Callinex Files Technical Report for Updated Resource Estimate at the Nash Creek Project
Callinex Files Technical Report for Updated Resource Estimate at
the Nash Creek Project
VANCOUVER
,
June 7, 2018
/CNW/ -
Callinex Mines Inc.
(the "Company" or "Callinex") (TSXV: CNX) (OTCQX: CLLXF) is pleased to announce
that it has filed a NI 43-101 Technical Report ("Technical Report") for its 100% owned Nash Creek Project located within the Bathurst Mining
District of
New Brunswick
. The updated resource estimate outlined a major increase in contained zinc, lead and silver mineralization within
Indicated and Inferred categories (See News Release dated
April 16, 2018
). The Technical Report can be viewed by clicking
here
or by visiting
the Company's SEDAR profile at
www.sedar.com
.
A 2018 maiden Preliminary Economic Assessment ("PEA") on the Company's
Nash Creek
and Superjack projects outlined potential for an open pit
mining operation that generates a strong economic return with a pre-tax internal rate of return ("IRR") of a 34.1% (25.2% post-tax) and a pre-tax
Net Present Value ("NPV") at an 8% discount rate of
C$230 million
(
C$128 million
post-tax) over a ten year mine life (See News Release dated
May 14, 2018
). The Company believes there is a clear opportunity to significantly enhance the project's economics with additional exploration. A
technical report for the PEA will be issued within 30 days.
A two-minute video presentation of the Nash Creek Project can be accessed by clicking
here
.
Cautionary Note on PEA. The PEA is preliminary in nature and it includes Inferred Mineral Resources that are considered too speculative
geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves. There is no
certainty that the PEA will be realized.
The current mineral resource at
Nash Creek
now hosts Indicated mineral resource totaling 13.6 Mt averaging 3.2% Zn Eq. (2.7% Zn, 0.6% Pb
and 17.9 g/t Ag) containing 963 million pounds of zinc equivalent mineralization and an Inferred mineral resource totaling 5.9 Mt averaging 3.1% Zn
Eq. (2.7% Zn, 0.5% Pb and 14.0 g/t Ag) containing 407 million pounds of zinc equivalent mineralization.
The Company's project portfolio now contains indicated resources of 13.6 Mt averaging 3.2% Zn Eq. for a total of 963 million pounds and total
inferred resources of 23.2 Mt averaging 5.2% Zn Eq. for a total of 2.7 billion pounds from the
Nash Creek
, Superjack and
Point Leamington
projects (See News Release dated
April 16, 2018
).
J.J. O'Donnell, P.Geo, a qualified person under National Instrument 43-101 and a Consulting Geologist for Callinex, has reviewed and approved
the technical information in this news release.
Figure 1: Map of the Bathurst Mining District of
New Brunswick
Figure 2: Nash Creek Land Package
About Callinex Mines Inc.
Callinex Mines Inc. (TSXV: CNX) (OTCQX: CLLXF) is advancing its portfolio of zinc rich deposits located in established Canadian mining
jurisdictions. The portfolio is highlighted by its
Nash Creek
and Superjack deposits in the Bathurst Mining District of
New Brunswick
. A 2018
PEA outlined a mine plan that generates a strong economic return with a pre-tax IRR of a 34.1% (25.2% post-tax) and a pre-tax NPV8% of
C$230 million
(
C$128 million
post-tax). The projects have significant exploration upside over a district-scale land package that encompasses
several high-grade mineral occurrences along a 20 km trend.
Callinex has a project portfolio that also includes projects within the Flin Flon Mining District of
Manitoba
that are located 25 km to an operating
processing facility that requires additional ore. The Company's projects host Indicated resources of 13.6 Mt averaging 3.2% Zn Eq. totaling 963
million pounds and Inferred resources of 23.2 Mt averaging 5.2% Zn Eq. totaling 2.7 billion pounds (See News Release dated
April 16, 2018
).
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
.
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http://www.prnewswire.com/news-releases/callinex-files-technical-report-for-updated-resource-estimate-at-the-nash-creek-project-300661587.html
SOURCE
Callinex Mines Inc.
View original content: http://www.newswire.ca/en/releases/archive/June2018/07/c1782.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 08:30e 07-JUN-18