Callinex Adds Second Rig to its Drilling Campaign in the Bathurst Mining District
Callinex Adds Second Rig to its Drilling Campaign in the
Bathurst Mining District
VANCOUVER
,
June 19, 2017
/CNW/ -
Callinex Mines Inc.
(the "Company" or "Callinex") (TSX-V: CNX; OTCQX: CLLXF) is pleased to
announce that it has added a second rig to its ongoing 2017 Bathurst drilling campaign (the "Campaign") at the Company's 100% owned Nash
Creek Project located in the Bathurst Mining District of
New Brunswick
. To date, nine holes have been completed as planned to test for potential
to expand the near-surface mineral resource further to the north (See News Release dated
May 30, 2017
). It is anticipated that an additional 15
drill holes will be completed with a concentrated focus on testing an area spanning 500m along strike from the extent of the current mineral
resource (See Figure 1 and 2).
The Nash Creek Project is ideally situated approximately 1 km south of Provincial Highway 11, about 100 km by road to Trevali's Caribou Mine
and 25 km by road to Glencore's
Belledune
lead/silver smelter, which has direct railway access to Glencore's Canadian zinc smelting and refining
operations. Previous exploration has delineated mineralization over a 1.5km strike length and the project hosts an Indicated mineral resource
totaling 712 million pounds of zinc equivalent mineralization and an Inferred mineral resource totaling 88 million pounds of zinc equivalent
mineralization (see Table 1).
Following completion of the
Nash Creek
phase of the drilling campaign, the drill rigs will be mobilized to the nearby Superjack Project to test for
high-grade extensions to the A Zone deposit (See Table 1). The two deepest holes drilled by a previous operator at the A Zone deposit, at a
vertical depth of approximately 440m, intersected thick intervals of high-grade mineralization (See Figure 3):*
NP11-54 intersected 10.3m of 8.2% Zn Eq. (4.0% Zn, 1.7% Pb, 0.4% Cu, 53.3 g/t Ag and 0.3 g/t Au) including a higher-grade interval
over 6.6m of 10.5% Zn Eq. (5.3% Zn, 2.2% Pb, 0.4% Cu, 69.0 g/t Ag and 0.5 gt/ Au).
NP11-39 intersected 11.2m of 7.6% Zn Eq. (5.0% Zn, 1.0% Pb, 0.2% Cu, 34.2 g/t Ag and 0.2 g/t Au) including a higher-grade interval
over 2.6m of 17.6% Zn Eq. (15.0% Zn, 1.4% Pb, 0.3% Cu, 32.5 g/t Ag)
In addition to testing the A zone at greater depths, one hole will also test a 1,300 metre long by 800 metre wide gravity inversion anomaly that
indicates the three known mineralized zones (A, B and C zones) all potentially connect at depth. The Superjack phase of the drilling campaign is
anticipated to include 4 to 8 drill holes totaling 2,500m to 4,000m.
*Zinc equivalent grades are based on the following metal prices: zinc
US$2,525
/t (
$1.15
/lb), copper
US$5,500
/t (
$2.49
/lb), lead US$$2,205/t
(
$1.00
/lb), gold
US$1,300
per oz and silver
US$18.0
per oz. Metal recoveries of 100% were applied in the metal equivalent calculations. The
zinc equivalent calculation is as follows: ZnEq = 100 ((Au Price in (g) x Au Grade) + (
Ag Price
in (g) x
Ag Grade
) + (Cu Price*2204.6 x Cu
Grade(%)/100) + (Zn Price*2204.6 x Zn Grade(%)/100)+(Pb Price*2204.6 x Pb Grade(%)/100))/Zn Price*2204.6
Jason Levers
, PGeo, a qualified person under National Instrument 43-101 and a Staff Geologist for Callinex, has reviewed and approved the
technical information in this news release.
Table 1: 2016 Mineral Resource Estimates for New Brunswick Projects
Indicated Mineral Resources
Project
Tonnes
Zn Eq.
