CMX Launches Geophysical Program at Clayton Silver Project
News related to:CMX Gold & Silver Corp · 2 min read
CMX Gold & Silver Corp. has launched an exploratory geophysical program at its 100%-owned Clayton Silver Project in Idaho, USA. The program, which began in September 2026, aims to uncover potential new mineral veins and extend existing ones using 3DIP and Magnetotelluric (MT) surveys.
The Clayton Silver Project is situated in the Bayhorse Mining District, approximately 30-40 kilometers south-southwest of Challis, Idaho. This historic mine operated from 1935 to 1986, producing around 7 million ounces of silver, along with lead, zinc, copper, and minor gold. The project encompasses a 1,028-acre land package, including 29 patented mining claims and two patented mill sites, as well as 20 unpatented claims.
According to Jan Alston, CEO of CMX Gold & Silver Corp., "This geophysical work is a significant step to advance the potential of the historic Clayton Silver Mine. During its 50-year operational life, there was no systematic exploration drilling or geophysical work to expand beyond the single known vein. We expect these surveys to identify quality drill targets and extend the existing vein that is open to depth and to the north."
Rick Walker, CMX’s VP of Exploration, elaborated, "The Clayton mine is a carbonate replacement deposit (CRD). The structural environment also provides an opportunity to discover additional mineralization as en echelon (parallel) fault-controlled veins. The geophysical results will provide sub-surface targets for subsequent drilling to potentially discover additional mineral resources."
To support this exploration effort, CMX completed a non-brokered private placement in July 2026, raising $910,000 through the sale of $0.25 units, each consisting of one share and one share purchase warrant exercisable at $0.40 per share for two years from closing. The company plans to close a second tranche in September 2026. The securities are subject to a statutory hold period expiring four months and one day after the closing date.
The geophysical program, which includes a 3DIP survey and a Magnetotelluric (MT) survey, is intended to delineate known structures and identify new vein systems, extend partially mined ore bodies, and evaluate deeper sources of mineralization. Follow-up diamond drilling is planned to test priority targets.
"These geophysical surveys are critical for us to understand the subsurface geology and identify drill targets," said Walker. "Our objective is to confirm the continuity of mineralization and discover new veins, thereby increasing the potential of the Clayton Silver Project."
The results of the geophysical surveys are expected by mid to late October 2026. CMX Gold & Silver Corp. will use these findings to guide further exploration and potentially enhance the mineral resources on its flagship asset.