KELOWNA, BC, June 14 /CNW/ - Cantex Mine Development Corp (CD - TSX Venture Exchange) ("Cantex" or the "Company").
The Company is pleased to report that improved market conditions have increased the potential of its Wadi Qutabah project in Yemen. Cantex is currently drill testing Wadi Qutabah.
Previous work at Wadi Qutabah has identified 5 flat lying horizons of massive and disseminated sulphide mineralization that outcrop over an area of up to 15 square kilometers. The apparent thickness of the disseminated sulphide mineralization varies from 1 to 20 meters both within and between horizons. Massive sulphides are seen in outcrop within three of the horizons and vary from 0.2 to 3.0 meters in thickness.
Results of grab samples from the sulphide horizons were previously reported on August 23, 2001 and they are presented again in the following table with values per ton determined using current metal prices. The samples were collected over a 3300 meter portion of the outcropping sulphide mineralization of the third horizon.
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Sample Nickel Copper Cobalt Value per ton
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% % % USD
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YRX 5543 0.693 0.066 0.163 $ 329.05
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YRX 5668 0.353 0.185 0.101 $ 181.92
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YRX 5670 0.368 0.272 0.121 $ 196.32
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YRX 5709 0.403 0.104 0.149 $ 203.15
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YRX 5710 0.261 0.258 0.077 $ 142.88
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YRX 5718 0.342 0.108 0.088 $ 168.96
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Cantex is currently conducting a core drilling program at Wadi Qutabah. Eight holes of a 10 hole program are now complete. Six of the holes test an area where heavy mineral samples from three adjacent streams returned the highest PGE concentrations of any samples collected within the 52,000 km2 explored by Cantex within Yemen. The other four holes are designed to test the continuity of the base metal mineralization, particularly of the third horizon.
The core from the drilling completed at Wadi Qutabah will be shipped to Canada for preparation and analysis.
The strengthened global market for base metals has dramatically changed the potential economics of the project. Should a 1 meter thick zone of sulphide mineralization containing 0.5% nickel be found over an area of 15 square kilometers it would contain US$ 14 billion worth of nickel.
Upon completion of drilling at Wadi Qutabah the drill will be moved to the Suwar nickel-copper-cobalt project where it will commence a 14 hole program designed to further define the massive sulphides previously encountered by drilling.
This press release has been prepared by Dr. Charles Fipke, a Qualified Person.
Signed,
Chad Ulansky
Chad Ulansky
President and Geologist
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
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