CMX Gold & Silver Corp. (CSE: CXC) (OTC: CXXMF) has announced plans to undertake a non-brokered private placement financing for aggregate gross proceeds of up to CAN$2,000,000. The proceeds will be used to conduct a geophysical survey and an initial diamond drilling program on the company's flagship Clayton Silver Project in Idaho, USA. This marks a strategic move to restart exploration at a historic high-grade silver asset that has been dormant since the drop in silver prices in 1986.
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. The mine once ranked as the most active underground mine in the district, producing silver along with lead, zinc, minor gold, and copper. The Clayton Mine was developed on eight levels to a depth of 1,100 feet below surface and includes approximately 19,690 feet of underground development. Two major ore bodies, the "South Ore Body" and the "North Ore Body," were partially mined.
The importance of this announcement lies in the renewed interest in silver exploration amid rising demand for the metal in industrial applications, including solar panels and electronics. The Clayton Silver Project represents a significant opportunity to tap into a historically productive district with existing infrastructure, potentially reducing the time and cost to bring the mine back into production. The planned geophysical survey and drilling program are critical first steps to delineate additional resources and assess the economic viability of restarting operations.
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