CMX Gold & Silver Corp. (CSE: CXC) (OTC: CXXMF) has announced plans to undertake a non-brokered private placement financing to raise aggregate gross proceeds of up to CAN$2,000,000. The funds will be directed toward a geophysical survey and an initial diamond drilling program at the company’s flagship Clayton Silver Project in Idaho, as detailed in a recent article on InvestorWire.
Located in the Bayhorse Mining District of central Idaho, the Clayton Silver Project 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 operated until the drop in silver prices in 1986 and once ranked as the most active underground mine in the district, producing silver, along with lead, zinc, minor gold, and copper.
CMX’s 100%-owned Clayton Silver Property encompasses approximately 684 acres in Custer County, including the former Clayton silver-lead-zinc mine. The mine was developed on eight levels to a depth of 1,100 feet below surface and comprises approximately 19,690 feet of underground development. Two major ore bodies, the “South Ore Body” and the “North Ore Body,” were partially mined, leaving substantial resources untapped.
The planned exploration program aims to evaluate the remaining mineralization and potentially expand the resource base. The company’s decision to restart exploration comes amid a favorable silver market, with prices supported by industrial demand and investment interest. The Clayton Silver Project’s location in the mining-friendly state of Idaho further enhances its appeal, offering established infrastructure and a skilled workforce.
For investors, the private placement represents an opportunity to participate in the revival of a historically productive silver mine. The use of proceeds for geophysical surveys and drilling is a critical step in de-risking the project and advancing it toward potential production. The company’s newsroom provides updates on CXXMF at IBN’s newsroom.
CMX Gold & Silver Corp. is an exploration-stage company focused on advancing the Clayton Silver Project. The successful completion of the financing and subsequent exploration could unlock significant value for shareholders, positioning the company as a key player in the silver mining space.
