CALGARY, ALBERTA - CMX Gold & Silver Corp. (CSE:CXC; OTC:CXXMF) ("CMX" or the "Company") announces the Company has extended the expiry dates of its common share purchase warrants ("Warrants") currently outstanding. On December 19, 2023, the expiry dates of the Warrants were previously extended for one year. The exercise prices for the Warrants are not below the present trading price of the Company's shares on the CSE. Considering CMX's present stage of development of its Clayton Silver Project and the length of time it has taken for investors to return to the silver market and the junior mining sector, the Company concluded that it is in the best interests of its shareholders and the Company to extend the expiry date of the Warrants for one more year. These extensions bring the exercise term of the warrants to five years from the original dates of issuance, which is the maximum term permitted under the rules of the CSE. No other terms of the Warrants were amended. CMX has extended by one year the expiry dates of the Warrants as follows: 6,700,000 exercisable at $0.10 per share extended to June 30, 2026; 3,470,000 exercisable at $0.10 per share extended to November 19, 2026; 1,430,000 exercisable at $0.18 per share extended to July 14, 2027; 1,972,000 exercisable at $0.18 per share extended to September 16, 2027.
About CMX
CMX's 100%-owned Clayton Silver Property is located in the mining-friendly State of Idaho, USA.
The property comprises approximately 684 acres in Custer County in south-central Idaho, including the former Clayton silver- lead-zinc mine. 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 Clayton property's 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 Ag/t, 5.75% lead and 5.37% zinc (note: true width is unknown).
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 (Hillman, Bob, M.S. Thesis, June 26, 1986, Eastern Washington University).
The Company is planning work programs in 2025 and extending over the next several years to assess the resource potential within the structures related to the previously mined sections and to expand the search to determine the potential for other mineralized zones in adjacent structures. This will entail detailed geophysical work and multiple drill programs. CMX has concluded that very little geophysics was done on the property historically.