Cantex Mine Development Corp. Intersects 47.5% Zinc, 12.5% Lead And 336g/t Silver Over 3.7m

Dr. Charles Fipke reports:

GZ Zone Drill Results

Drilling from pad GZ02D at the GZ Zone has intersected exceptional silver-lead-zinc grades. The GZ Zone, discovered in 2020, is located on Figure 1. Hole YKDD21-209 drilled at a dip of -45 degrees and an azimuth of 304 degrees intersected two significant zones of mineralization. The first measures 16.05m of 23.95% combined lead and zinc with 101g/t silver and the second measures 9.1m of 17.78% combined lead and zinc with 53g/t silver.

Within the first intercept are two exceptional high-grade zones. The first measures 2.6m of 48.2% combined lead-zinc with 117.6 g/t silver. The second measures 3.7m of 60.0% combined lead-zinc with 336.5 g/t silver. These results are presented in Table 1.

Results are awaited from a further six holes at the GZ Zone. Hole YKDD21-207 drilled from pad GZ0 did not intersect significant mineralization.

Table 1. GZ Zone drill results.

Summary

The drill results in this release from the GZ Zone are the highest silver-lead-zinc results yet reported from the North Rackla project. Drilling has yet to be completed in between the GZ Zone and the Main Massive Sulphide Zone located 500m to the north (see Figure 1). Extensive drilling at the Main Zone has previously defined high grade silver-lead-zinc mineralization over 2.1km of strike length.

The Cantex directors are most excited by these outstanding high-grade near surface intersections. Additional drilling in between the Main and GZ Zones is needed to determine whether or not the two zones are connected.

Sample Preparation

The drill holes reported in this press release were drilled using HQ (63.5mm) diamond drill bits. The core was logged, marked up for sampling and then divided into equal halves using a diamond saw on site. One half of the core was left in the original core box. The other half was sampled and placed into sealed bags which were in turn placed into larger bags closed with security seals prior to being transported to CF Mineral Research Ltd. in Kelowna, BC.

At CF Minerals the drill core was dried prior to crushing to -10 mesh. The samples, which averaged over 3kg, were then mixed prior to splitting off 800g. The 800g splits were pulverized to -200 mesh and a 250g split was sent for assay. Quality control procedures included running a barren sand sample through both the crusher and pulveriser between each sample to ensure no inter-sample contamination occurred. Silica blanks were inserted along with certified reference samples. These quality control samples were each inserted approximately every 20 samples.

ALS Chemex in Vancouver assayed the samples using a four-acid digestion with an ICP-MS finish. The 48 element ME-MS61 technique was used to provide a geochemical signature of the mineralization. Where lead, zinc or copper values exceeded one percent the Pb-OG62, Zn-OG62 or Cu-OG62 techniques were used. These have upper limits of 20% lead, 30% zinc and 50% copper, respectively. Samples with lead and zinc values over these limits were then analyzed by titration methods Pb-VOL70 and Zn-VOL50. Where silver samples exceeded 100 g/t the Ag-OG62 technique was used which has an upper limit of 1,500 g/t. The over limit analyses contributed to delays in receiving final assay results.

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,

Charles Fipke

Charles Fipke

Chairman

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. Information set forth in this news release includes forward-looking statements under applicable securities laws. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as "anticipate", "believe", "plan", "estimate", "expect", and "intend", statements that an action or event "may", "might", "could", "should", or "will" be taken or occur, or other similar expressions. All statements, other than statements of historical fact, included herein are forward-looking statements. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, risks identified in the management discussion and analysis section of the Company's interim and most recent annual financial statements or other reports and filings with Canadian securities regulators. Forward looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and the respective companies undertake no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable securities laws. Investors are cautioned against attributing undue certainty to forward-looking statements.

SOURCE Cantex Mine Development Corp.



Contact
Cantex Mine Development Corp., Tel: +1-250-860-8582; Email: info@cantex.ca