Cantex Mine Development Corp V.CD

NI 43-101 Resource Report

[Oregonduck]

The National Instrument 43-101 is a document for the Standards and Disclosure for Mineral Projects within Canada. If the company is listed on a Canadian stock exchange they are required to prepare this technical report of publicly disclosed information. 

The NI 43-101 document only came into effect in 2001. A major push for this disclosure document came in the 1990’s, after Bre-X Minerals reported a significant gold discovery in Indonesia, and the stock, which had started as a penny stock, reached a peak price of CAD$286.50 in 1996. Bre-X then collapsed in 1997, after the project was found to be a massive fraud.

Cantex is required to file a 43-101 resource report if they made a written statement that the Yukon discovery is worth billions. Under 43-101, there are Preliminary Economic Assessment (PEA), Pre-feasibility Study (PFS) and Feasibility Study(FS). PEA is also called a Scoping Study and PFS will entail more details including costs, mine-of-life, access roads and permitting, environmental and community agreements with First Nation. FS is a full-blown report for a bankable study.

Chuck at the AGM said any such reports will likely not be completed for two years. Fireweed which is compared to Teck's "Red Dog" mine received millions from Teck and the Lundin family for its zinc discovery in Yukon after filing a PEA. The market is saying Cantex's feasibility is suspect.

[pennymaker69]

At the AGM they said it would take 1 year. End of Dec 2023. we should have the report. not 2 years.... so it's wait and see. more results still pending.

[Oregonduck]

  Chad said one year, Chuck corrected him and said two years. I won't hold my breath. Timing is of no essence.

[carter2]

I believe that the resource estimate will be in the news release that announces the sale or JV. We won't even see it coming.