(%)
Zn (%)
Pb
(%)
Ag (g/t)
Cu
(%)
Contained Zn Eq.
('000 pounds)
Nash
9,033,000
3.58
2.79
0.57
18.16
n/a
711,991
Total
9,033,000
3.58
2.79
0.57
18.16
n/a
711,991
Inferred Mineral Resources
Category
Tonnes
Zn Eq. (%)
Zn (%)
Pb (%)
Ag (g/t)
Cu
(%)
Contained Zn Eq.
('000 pounds)
Superjack
3,211,000
4.63
3.01
0.78
29.46
0.27
327,618
Nash
1,113,000
3.58
2.83
0.57
15.51
n/a
87,883
Total
4,324,000
4.36
2.96
0.73
25.87
0.20
415,501
Notes:
1)
Resources are categorized according to CIM Definition Standards; it cannot be assumed that all or any part of Inferred Mineral Resources will be upgraded to Indicated or
Measured as a result of continued exploration.
2)
The Nash Creek mineral resource estimate includes the Hickey Zone and Hayes Zone
3)
The Superjack mineral resource estimates includes the Nepisiguit A and Nepisiguit C Zones
4)
Zinc equivalent resources for the Nash Creek Project were calculated using metal prices of $0.90/lb for zinc, $0.87/lb for lead, and 17.73/oz for silver. Metallurgical
recoveries have been assumed to be 90.5% for zinc, 81.5% for lead and 50% for silver. A cut-off grade of 2.0% Zn Eq. was utilized in the resource estimate.
5)
Zinc equivalent resources for the Superjack Project were calculated using metal prices of $1.12/lb for zinc, $1.06/lb for lead, $2.97/lb for copper and $20.38/oz for silver.
Metal recoveries have been assumed to be 100% for zinc, 72% for lead, 86% for copper and 70% for silver. A cut-off grade of 1.5% Zn Eq. was utilized in the resource
estimate.
Figure 1: Map of the Bathurst Mining District of
Northern New Brunswick
Click the link below to view this figure:
https://callinex.ca/wp-content/uploads/2017/05/NB-Overview-Map.jpg
Figure 2: Plan View of the Nash Creek Mineral Resources
Click the link below to view this figure:
https://callinex.ca/wp-content/uploads/2017/06/Plan-Map-of-Nash-Creek-Proposed-Drill-Holes.jpg
Figure 3:
Long Section
of the A Zone Deposit
Click the link below to view this figure:
https://callinex.ca/wp-content/uploads/2017/06/Plan-Map-of-Nash-Creek-Proposed-Drill-Holes.jpg
About Callinex Mines Inc.
Callinex Mines Inc. is focused on discovering and developing zinc and copper rich mines within prolific Canadian VMS mining
jurisdictions. The Company is actively exploring its Pine Bay Project, located in the
Flin Flon
mining district of
Manitoba
, which hosts
significant historic VMS deposits that are within close proximity to a processing facility. The larger project portfolio hosts three
significant zinc rich mineral resources including the
Point Leamington
,
Nash Creek
and Superjack Projects located in
Eastern Canada
.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of this release.
Some statements in this news release contain forward-looking information. These statements include, but are not limited to, statements
with respect to future expenditures. These statements address future events and conditions and, as such, involve known and unknown
risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from
any future results, performance or achievements expressed or implied by the statements. Such factors include, among others, the ability
to complete the proposed drill program and the timing and amount of expenditures. Except as required under applicable securities laws,
Callinex does not assume the obligation to update any forward-looking statement
.
SOURCE
Callinex Mines Inc.
View original content: http://www.newswire.ca/en/releases/archive/June2017/19/c8471.html
%SEDAR: 00031889E
For further information:
Callinex Mines Inc.: Max Porterfield, President and Chief Executive Officer, Phone: (604) 605-0885, E-mail:
CO: Callinex Mines Inc.
CNW 08:02e 19-JUN-17