Callinex Intersects 33.67m of 4.29% Copper and Other High-Grade Intervals at the Rainbow Deposit located in the Flin Flon Mining District, MB
Callinex Intersects 33.67m of 4.29% Copper and Other High-Grade Intervals
at the Rainbow Deposit located in the Flin Flon Mining District, MB
Highlights:
PBM-177 intersected
33.67m
of 4.29% copper, 0.22 g/t gold, 4.63g/t silver and 0.31% zinc including
10.47m
of 5.90% copper,
14.43m
of 5% copper
and
7m
of 6.38% copper;
PBM-178 extends the Yellow zone with
7.40m
of 7.06% copper and infills the Orange zone with
8.45m
of 6.18% copper;
PBM-175 intersected
16m
of 2.85% copper, 0.24 g/t gold; and
PBM-176 expands the Orange and Yellow zones with
3.50m
of 2.99% copper eq. and
3m
of 1.96% copper eq.
VANCOUVER, BC
,
Sept. 19, 2022
/CNW/ -
Callinex Mines Inc.
(the "Company" or "Callinex") (TSXV: CNX) (OTCQX: CLLXF) is pleased to announce initial results
from of the fully funded 2022 exploration campaign to expand and delineate the high-grade copper, gold, silver and zinc Rainbow deposit (the "Rainbow") and test
new target areas. The Rainbow is located at the 100% owned Pine Bay Project within a mineral lease, less than
250m
from a high-voltage hydroelectric power-
line,
550m
from a historic shaft with direct road access to processing facilities in
Flin Flon, Manitoba
and 1.4km from the newly discovered Alchemist deposit (
Pine Bay Project Plan View
) (
See news release dated
September 7, 2022
).
Delineation drilling at Rainbow continues to impress with PBM-177 which intersected the Orange zone and returned
33.67m
of 4.29% copper
("Cu"), 0.22 g/t gold
("Au"), 4.63 g/t silver ("Ag"), 0.31% zinc ("Zn") or 4.60% copper equivalent ("CuEq")
including
10.47m
of 5.90% Cu,
14.43m
of 5% Cu and
7m
of 6.38% Cu
(
Rainbow Deposit Long Section
).
PBM-178-W1 expanded the Yellow zone with a step-out vertically above PBM-113-W2, which intersected
11.00m
of 2.43% Cu
, 0.24 g/t Au, 5.00 g/t Ag and 0.89
% Zn. or 2.98% CuEq which was followed by the Orange zone which returned
11.65m
of 2.44% Cu
, 0.22 g/t Au, 4.36 g/t Ag and 0.36% Zn or 2.76% CuEq.
Max Porterfield
, President and CEO, stated, "Drill results outlined today continue to deliver some of the widest intervals and highest copper grades intersected at
the Rainbow Deposit to date. We are incredibly pleased with the success of our step out drill holes to date, which has expanded the Rainbow Deposit in multiple
areas."
Drill hole PBM-176 was a significant step-out that expanded both the Orange and Yellow zones. PBM-176 intersected the Yellow zone and returned
3.00m
of
1.96% CuEq (1.86% Cu, 0.08 g/t Au, 4.19 g/t Ag,and 0.06% Zn) in a
75m
step-out from PBM-178-W1 and
95m
step-out from PBM-161-W2 that returned
6.50m
of 5.47% CuEq (4.48% Cu, 0.50 g/t Au, 9.06 g/t Ag and 1.48% Zn). PBM-176 intersected the Orange zone and returned
3.50m
of 2.99% CuEq (2.74% Cu, 0.19
g/t Au, 3.03 g/t Ag or 0.24% Zn) in a
82m
step-out to the south from PBM-131 which previously returned
20.53m
of 3.21% CuEq (2.58% Cu, 0.22 g/t Au, 6.63 g/t
Ag and 1.11% Zn).
Callinex Rainbow Deposit Long Section September 2022 (CNW Group/Callinex Mines Inc.)
JJ O'Donnell, Callinex Exploration Manager, stated, "Additional drilling into the Rainbow horizons has further defined the three massive sulphide lenses with widths
and grades similar to previous neighbor holes, suggesting good correlation within the mineralized horizons."
The Company has now completed the necessary drilling to delineate Rainbow within the first
800m
of surface in anticipation of publishing a maiden resource
estimate. Callinex completed 33 holes (including 6 wedges) encompassing
19,840m
of drilling at the Rainbow deposit as part of the fully funded drilling campaign.
Since the Company discovered the Rainbow Deposit in
August 2020
, the Company has drilled 81 holes (including 19 wedges) for a total of
42,000m
into the
deposit area. Callinex has 12 delineation drill holes pending at the assay lab encompassing
6,300m
of drilling into the Rainbow deposit area.
Callinex is currently completing the final exploration hole of the current exploration campaign to test Target Area Odin, which is located in between the Rainbow
and the newly discovered Alchemist deposits (
See news release Dated
September 7, 2022
). The Company has completed
8,500m
of exploration drilling as part
of the broader 2022 drilling campaign and has only announced
3,920m
encompassing 4 drill holes to date.
Pine Bay Project Plan View September 2022 (CNW Group/Callinex Mines Inc.)
