drilling plans for North Rackla. It said drilling with one drill will commence in early June at the Copper Project on the western side of the claim block where previous drilling intersected 2.5 metres of 3.93% copper, including 1.0 metre of 7.32% copper.

Cantex is a company that set out to define a world class silver-lead-zinc deposit on its 100%-owned North Rackla claim block, which is located approximately 100 kilometres northeast of Mayo in central Yukon.

It has launched the search roughly 30 years after Cantex Chairman Charles Fipke discovered Canada’s first commercial diamond mine in the Northwest Territories.

Covering 14,077-hectares, the Yukon project is also situated to the northeast of both with Hecla Mining’s [HL-NYSE] Rackla gold property and Victoria Gold Corp.’s [VGCX-TSX] new Eagle mine.

Commenting on its 2024 exploration plan, the company said a second drill will be added in mid-June, which will commence testing the northeast of the Discovery Sector of the Main Zone for germanium-silver-lead-zinc where copper values area increasing. The company has said the high copper values suggest that this could be the centre of the deposit and thus the strike length could be nearly double the current 2.35-kilometre length.

Cantex has previously said that the massive sulphide project contains very high germanium vales along the 2,350-metres of strike tested to date. It said the average germanium content of sphalerite from the Main Zone is 654 g/t while average geranium content of the GZ Zone is 521 g/t. The project shows potential to be a much needed western source of the critical mineral germanium, the company has said.