CMX Gold & Silver Corp. Launches Exploration Program at Clayton Silver Project
Calgary, Alberta — September 10, 2026 — Leads & Copy — CMX Gold & Silver Corp. has initiated its first exploration program at its wholly-owned Clayton Silver Project in Idaho, USA, as announced by the company. The program includes detailed 3D induced polarization (IP) and Magnetotelluric (MT) geophysical surveys, which are being carried out by DIAS Geophysical over the company’s patented and unpatented mining claims. CMX anticipates receiving the results from these surveys by mid to late October 2026.
Jan Alston, CEO of CMX, described the commencement of the exploration program as a significant step toward advancing the potential of the historic Clayton Silver Mine. Alston noted that during the mine’s 50 years of operation, no geophysical work or systematic exploration drilling was conducted to explore beyond the single known vein. Mining ceased in 1986 due to low silver prices.
CMX expects that the geophysical surveys will identify promising drill targets on newly identified veins within the mineralized system and will also help delineate extensions of the existing vein, which remains open to the north and at depth. Rick Walker, CMX’s Vice President of Exploration, added that the Clayton mine is classified as a carbonate replacement deposit (CRD). He stated that the structural environment of CRDs typically offers opportunities to discover additional mineralization in en echelon, fault-controlled veins. Walker anticipates that the geophysical results will provide sub-surface targets that could lead to the discovery of additional mineral resources through subsequent drilling.
The company also confirmed the closing of the first tranche of its non-brokered private placement on July 9, 2026, which raised $910,000. This initial tranche consisted of units priced at $0.25, with each unit comprising one common share and one share purchase warrant. The warrants are exercisable at $0.40 per share for two years from the closing date. CMX is planning to close a second tranche of this private placement in September 2026. The units are being offered to accredited investors and other exempt parties under exemptions from prospectus requirements in Canadian securities laws. All securities issued in connection with the private placement are subject to a statutory hold period that expires four months and one day after the closing date, in accordance with National Instrument 45-102 (Resale of Securities). The offering is still subject to regulatory approval and approval from the Canadian Securities Exchange.
The Clayton Silver Project, CMX’s 100%-owned flagship asset, is situated in the Bayhorse Mining District of central Idaho, approximately 30-40 kilometers south-southwest of Challis. The property spans 1,028 acres, including 29 patented mining claims and two patented mill sites totaling approximately 562 acres, along with 20 unpatented claims covering approximately 466 acres. The patented claims grant surface ownership rights, incur no government royalties, and do not necessitate drilling permits.
The comprehensive geophysical program is designed to cover the historic mine and its surrounding structures, utilizing both 3D IP and MT surveys. The objective of these surveys is to define known and identify new vein structures, delineate extensions of partially mined ore bodies, and evaluate deeper mineralization sources. Diamond drilling is planned to test priority targets identified by the surveys.
Historically, the Clayton Silver Mine operated from 1935 to 1986, producing approximately 7 million ounces of silver, along with lead, zinc, copper, and minor gold, from an estimated 2.15 million tonnes of ore. Underground development reached eight levels, extending to a depth of 1,100 feet, with nearly 19,700 feet of workings. Two tabular ore bodies, the South and North Ore Bodies, were partially mined. Mine records and historical drilling indicate that mineralization remains open along strike and to depth. Notably, drill hole 1501-A intersected 22 feet of high-grade polymetallic mineralization at approximately 1,425 feet, confirming continuity below the deepest historic workings. CMX has determined that minimal modern geophysical work or systematic exploration drilling occurred during the mine’s operational period.
Richard Walker, M.Sc. (Geology), P.Geo., Vice President, Exploration of CMX, has reviewed and approved the technical and scientific information within this news release, serving as a Qualified Person under National Instrument 43-101 guidelines. Readers are advised that historical information referenced is not NI 43-101 compliant but is sourced from information believed by the Company to be reliable.
Source: CMX Gold & Silver Corp.
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