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CMX Gold & Silver Corp - Restarting the Clayton Silver Mine in Idaho

CMX Gold & Silver Corp – Restarting the Clayton Silver Mine in Idaho

Overview

CMX Gold & Silver Corp. (CSE:CXC; OTC:CXXMF) is working to restart operations at the past-producing Clayton Silver Mine in the mining-friendly state of Idaho. The polymetallic mine was the site of small-scale silver-lead-zinc production for more than 30 years prior to its closure in 1986 due to low metals prices. Historically, Clayton was one of the largest silver producers in Idaho outside of the Coeur d’Alene district.

The brownfields property remains under-explored and is considered drill-ready. The project includes mine dump material, situated adjacent to the old mill, which was never milled as it was considered uneconomic. CMX conducted a sampling program of the mine dump in 2014 to assess the economic potential of the material with positive results.

CMX is planning a phase two sampling program as well as geophysical surveys to pinpoint drill targets for a two-phase drilling program on the property. The data from the sampling and drilling programs will be incorporated into a Preliminary Economic Assessment for the project. CMX is also looking to commence studies on the costs associated with a potential refurbishing of the existing mill.

“The property hasn’t been properly explored. By using modern exploration techniques and taking a broader approach, we can unlock the upside potential at Clayton and build shareholder value,” said President and CEO Jan Alston. The company’s goals for Clayton include establishing a larger scale operation compared to historical levels.

The company’s management team is comprised of talented mining professionals with years of experience building value for investors in the resource space. CEO Jan Alston was the co-founder of Purcell Energy, a TSX-listed oil and gas exploration and production company which in 2005 sold two-thirds of its assets for more than $150 million and spun out Tenergy Ltd. Richard Walker, a Consulting Geologist for CMX, is a Professional Geologist with over 25 years of experience managing exploration programs for junior and major mining companies.

Investment Highlights

  • Early-stage investment opportunity in well-managed junior mining exploration company.
  • Located in mining-friendly jurisdiction of Idaho.
  • 100-percent owned past-producing silver-lead-zinc project.
  • Drill-ready project with significant exploration upside.
  • Proven management and geological team.
  • Tight share structure with management holding nearly 30 percent.

Key Property: Clayton Silver Project, Idaho

Historically one of the largest silver producers in Idaho outside of the Coeur d’Alene district.

The Clayton Silver Project includes the Clayton Silver Mine, first discovered in 1877, which was the site of small scale mining operations between 1935 to 1986. The property covers 685 acres in central Idaho’s Bayshore Mining District and is located 1.5 miles from the town of Clayton and 101 miles from the capital city of Boise.

Despite the name, the Clayton Silver Mine was an underground polymetallic mine producing not only silver but also lead, zinc, copper, and minor gold. During its production years, the mine was one of 50 producers in the district including the Red Bird, Rob Roy and Powderbox mines. The most recent producer in the region was the Thompson Creek molybdenum mine. CMX Gold & Silver Corp - Restarting the Clayton Silver Mine in IdahoIn terms of infrastructure, the project is accessible year-round from a major highway with a paved road to the site; a skilled labor pool is in close proximity; water licensing is available; and a grid-connected power line is less than a mile from the site.

Clayton Silver Mine historical production subject of 2013 Technical Report

The historical production data for the Clayton Silver Mine, while not NI 43-101 compliant, has been deemed reliable in a Technical Report prepared for the company by J.A. Thomson Consulting.

The former mine was developed on 8 levels to a depth of 1,100 feet below surface and is comprised of approximately 19,690 feet of underground development. Clayton hosts two carbonate replacement type ore bodies, South and North, that rake northeast to depth.

CMX Gold & Silver Corp - Restarting the Clayton Silver Mine in Idaho

Historical production was initiated on the South ore body with development extending north, and to depth, on the North Ore Body until 1986 when the mine was closed. Historical records indicate the North ore body was not mined out prior to closure. Interpretation of the data indicates mineralization remains open to depth, and potentially east and west of the South ore body workings.

The Technical Report also details assays from historical drill work conducted in the 1960s, which included an intersection of 22 feet at a depth of 1,425 feet with grades of 4 oz/t silver, 5.75 percent lead, and 5.37 percent zinc.

2014 Sampling Program

In 2014, CMX conducted a sampling program of the mine dump material situated adjacent to the old mill at the site. The material was never milled as it was considered uneconomic; however modern, more efficient processing techniques may be able to unlock the potential value of the material. A statistical average of the grades assayed from 16 sample locations include:

  • Gold – 0.80 g/t
  • Silver– 24.31 g/t
  • Manganese– 0.60 percent
  • Lead – 0.44 percent
  • Zinc – 0.27 percent

Based on preliminary estimates, the company believes the mine dump could contain at least 500,000 tonnes and, potentially, up to 1 million tonnes of material.

