Cantex Confirms Elevated Germanium Results Along Entire Main Zone Strike Length On Its 100% Owned North Rackla Project, Yukon

KELOWNA, Feb. 9, 2024 - Cantex Mine Development Corp. (TSXV: CD) (OTCQB: CTXDF) (the "Company") is pleased to provide an update on its 100-percent-owned 14,077 hectare North Rackla claim block in the Yukon.

Dr. Charles Fipke reports

455 germanium results have been received for drill core from 61 intercepts drilled from 31 pads spanning the entire 2.35 kilometer drill confirmed strike length of the Main Zone silver-lead-zinc-germanium mineralization at North Rackla.

These results are presented in Table 1.

Table 1. Germanium results from the Main Zone

The average of these 61 intercepts is 663 grams per tonne germanium in sphalerite. When combined with the previously analyzed 36 intercepts the average is 654 grams per tonne germanium. The distribution of the new germanium results within the Massive Sulphide project is shown in Map 1.

At the GZ Zone 57 analyses were received from 9 intercepts which averaged 427 grams per tonne germanium in sphalerite. When combined with the previously received results from five intercepts the average germanium content is 521 grams per tonne.

These results are presented in Table 2 below.

Table 2. Germanium results from the GZ Zone

Germanium continues to be a metal of prime importance for the west. China, which currently supplies 83% of the world's germanium, is now restricting exports to the United States and western markets. Germanium is a valuable metal, currently selling for US$1.32 per gram (February 7, 2024; Trading Economics; https://tradingeconomics.com/commodity/germanium).

There are few western sources of germanium, the most significant being ore from Teck's Red Dog Mine in Alaska which is processed at the Trail smelter in British Columbia. It is apparent that western nations will need to find additional sources of germanium.

Cantex's directors are pleased that the Massive Sulphide project contains very high germanium values along the 2,350 metres of strike length tested to date. The average germanium content of sphalerite from the Main Zone is 654 grams per tonne while the average germanium content of the GZ Zone is 521 grams per tonne. The project shows potential to be a much-needed western source of the Critical Metal germanium.

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. Core samples averaged over 3kg in weight.

For germanium analyses a piece of split core approximately 15cm in length containing sphalerite was selected and submitted to CF Mineral Research Ltd. From the selected location a piece of a thin slice of core was mounted in epoxy, polished, carbon coated and mapped using a scanning electron microscope to select sphalerites for analysis. The samples were then sent to UBC Okanagan for germanium analysis using laser ablation inductively coupled plasma mass spectroscopy (LA-ICPMS). A 100 micron spot size was used and NIST610 and 612 reference materials were used as standards.

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

Dr. Charles Fipke, CM
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.