Callinex Commences Drilling to Test Highly Conductive Anomalies Along Strike from the Rainbow Deposit in the Flin Flon Mining District of Manitoba
Callinex Commences Drilling to Test Highly Conductive Anomalies Along
Strike from the Rainbow Deposit in the Flin Flon Mining District of Manitoba
Highlights:
Drilling to test recently identified highly conductive anomalies along strike to the south of the Rainbow Discovery;
The four untested anomalies each have a strike extent of
300m
and start within
200m
of surface; and
Drilling also focused on continuing to define the Orange and Yellow zones of the Rainbow Deposit.
VANCOUVER, BC
,
Feb. 16, 2021
/CNW/ -
Callinex Mines Inc.
(the "Company" or "Callinex") (TSXV: CNX) (OTC: CLLXF) is pleased to announce that it has
commenced its 2021 drilling campaign (the "Campaign") at its Pine Bay Project (the "Project") located 16km away from
Flin Flon, MB
(District Overview Map)
.
The Campaign will start immediately with the completion of two drill holes for 1,600 meters of the 30,000 meters budgeted for 2021 (
Rainbow Discovery Plan View
).
Rainbow Discovery Plan View - February 2021 (CNW Group/Callinex Mines Inc.)
The first drill (PBM-116) will continue stepping out from the Orange and Yellow zones, the first two zones discovered to date at the Rainbow Deposit, with an
immediate focus of continuing to define mineralization closer to surface (
Rainbow Discovery Long Section
). The Rainbow Discovery has been made on Callinex's
mineral lease, less than 250m from a high-voltage power-line and
550m
from a historic shaft with direct road access to processing facilities in
Flin Flon, MB
.
Rainbow Discovery Long Section - February 2021 (CNW Group/Callinex Mines Inc.)
A second drill (PBM-117) will immediately test three of the four highly conductive anomalies that were recently identified near-surface and along strike to the south
of the Orange and Yellow zones of the Rainbow Discovery (
Rainbow Discovery 3D View
). Each of the three modeled conductive anomalies being tested has a
strike extent of 300 metres and are interpreted to begin at a vertical depth of 200 metres.
Rainbow Discovery 3D View - February 2021 (CNW Group/Callinex Mines Inc.)
The identified anomalies expand the strike extent of the Rainbow over 1 km to the south (
See News Release Dated
January 21, 2021
). The three major base
metal mines discovered in the
Flin Flon
/Snow Lake Greenstone Belt with tonnages ranging between 25 – 70 million tonnes have a strike length over 1 km. Based
on the recent survey, the Rainbow Discovery has a strike length of at least a kilometre with potential to grow further along strike to the south.
While none of these plates have been tested by diamond drilling, some historical holes in the vicinity have intersected alteration and geology as seen in recent
Rainbow zone drilling. Anomaly 5, which is the modeled conductive body of the Orange and Yellow zones, has a modeled strike extent of
150m
, or half the length
of Anomalies 1-4. It should be noted that deposits in the Flin Flon Greenstone Belt typically have a plunge extent on average between 5-8 times the strike of the
deposit. Additionally, all larger producing Volcanogenic Massive Sulphide ("VMS") mines are made up of a number of stacked zones or lenses such as the Orange
and Yellow zones discovered to date at the Rainbow.
J.J. O'Donnell, P.Geo, a qualified person under National Instrument 43-101 and Exploration Manager for Callinex, has reviewed and approved the technical
information in this news release.
Figure 1: Flin Flon Mining District Region Overview
Figure 2: Pine Bay Project Rainbow Discovery SPEM Survey Plan View with 2021 Drilling
Figure 3: Pine Bay Project Rainbow Discovery Long Section with Proposed 2021 Drilling
Figure 4: Pine Bay Project Rainbow Discovery 3D View
About Callinex Mines Inc.
Callinex Mines Inc. (TSXV: CNX) (OTC: CLLXF) is advancing its portfolio of base and precious metals rich deposits located in established Canadian mining
jurisdictions. The portfolio is highlighted by the rapidly expanding Rainbow Discovery at its Pine Bay Project located near existing infrastructure in the Flin Flon
Mining District. Additionally, Callinex has emerging near-surface silver discoveries at its Nash Creek Project located in the Bathurst Mining District of
New
Brunswick
. A 2018 PEA on the Company's
Bathurst
projects outlined a mine plan that 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).
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 future drill programs 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
.
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For further information:
Callinex Mines Inc., Max Porterfield, President and Chief Executive Officer, Phone: (604) 605-0885, E-mail: [email protected]
CO: Callinex Mines Inc.
CNW 08:30e 16-FEB-21