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 for a geophysical survey and an initial diamond drilling program on the company’s flagship Clayton Silver Project in Idaho, U.S.A. (https://ibn.fm/Z2dXC). This move comes as the company sees evidence that previous miners may have missed significant silver prospects at the historic mine.
The Clayton Silver project is a past-producing underground operation with a long history and significant remaining exploration potential. Located in the Bayhorse Mining District of central Idaho, the property comprises a 1,028-acre land package, including 29 patented mining claims, 2 patented mill sites, and 20 unpatented claims. The company believes that historical mining focused on narrow, high-grade veins, potentially overlooking broader zones of mineralization that modern geophysical techniques could identify.
The private placement is expected to close in the coming weeks, subject to regulatory approval. The funds will enable CMX to conduct a comprehensive geophysical survey to map subsurface structures and identify drill targets. Following the survey, an initial drilling program will test these targets, aiming to confirm the presence of previously unrecognized silver mineralization.
This development is important because it highlights the potential for under-explored mining districts to yield new discoveries using modern exploration methods. The Clayton Silver Mine, which operated intermittently from the late 1800s to the mid-20th century, produced significant silver but may have left substantial resources untapped. If successful, CMX’s exploration could extend the mine’s life and contribute to the supply of silver, a critical metal used in electronics, solar panels, and other green technologies.
Investors and industry observers will be watching closely as CMX advances its exploration program. The company’s ability to secure financing during a period of strong silver prices underscores the perceived value of the project. For more information, CMX provides updates in its newsroom at https://ibn.fm/CXXMF.