Table 1: Pine Bay Drill Results to date
Drill Hole
Zone
From
(m)
To
(m)
Interval (m)
True Width
(m)
Cu
%
Au g/t
Ag g/t
Zn
%
Sg
CuEq
%
PBM-173-W1
Orange
627.0
632.0
5.00
4.08
3.51
0.44
6.84
0.55
3.91
4.08
PBM-174
Orange
545.55
550.5
4.95
4.76
2.12
0.54
10.17
1.33
3.86
3.08
PBM-174-W1
Orange
550.0
556.0
6.00
5.54
2.47
0.34
9.89
0.67
3.79
3.05
PBM-175
Orange
635.0
651.0
16.00
14.13
2.85
0.24
5.76
0.19
3.26
3.14
PBM-176
Orange
704.0
707.5
3.50
2.90
2.74
0.19
3.03
0.24
3.35
2.99
Yellow
672.0
675.0
3.00
2.49
1.86
0.08
4.19
0.06
3.15
1.96
PBM-177
Orange
636.33
670.0
33.67
29.81
4.29
0.22
4.63
0.31
3.61
4.60
Includes
636.33
646.80
10.47
9.33
5.90
0.30
7.44
0.19
3.75
6.24
Includes
654.80
669.23
14.43
12.86
5.00
0.21
4.31
0.28
3.83
5.29
Includes
660.0
667.0
7.00
6.24
6.38
0.24
4.83
0.10
3.99
6.63
PBM-178
Yellow
690.6
698.0
7.40
5.70
7.06
0.32
11.59
0.42
3.74
7.53
Orange
742.0
750.45
8.45
6.84
6.18
0.49
6.62
0.12
4.07
6.62
PBM-178-W1
Yellow
684.0
695.0
11.0
8.18
2.43
0.24
5.00
0.89
3.27
2.98
Orange
736.35
748.0
11.65
8.66
2.44
0.22
4.36
0.36
3.96
2.76
Notes:
1.
PBM-173-W1 collar is located at the following Universal Transverse Mercator (UTM) coordinates using the North American Datum of 1983 (NAD83) within UTM Zone 14N 331378m East and6071255m North and 292.0m above sea level, and started at 290Az, -73 degree dip. PBM-174 and
PBM-174-W1 collars are located at the following Universal Transverse Mercator (UTM) coordinates using the North American Datum of 1983 (NAD83) within UTM Zone 14N: 331378m East and 6071255m North and 292.0m above sea level, and started at 292.3z, -65.4 degree dip. PBM-175
collar is located at the following Universal Transverse Mercator (UTM) coordinates using the North American Datum of 1983 (NAD83) within UTM Zone 14N: 331378m East and 6071255m North and 292.0m above sea level, and started at 298.6Az, -70.9 degree dip. PBM-176 collar is
located at the following Universal Transverse Mercator (UTM) coordinates using the North American Datum of 1983 (NAD83) within UTM Zone 14N: 331378m East and 6071255m North and 292.0m above sea level, and started at 291Az, -71degree dip. PBM-177 collar is located at the
following Universal Transverse Mercator (UTM) coordinates using the North American Datum of 1983 (NAD83) within UTM Zone 14N: 331378m East and 6071255m North and 292.0m above sea level, and started at 300.5Az, -75 degree dip. PBM-178 and PBM-178-W1 collars are located at
the following Universal Transverse Mercator (UTM) coordinates using the North American Datum of 1983 (NAD83) within UTM Zone 14N: 331378m East and 6071255m North and 292.0m above sea level, and started at 293.9Az, -74 degree dip.
2.
The size of the drill core is NQ.
3.
True Width calculations assumed the Rainbow Horizon to strike 032 degrees azimuth, with a 80 degree easterly dip.
4.
All CuEq (copper equivalent) assay results in this news release use the following pricing: US$3.00 copper per pound ($6,720/tonne), US$1.15 zinc per pound, US$1,450/troy ounce gold ($46.62/gram), US$16.50/toy ounce silver ($0.53/gram), calculation CuEQ= Cu%+(Zn% x zinc price
per pound / copper price per pound)+(Au g/t x Au price per gram / copper price per tonne) x100 + (Ag g/t x Ag price per gram / copper price per tonne) x 100. 100% metal recoveries used, ie. no process recoveries or smelter payables were included in the calculation.
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.
QA / QC Protocols
Individual samples were labeled, placed in plastic sample bags, and sealed. Groups of samples were then placed in security sealed bags and shipped directly to
SGS lab in
Vancouver, BC
for analysis. Samples were weighed then crushed to 75% passing 2mm and pulverized to 85% passing 75 microns in order to produce
a 250g pulverized split. 35 elements including copper, zinc, lead and silver assays were determined by Aqua Regia digestion with a combination of ICP-MS and
ICP-AES finish, with over limits rerun using an ore grade analysis (two acid digest ICP-AES). Gold was analyzed by fire assay. Specific gravity (sg) measured for
each sample using the pycnometer and water and air method. QA/QC included the insertion and continual monitoring of numerous standards, blanks, and
duplicates
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 and Alchemist deposits 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
.
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SOURCE
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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 08:30e 19-SEP-22