Planned Exploration Program and Preliminary Economic Assessment

The Clayton Silver Mine property has had minimal exploration and significant upside remains for further discovery. CMX is planning a comprehensive phase two sampling program of the mine dump to be incorporated into a Preliminary Economic Assessment for the project. Geophysical surveys will also be conducted at this time to pinpoint drill targets for a two-phased drilling program on the property. The target areas will include mineralization in both the underground workings and potential new bodies adjacent to the mine.

Management

Jan M. Alston B.A., LL.B.—President and CEO

Jan Alston has been involved in public junior natural resource companies for over 30 years. He practiced law in the 1980’s in the areas of business law, oil and gas, securities regulation and corporate finance. Alston has been a member of the Law Society of Alberta from 1982 to present (inactive list). He led the management team as President, Chief Executive Officer, director and co-founder of Purcell Energy Ltd., an oil and gas exploration and production company listed on the Toronto Stock Exchange. After sixteen years, Purcell in 2005 sold two-thirds of its oil and gas assets for more than $150 million and spun out Tenergy Ltd. From November 2005, he was Chief Executive Officer and director of Tenergy Ltd., a TSX-listed natural gas exploration and production company, until its sale in March 2006 for $92 million. Since 2006, he has been involved in several private businesses in management and as an investor.

Randal E. Squires, MBA—Chief Financial Officer

Randal Squires is President of a commercial construction company in California. During his 21 year-tenure he has held positions including Controller and Vice President of Business Development and Strategy. As Controller his responsibilities included budgeting, cash management, financial statement preparation and analysis, audit preparation, and bank, bonding and insurance relationship management. Squires has also held the position of Chief Financial Officer for Azteca Gold Corp. for the past six years.

James P. O’Sullivan, B.Sc., LL.B. — Corporate Secretary

James O’Sullivan is a senior associate lawyer in the Calgary office of Norton Rose Fulbright (Canada) LLP.  His current practice focuses on providing corporate and commercial advice to junior issuers, including start-up and growth companies active in the energy, mining, healthcare and technology markets.  O’Sullivan’s expertise includes corporate governance, regulatory compliance and continuous disclosure matters.  He has extensive experience in financings, mergers and acquisitions and other corporate reorganizations.  He also serves as corporate secretary for several Canadian public companies.  O’Sullivan has been a member of the Law Society of Alberta since 2007.

Richard T. Walker M.Sc. (Geology), P. Geo.—Consulting Geologist

Richard Walker is a Professional Geologist registered with the Association of Professional Engineers and Geoscientists of British Columbia. With over 25 years of practical field experience working with organizations of all sizes from junior to major mining companies, both private and public in Canada, the United States and South America, his primary role has been management of exploration programs for precious metals (with an emphasis on silver) and base metals. He has successfully completed programs in diverse jurisdictions, including British Columbia, Alberta, Northwest Territories, Nunavut, Yukon Territory, Saskatchewan, New Brunswick, Montana, Alaska, Brazil, Peru, and Chile. Walker’s broad field experience includes geological, structural and alteration mapping of Proterozoic to Paleozoic sedimentary, metamorphic and igneous lithologies in undeformed to multiply deformed complex environments. His background includes experience with a variety of deposit types including porphyries, sedimentary exhalative (SEDEX), volcanogenic massive sulphides (VMS), low tonnage / high grade polymetallic vein and manto mineralization, industrial minerals, gold, silver, base metals, rare to strategic metals and diamonds. Walker provides consulting services through his firm, Dynamic Exploration Ltd., of which he has been President since 1996. He was the President of the East Kootenay Chamber of Mines (1994-2006) and a Director of the B.C. and Yukon Chamber of Mines (1999-2004). 

Glen R. Alston, B.Comm —Corporate Development Consultant

Glen Alston has over 25 years of experience in executive and management roles with public junior mining exploration companies. He has been a senior officer and director of several junior companies, as well as being involved in many different aspects of the business, including stock exchange listings, corporate finance activities, corporate development, project management, and accounting and audit functions.  He has extensive experience in facilitating exploration projects for precious metals, diamonds and base metals.

Robert B. Corrigan­—Clayton Mine Project Consultant

Robert Corrigan has a career spanning several decades with extensive experience in management and organization of heavy industry development, steel fabrication and erection, machine fabrication, industrial and municipal waste stream processing, power generation facilities, and mining property development and operation. Since 1976, he has been providing professional services as a business development consultant and/or owner-partner in heavy industry development projects, which have included development, management and finance of a U.S. $60+ million, 22 MW hydroelectric production and transmission facility in Belize, Central America, and as owners’ representative supervising construction of a 2.5 MW hydroelectric production facility in NW Colorado (production commenced April 15, 1993). Another major project was for the Shoshone-Bannock Tribes of Fort hall, Idaho where he conceived, organized, and managed development of a major steel fabrication facility.

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