2005 AGM - Year of the DrillThe year of the Drill. The Reader’s Digest version of the 2005 CD AGM.
Cantex purchased a $300k combined percussion/core/auger drill early in 2004. It may be rented out for a month or two beginning in late February to MTX to drill one of its Canadian properties before being sent to Yemen. The reason is to get the bugs out and to train Yemeni nationals on the machine. That is one idea another is to train the Yemenis in Kelowna or have a Canadian expat do it in Yemen.
Plans are to drill 3 Yemeni properties in 2005. Samples from AH arrived in Kelowna 2 weeks ago - expect at least 2 months to run through Vancouver labs ( huge backlogs). CF Minerals is set up for diamond analysis not Au, it will do the preliminary work but final analysis to be completed in Vancouver. AM samples collected in September by Cantex’s Yemeni Geo.’s shipped last week when Chad was over there. They are now in Vancouver clearing customs. These will further define AM drill targets. While in the Middle East last week Chad had further JV discussion with potential Arabian partners as did Peter on his visit in November. As Chad said don’t get excited until the money is in the bank. We have all seen that road before. My read is to drill AH first – to prove out if it should be highgraded only or to mine the whole deposit. Drilling of AM and Sewar to follow, with channel sampling of WQ.
One of MTX’s 4 core/auger drills is planned to go to Greenland in March to drill a target situated on the Umiiviit property, apparently a lake target. The mineral train has already been defined. An approximately 50 lb. kimberlite boulder from Cantex’s new license area was on display. Chad had collected this sample in November. It will be crushed and run through the lab for micro/macro diamond analysis. A total sample size of 458 kg. is being processed. MTX has the money to carry CD’s exploration costs until Feb 2007.
Technical aspects of 2 Nevada properties complete for drill targets as previously announced in NR’s. 2 more are awaiting interpretation of geophysics, which was done by a Reno company. – should be done by the end of January. There is also 1 As anomaly ready for drilling. 2 more properties require trench sampling to further define targets. Delay is with Nevada Bureau of Mines and Petroleum bureaucracy. What should have taken 5 weeks is taking over 5 months so far. Probably the best idea is to have all the 5 –7 properties drill ready before beginning. Late spring, early summer is the plan to begin drilling. JVing with Gold major an option at anytime, which will take all costs of development away from Cantex. Bill Gilmour is running the program for Cantex.
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