CMX Gold & Silver Corp. (CSE: CXC) (OTC: CXXMF) has announced plans to restart exploration at its flagship Clayton Silver Project in Idaho, a past-producing mine that once ranked as the most active underground mine in the district. The company intends to conduct a non-brokered private placement financing to raise up to CAN$2,000,000, with proceeds earmarked for a geophysical survey and an initial diamond drilling program on the property.
The Clayton Silver Project, located in the Bayhorse Mining District of central Idaho, comprises a 1,028-acre land package that includes 29 patented mining claims, 2 patented mill sites, and 20 unpatented claims. The mine operated until the drop in silver prices in 1986 and produced silver along with lead, zinc, minor gold, and copper. The property has a long history of underground development, with eight levels reaching a depth of 1,100 feet and approximately 19,690 feet of underground workings. Two major ore bodies—the South Ore Body and the North Ore Body—were partially mined, leaving significant exploration potential.
The planned exploration program is critical for assessing the remaining mineral resources and expanding the known mineralization. According to a recent article discussing the company's plans, the financing will support a geophysical survey and initial diamond drilling to test targets on the property. The article notes that the Clayton Silver project is a past-producing underground operation with a long history and significant remaining exploration potential (read the full article).
CMX's 100%-owned Clayton Silver Property is situated in the mining-friendly state of Idaho, which has a strong history of mineral production and a supportive regulatory environment. The property's location in Custer County, south-central Idaho, provides access to infrastructure and a skilled workforce. The company's focus on exploration aligns with growing demand for silver, driven by its industrial applications in electronics, solar panels, and other clean energy technologies.
The announcement comes at a time when silver prices have shown resilience, and investors are increasingly interested in precious metals as a hedge against inflation. For CMX, restarting exploration at Clayton could unlock value from a project with established infrastructure and known mineralization. The company's newsroom provides updates on its progress (view latest news).
This exploration initiative underscores the potential for discovering additional high-grade silver resources in a district with a rich mining history. As the company moves forward with its geophysical survey and drilling program, stakeholders will be watching for results that could confirm the project's viability and pave the way for future development.
