Callinex Announces Targets from Regional IP and EM Surveys at Pine Bay Project in the Flin Flon Mining District, MB
Callinex Announces Targets from
Regional IP and EM Surveys at Pine Bay
Project in the Flin Flon Mining District,
MB
Highlights:
• Three high-priority targets identified by modern Induced
Polarization ("IP") and Surface Pulse Electromagic ("SPEM")
Surveys;
• Callinex previously utilized these modern IP and SPEM
surveys to locate the high-grade Rainbow deposit; and
• The 5.5km trend currently hosts the high-grade Rainbow
deposit, Sourdough deposit and past-producing Centennial
Mine.
VANCOUVER, BC, Feb. 2, 2022 /CNW/ - Callinex Mines Inc. (the
"Company" or "Callinex") (TSXV: CNX) (OTCQX: CLLXF) is pleased
to announce three exploration target areas at the Company's 100%
owned Pine Bay Project, located 16km away from processing facilities
in the Flin Flon Mining District of Manitoba. The Company has outlined
a number of high-priority targets from the regional OreVision® Induced
Polarization ("IP") survey by Abitibi Geophysics and Surface Pulse
Electromagnetic ("SPEM") survey by Koop Geotechnical that covers
5.5km of the trend that hosts the Rainbow and Sourdough deposits
and past producing Centennial Mine further to the south (Pine Bay
Project Plan View with IP and SPEM).
Pine Bay Project Plan View with IP and SPEM, February 2022 (CNW
Group/Callinex Mines Inc.)
Max Porterfield, President and CEO, stated, "We are eager to drill test
these exciting new targets and more to come as we continue to outline
our 2022 exploration plans. Induced Polarization coupled with
borehole pulse electromagnetics was key to discovering the high-
grade Rainbow Deposit in 2020." Mr. Porterfield continued, "We have
now expanded that same exploration approach on a regional scale
with the recent IP and EM surveys announced today."
The high-grade Rainbow Deposit ("Rainbow") was discovered by drill
testing targets derived from Abitibi Geophysics OreVision® IP
chargeability isoshells located within favourable geology and
subsequently vectoring to the copper, zinc, gold and silver bearing
volcanogenic massive sulphides ("VMS") utilizing a Borehole Pulse
Electromagnetic survey ("BPEM") down the drill hole (Pine Bay
Project 3D View Looking Down and West, Pine Bay Project 3D Long
Section).
JJ O'Donnell, Exploration Manager, stated, "The major exploration
efforts completed since the Rainbow discovery has provided the
Callinex team with a better understanding and the tools needed to
continue to add value to the extensive Pine Bay land package. With
this multi-discipline approach, our team is excited to test the new high-
priority targets."
Jim Pickell, member of Callinex's technical team, added, "When
coupled with Callinex's ongoing modern 3D rethink of the geological
and geochemical patterns at Pine Bay, it's great to see a new
geophysical technique being successfully employed and adding
several obvious high-priority exploration targets to the mix. I especially
like where these emerging IP targets are located in the overall Pine
Bay geological setting."
Target Area 1 - Rainbow South
Target Area 1 was highlighted for drilling based on a large 250m by
650m, moderately strong chargeability isoshell (>25 mV/V) that may
be associated with a pyritic footwall alteration envelope as at the
nearby Rainbow. The northern edge of the IP chargeability high is also
semi-coincident with a SPEM anomaly that was targeted for testing by
drill hole PBM-120. Drill hole PBM-120 intersected highly prospective,
strongly sericitized felsic volcanics starting at its 1,149 metre mark and
which are immediately along strike to the south from similarly altered
volcanics hosting Rainbow. A subsequent BPEM survey was
conducted but was unsuccessful due to the overwhelming masking
effects of a near-surface formational conductor intersected early in the
hole. The Company will attempt a new BPEM survey with a modified
loop layout in the near future prior to drill testing.
Target Area 2 - Sourdough North
Target Area 2 is targeting a 750m long by 150m wide, locally very
strong IP chargeability isoshell (>50mV/V) coincident with two newly
identified SPEM anomalies modeled from surveys completed in 2021.
Drill hole SDB-007, a shallow 294.5m hole drilled immediately to the
south, intersected coarse heterolithic debris flows dominated by large
felsic volcanic clasts along with the occasional sphalerite-pyrite-
chalcopyrite clasts. A subsequent BPEM survey was conducted and
identified an off-hole anomaly to the north that is coincident to the
newly identified IP chargeability and SPEM anomalies.
Target Area 3 - Sourdough Down Plunge
Target Area 3 is targeting the down plunge extension of the historic
Sourdough deposit, which a previous operator prepared a historic
resource estimate of 291,150 tons at 1.46% copper ("Cu"), 1.71% zinc
("Zn"), 1.03 g/t gold ("Au") and 29.8 g/t silver ("Ag")*. The recently
completed IP survey revealed the top of a chargeability isoshell that
coincides with the two deepest and most recent intersections in the
Sourdough deposit, SDB-001 and SDB-004. Drill hole SDB-004
intersected 4.85m of 1.70% copper equivalent ("CuEq") consisting of
1.04% Cu, 0.6 g/t Au, 8.47 g/t Ag and 0.45% Zn including 0.65m of
3.81% CuEq (2.11% Cu, 1.09 g/t Au, 21.60 g/t Ag and 2.01% Zn).
