KELOWNA, BC, Feb. 27 /CNW/ - Cantex Mine Development Corp (CD - TSX Venture Exchange) ("Cantex" or the "Company").
License Renewed
The Company is pleased to report that it has renewed the exploration license over the Company's main project areas in Yemen. The Al Hariqah (gold), Suwar (nickel, copper, cobalt), Wadi Qutabah (PGE), Al Masna'a (nickel, copper, cobalt, PGE) and Sadah (gold) projects are held under a new exploration license which will expire July 31, 2010. The Jabal Sabrayn (gold) area was relinquished.
Within the term of this exploration license Cantex has committed to completing pre-feasibility studies on the Al Hariqah and Suwar deposits. Towards this end, Cantex will pursue appropriate joint venture partners or seek to raise the necessary additional capital.
Wadi Qutabah
The Company is currently conducting a six hole core drilling program exploring for Platinum Group Elements (PGEs) at Wadi Qutabah. Wadi Qutabah is located 25 kilometers north of Suwar within the same mafic complex. At Wadi Qutabah the mafic intrusive complex is horizontally layered as evidenced by previously tested massive sulphide horizons. Three adjacent drainages returned the highest PGE concentrations of any of the over 6,000 reconnaissance samples collected by Cantex in Yemen. It is thought that the PGEs may have preferentially segregated into one or more horizons within the layered mafic complex.
The six drill hole program is designed to test the layers of the mafic complex drained by these 3 streams. Upon completion of the drilling the core will be logged, split and sent for analysis.
Al Hariqah Results
Gold results for the final two drill holes at the Al Hariqah gold deposit, Yemen are complete. These results are for the 42nd and 43rd holes of a 43 hole program. The program is designed to provide infill data within the previously drilled northernmost 1,100 meters of the deposit as well as to provide a broad three dimensional view of the gold mineralization over an additional 1,240 meters. As previously reported, the Al Hariqah gold deposit is more than 4,000 meters long.
The program was carried out using the Company's combined reverse circulation percussion drill which drills holes up to 90mm diameter. Sampling and logging of the drill cuttings were carried out by Cantex's geologists on site in Yemen. Sample preparation was conducted at CF Mineral Research Ltd. in Kelowna where the samples were split, crushed, and pulverized prior to shipment to ALS Chemex, an ISO 9001:2000 accredited laboratory in Vancouver.
At ALS Chemex the gold content is determined using a fire assay with an AAS finish (Au-AA24). Any samples with gold contents in excess of 10 g/t are then re-assayed using a fire assay with a gravimetric finish (Au-GRA22). Significant results for these two holes are summarized in the following table:
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Drill hole Grade Intersection From To
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g/t meters meters meters
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YPH 10 1.41 4.5 12.0 16.5
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0.87 4.5 39.0 43.5
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YPH 14A 0.98 3.0 43.5 46.5
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The Company is most encouraged by the above results as they are consistent with previously reported gold values at Al Hariqah and demonstrate continuity of values within the deposit. The determined grades of gold are typical of those mined in open pit mines whilst the strike length of the deposit is comparable with large bulk tonnage operations.
The aforementioned results are from percussion drilling. Where percussion drilling was not able to reach the target depth the holes were extended using core drilling. A total of 224 meters of core drilling has been completed. Preliminary logging of this core is complete and mineralization is apparent, including visible gold. This core is now being shipped to Canada where it will be split and analyzed.
The current 43 hole drill program has increased the inferred size of the resource at the Al Hariqah gold deposit over that reported for the initial 29 hole drill program in 1999. Owing to the favorable results the Company is in the process of planning a new drill program at Al Hariqah. This work will be necessary for the completion of the pre-feasibility study.
The favorable new results, current gold price and the potential scale of operations are favorable factors for commercial operations.
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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