CMX Gold & Silver Corp. (CSE: CXC) (OTC: CXXMF), an exploration-stage company advancing the historic Clayton Silver Mine in Idaho, has announced evidence for previously missed silver prospects at its flagship Clayton Silver Project. The company also unveiled plans for a non-brokered private placement financing to raise up to CAN$2,000,000 to fund a geophysical survey and initial diamond drilling program on the property.
The Clayton Silver project, located in the Bayhorse Mining District of central Idaho, is a past-producing underground operation with a long history and significant remaining exploration potential. The property comprises a 1,028-acre land package, including 29 patented mining claims, 2 patented mill sites, and 20 unpatented claims. According to the company, geological reassessment indicates that previous miners may have overlooked substantial silver-bearing structures.
CMX plans to use proceeds from the private placement to conduct a geophysical survey designed to identify new drill targets, followed by an initial drilling program to test these targets. The company believes that modern exploration techniques could unlock value that was missed by historical operations, which focused on high-grade veins but may have bypassed broader zones of mineralization.
“The Clayton Silver Mine has a rich history, but we believe the best is yet to come,” said a company representative. “Our team has identified evidence for silver prospects that previous operators missed, and we are eager to test these targets with contemporary geophysics and drilling.” The announcement underscores the potential for the project to host significant silver resources beyond previously mined areas.
For more information on the private placement, visit https://ibn.fm/Z2dXC. The latest news and updates relating to CXXMF are available in the company’s newsroom at https://ibn.fm/CXXMF.
The Clayton Silver Mine story described by CMX highlights a unique geological opportunity that may have been missed by all previous miners. With the planned exploration program, the company aims to delineate new resources and potentially revive production at the historic mine. The success of this initiative could have significant implications for silver supply in the region.
