Callinex Commences Step-out Drilling on Descendent Discovery at the Pine Bay Project, MB
Callinex Commences Step-out Drilling on Descendent Discovery at
the Pine Bay Project, MB
Highlights:
New drill hole DSC-112 is a
200m
step-out from Descendent discovery;
The Descendent contains four Cu-Zn-Au-Ag bearing mineralized lenses; and
Large geophysical target associated with intersections that projects along strike to the northeast for
340m
and at depth for
840m
.
VANCOUVER, BC
,
Oct. 5, 2023
/CNW/ -
Callinex Mines Inc.
(the "Company" or "Callinex") (TSXV: CNX) (OTCQX: CLLXF) is pleased to announce
that the Company has commenced immediate step-out drilling to define the new high-grade copper, zinc, gold and silver Descendent discovery at the
Company's 100% owned Pine Bay Project (the "Project"), located near
Flin Flon, MB
(
See news release dated
September 12, 2023
) (
Pine Bay Project Plan View
). The discovery hole, DSC-111, intersected four separate volcanogenic massive sulphide lenses ("VMS") with significant
base and precious metal values within a total core width of
67.7m
.
The most significant section returned
7.14m
grading 1.70% copper equivalent
("CuEq") containing 3.34% Zn, 0.29 g/t Au, 14.38 g/t Ag, and 0.11%
Cu with additional massive sulphides intersected including a
10.57m
grading 1.36% CuEq
containing 1.47% Zn, 0.58 g/t Au, 18.3 g/t Ag and 0.43%
Cu. A borehole pulse electromagnetic survey completed on DSC-111 identified a large geophysical target associated with the intersections that
projects along strike to the northeast for
340m
and at depth for
840m
(
Descendent Discovery Long Section
).
Descendent Discovery Long Section October 2023 (CNW Group/Callinex Mines Inc.)
Step-out drill hole DSC-112 is testing the Descendent
200m
vertically below discovery hole DSC-111. The intersection in DSC-111 is the deepest
result to date associated with the Cabin Horizon and is located 350 meters below PBM-024 which intersected
2.58m
of 0.53% Zn, 0.92% Au, 34.60
g/t Ag, and 1.64% Cu (
See news release dated
May 1, 2017
). The Descendent is situated
550m
from the Pine Bay deposit, 1.4km from the Rainbow
deposit and 2.9km from the Alchemist deposit, which are all located within a mineral lease.
The anticipated vertical extent being tested between PBM-024 and DSC-112 is
550m
. By comparison the Rainbow deposit has been delineated in the
recently announced maiden 43-101 resource estimate to a vertical extent of
865m
and remains open at depth.
Once drill hole DSC-112 is completed, it will then be used as a parent drill hole to set a number of wedges off it to test up plunge between the initial
intersection and DSC-111. Additionally, discovery hole DSC-111 will also be used to set a number of wedges to test up plunge to the PBM-024
intersection.
The Descendent was intersected in drill hole DSC-111 at a down-hole depth of
1,318m
and remains open in all directions. Many of the largest deposits
within the Flin Flon Greenstone Belt have been discovered at depth. The abundance of zinc, gold and silver in DSC-111 indicates that the hole may
have intersected the edge of the VMS system similar to what occurs at the Rainbow deposit. Additionally, the significant width of the massive sulphide
intervals suggests that the system is long-lived and robust. The four VMS lenses are separated by dykes and sills, which is typical in many VMS
systems, and allows for the potential for one large massive sulphide body.
This discovery hole is located within the Baker Patton Felsic Complex, one of the largest and most highly altered accumulations of felsic rocks within
the Flin Flon Greenstone Belt. A major alteration zone had previously been identified at surface and spans
1,100m
by
700m
as defined by values of
more than 90 using the Hashimoto (Ishikawa et al.) Alteration Index, a quantitative approach to evaluate alteration trends that ranges from 0 to 100.
Since the huge alteration zone seen at surface is structurally overturned, the exploration thesis is that the massive sulphides associated with this
mineralizing event would be preserved at depth. Typically, there is a correlation between the size of an alteration zone and the size of the VMS deposit
it is associated with.
The exploration model for large VMS deposits within the Flin Flon-Snow Lake Greenstone Belt, such as the Lalor and 777 deposits, includes having
several smaller deposits in close proximity to a large alteration system within a major felsic volcanic center. Historic and recent exploration has
identified seven VMS deposits, along with the new Descendent discovery, located in close proximity to the huge Baker Patton alteration zone.
Mr. O'Donnell, P.Geo., a qualified person under National Instrument 43-101, has reviewed and approved the technical information in this news release.
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 deposit at its rich VMS Pine Bay Project
located near existing infrastructure in the Flin Flon Mining District. Callinex prepared an indicated mineral resource on the Rainbow deposit of 3.44
Mt grading 3.59% CuEq for 272.4 Mlb CuEq (238.3 Mlb Cu, 56.9 Mlb Zn, 37.6 koz Au, 692.8 koz Ag, 2.3 Mlb Pb), an inferred mineral resource on
the Rainbow deposit of 1.28 Mt grading 2.95% CuEq containing 83.4 Mlb CuEq (72.1 Mlb Cu, 19.5 Mlb Zn, 11.1 koz Au, 222.2
Koz Ag
, 0.8 Mlb Pb)
and an inferred mineral resource at the Pine Bay deposit of 1.0 Mt grading 2.62% Cu containing 58.1 Mlb Cu (see news release dated
July 10,
2023
). 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
(see news release dated
May 14, 2018
). 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), a 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) (see
news release dated
October 25, 2021
).
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,
obtaining satisfactory results from its 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 Plan View with Deposits - October 2023 (CNW Group/Callinex Mines Inc.)
View original content to download multimedia:
https://www.prnewswire.com/news-releases/callinex-commences-step-out-drilling-on-descendent-discovery-at-the-pine-bay-project-mb-301947984.html
SOURCE
Callinex Mines Inc.
View original content to download multimedia:
http://www.newswire.ca/en/releases/archive/October2023/05/c6675.html
%SEDAR: 00031889E
For further information:
please contact: Callinex Mines Inc., Max Porterfield, President and Chief Executive Officer, Phone: (604) 605-0885, E-mail:
CO: Callinex Mines Inc.
CNW 06:30e 05-OCT-23