A subsequent BPEM survey completed on SDB-004 modeled a plate
that is 200m wide by 575m deep and suggests the deposit continues
at depth. Based on the recent near surface intercepts at the Rainbow
the Company believes there is strong potential for the grades of the
Sourdough deposit to improve at depth.
The Company is developing a 2022 exploration program for these
high priority targets and targets soon to be outlined along the
interpreted growth fault corridor that hosts Rainbow and five other
deposits, three of which have seen some level of historic production.
About the Pine Bay Project
Callinex's Pine Bay Project encompasses the majority of the Baker
Patton Complex (BPC), the largest exposed felsic (rhyolitic) volcanic
accumulation in the Flin Flon portion of the Flin Flon-Snow Lake
Greenstone Belt. This is especially important since the majority of the
VMS deposits occurring within the Flin Flon Belt of Saskatchewan and
Manitoba are almost always hosted by rhyolitic flows and
volcaniclastic rocks within predominantly mafic terranes. Of additional
importance is that these felsic (rhyolitic) rocks only account for a small
portion of the total volcanic pile (5-10%). Of particular exploration
interest to Callinex's Pine Bay Project, is the very large exposure of
intensely altered (chloritic, sericitic and silicic alteration) felsic rocks
that have collectively been called the Baker Patton Alteration Zone,
encompassing an area with a minimum of a 700m by 1000m footprint.
A very large footwall alteration system such as this would normally be
expected to be accompanied by a large VMS system and has
consequently been the target of many exploration companies
preceding Callinex.
J.J. O'Donnell, P.Geo, a qualified person under National Instrument
43-101, has reviewed and approved the technical information in this
news release.
Historical Resource Estimate on Sourdough Deposit
In 1963, a Keys report disclosed a historical resource estimate of
291,150 tons at 1.46% Cu, 1.71% Zn, 1.03 g/t Au and 29.8 g/t Ag at
the Sourdough deposit. The historical resource estimate is mentioned
for historical purposes only and uses terminology not compliant with
current reporting standards. The reliability of these historical estimates
is unknown but considered relevant by the Company as it represents a
significant target for future exploration work by the Company. The
assumptions, parameters and methods used to calculate this historical
resource estimate are not known to the Company. The qualified
person has not made any attempt to re-classify the estimates
according to current NI 43-101 standards of disclosure or the CIM
definitions. In order for these resources to be current, the Company
will be required to conduct additional drilling at the Sourdough
deposit. The Company is not treating this estimate as current mineral
resources or mineral reserves as defined in NI 43-101.
About Callinex Mines Inc.
Callinex Mines Inc. (TSXV: CNX) (OTCQX: CLLXF) is advancing its
portfolio of base and precious metals rich deposits located in
established Canadian mining jurisdictions. The focus of the portfolio is
highlighted by the rapidly expanding Rainbow Discovery at its rich
VMS Pine Bay Project located near existing infrastructure in the Flin
Flon Mining District. The second asset in the portfolio is the Nash
Creek Project located in the VMS rich Bathurst Mining District of New
Brunswick. A 2018 PEA generates a strong economic return with a
pre-tax IRR of 34.1% (25.2% post-tax) and NPV8% of $230 million
($128 million post-tax) at $1.25 Zinc. The third asset, 100% owned
Point Leamington Deposit in Newfoundland, is located in one of the
richest VMS and Gold Districts in Canada. Callinex prepared a pit
constrained Indicated Mineral Resource of 5.0 Mt grading 2.5 g/t AuEq
for 402 koz AuEq (145.7 koz gold, 60.0 Mlb copper, 153.5 Mlb zinc,
2.0 Moz silver, 1.5 Mlb lead), an pit constrained Inferred Mineral
Resource of 13.7 Mt grading 2.24 g/t AuEq for 986.5 koz AuEq (354.8
koz gold, 110.2 Mlb copper, 527.3 Mlb zinc, 6.2 Moz silver, 7.0 Mlb
lead) and an out-of-pit Inferred Mineral Resource of 1.7 Mt grading
3.06 g/t AuEq for 168.5 koz AuEq (65.4 koz gold, 13.3 Mlb copper,
102.9 Mlb zinc, 1.4 Moz Ag, 2.6 Mlb lead).
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.
Pine Bay Project 3D Long Section. with IP Chargeability Isoshells and
EM Plates, February 2022 (CNW Group/Callinex Mines Inc.)
Pine Bay Project 3D View Looking Down and West, February 2022
(CNW Group/Callinex Mines Inc.)
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For further information: Callinex Mines Inc., Max Porterfield,
President and Chief Executive Officer, Phone: (604) 605-0885, E-mail:
CO: Callinex Mines Inc.
CNW 08:30e 02-FEB-22