CMX Gold & Silver Corp. (CSE: CXC) (OTC: CXXMF) has announced plans to undertake a non-brokered private placement financing for aggregate gross proceeds of up to CAN$2,000,000. The funds will be used to conduct a geophysical survey and an initial diamond drilling program on the company's 100%-owned flagship Clayton Silver Project in Idaho, U.S.A. (https://ibn.fm/Z2dXC). The Clayton project is a past-producing underground operation with a long history and significant remaining exploration potential.
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 company believes that previous miners missed significant silver prospects due to limited exploration techniques and geological understanding. The upcoming geophysical survey aims to identify new targets that were overlooked by historical operations, potentially leading to new discoveries.
The private placement is expected to close in the coming weeks, subject to regulatory approvals. The proceeds will be critical for advancing the project toward a drill-ready stage. CMX Gold & Silver Corp. is an exploration-stage company focused on advancing the historic Clayton Silver Mine, which produced silver intermittently from the late 1800s through the 1960s. The company's management believes that modern exploration methods can unlock substantial value from the property.
Investors can find the latest news and updates relating to CXXMF in the company's newsroom at https://ibn.fm/CXXMF. The announcement underscores the growing interest in silver exploration in Idaho, a state with a rich mining history and favorable geological conditions for silver deposits.
