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 flagship Clayton Silver Project in Idaho, U.S.A. This move positions the company to restart exploration at a historic high-grade silver asset that has been dormant since the drop in silver prices in 1986.
The Clayton Silver project is a past-producing underground operation 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 mine once ranked as the most active underground mine in the district, producing silver, along with lead, zinc, minor gold, and copper. According to the company, the mine was developed on eight levels to a depth of 1,100 feet below surface and includes approximately 19,690 feet of underground development. Two major ore bodies, the “South Ore Body” and the “North Ore Body,” were partially mined, leaving significant remaining exploration potential.
The importance of this announcement lies in the potential to revitalize exploration at a high-grade silver asset in a mining-friendly jurisdiction. With silver prices currently strong and growing demand for the metal in industrial applications such as solar panels and electronics, restarting exploration at the Clayton Mine could uncover additional resources. The planned geophysical survey and drilling program aim to define and expand known mineralization, which could lead to a resource estimate and eventual development. For investors, the private placement offers an opportunity to participate in the early stages of a potentially significant silver discovery.
The company's newsroom provides updates on CXXMF at https://ibn.fm/CXXMF. More details on the private placement and the Clayton Silver Project are available in the full article at https://ibn.fm/qr8dJ.
CMX Gold & Silver Corp. is an exploration-stage company focused on advancing its 100%-owned Clayton Silver Property in Idaho. The property includes the former Clayton silver-lead-zinc mine, which operated until 1986. The company’s strategy is to leverage modern exploration techniques to evaluate the remaining potential of this historic mine.
