CANTEX INTERSECTS COPPER MINERALIZATION IN FIRST THREE HOLES ON ITS NORTH RACKLA COPPER-GOLD, GERMANIUM AND BASE METAL PROJECT IN THE YUKON

KELOWNA, BC, June 10, 2024 /CNW/ - Cantex Mine Development Corp. (TSXV: CD) (OTCQB: CTXDF) (the "Company") is pleased to announce that it has intersected copper mineralization in its first three holes drilled at its North Rackla project, Yukon. 

Copper Project Drilling

Since drilling first commenced on June 3, 2024 three diamond drill holes have now been completed at the Copper Project on the western side of the Company's North Rackla property.  Previous drilling on this project intersected 2.5 metres of 3.93% copper including 1 metre of 7.32% copper (see news release of April 13, 2023). 

Hole YKDD24-287 was drilled at a -45 degree dip and 13 degree azimuth.  It intersected 1.8 metres of an estimated 8% chalcopyrite contained within a quartz carbonate breccia from 7.1 metres depth.  Hole YKDD24-288 was drilled from the same pad at a -45 degree dip at an azimuth of 35 degrees.  This hole intersected 17 metres of an estimated 2% chalcopyrite from 9.5 metres depth.  Hole YKDD24-289 intersected 5.05 metres of an estimated 2% chalcopyrite from 3.3 metres depth.  The hole was from the same pad, at a dip of -45 degrees and an azimuth of 305 degrees.

Following logging the mineralized portions of the holes are split.  One half of the split core is in the process of being submitted to laboratories for sample preparation and analysis for copper, gold and associated elements.  Results will be reported as soon as available.

About Cantex

Cantex is focused on its 100% owned 20,000 hectare North Rackla Project located 150 kilometers northeast of the town of Mayo in the Yukon Territory, Canada where high-grade massive sulphide mineralization has been discovered.  Over 60,000 meters of drilling has defined high grade silver-lead-zinc-germanium mineralization over 2.3 kilometers of strike length and 700 meters depth.  The mineralization remains open along strike and to depth.  The Company is led by Dr Charles Fipke, C.M., the founder of Ekati, Canada's first diamond mine.

The technical information and results reported here have been reviewed by Mr. Chad Ulansky P.Geol., a Qualified Person under National Instrument 43-101, who is responsible for the technical content of this release.

Signed,

Chad Ulansky

Chad Ulansky
President and CEO

FORWARD LOOKING STATEMENTS: Certain of the statements and information in this press release constitute "forward-looking statements" or "forward-looking information", including statements regarding the expected use of proceeds of the private placement. Further, any statements or information that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects", "anticipates", "believes", "plans", "estimates", "intends", "targets", "goals", "forecasts", "objectives", "potential" or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements or information.  The Company's forward-looking statements and information are based on the assumptions, beliefs, expectations and opinions of management as of the date of this press release, and other than as required by applicable securities laws, the Company does not assume any obligation to update forward-looking statements and information if circumstances or management's assumptions, beliefs, expectations or opinions should change, or changes in any other events affecting such statements or information. For the reasons set forth above, investors should not place undue reliance on forward-looking statements and information.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Cantex Mine Development Corp.

Cantex Mine Development Corp, Tel: [phone]; Email: [email protected]