Callinex Intersects 37m of 6% Copper in the Rainbow Deposit located in the Flin Flon Mining District, MB
Callinex Intersects 37m of 6% Copper in the Rainbow Deposit located in
the Flin Flon Mining District, MB
Highlights:
PBM-138 intersected
37m
of 6.00% copper, 0.35 g/t gold and 6.13 g/t silver;
PBM-133 intersected
7.71m
of 2.62% CuEq including 1.70% copper, 0.52 g/t gold, 8.25 g/t silver and 1.29% zinc; and
One drill is currently testing the up plunge extent of the Rainbow Deposit to surface.
VANCOUVER, BC
,
Sept. 7, 2021
/CNW/ -
Callinex Mines Inc.
(the "Company" or "Callinex") (TSXV: CNX) (OTC: CLLXF) is pleased to announce additional drill
results from the ongoing
30,000m
drilling campaign to expand the high-grade copper, gold, silver and zinc Rainbow Deposit (the "Rainbow"). 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 and
550m
from a historic shaft
with direct road access to processing facilities in
Flin Flon, MB
(
District Overview Map
).
PBM-138 intersected the Orange Zone and returned
37.0m
of 6.00% copper ("Cu"), 0.35 g/t gold ("Au"), 6.13 g/t silver ("Ag"), 0.09% zinc ("Zn") or 6.33%
copper equivalent ("CuEq") including two high-grade one meter intervals which returned over 18% Cu (
Rainbow Drill Core Photo
) . PBM-138 is located
210m
vertically above and along strike to the north of PBM-129-W2 which intersected
67.0m
of 2.73% Cu and a
34m
step-out from PBM-131 which intersected
20.53m
of 2.58% Cu (
Orange Zone Grade/Width Contour Long Section
) (
See News Release Dated
June 30, 2021
).
Rainbow Deposit Core Photo: PBM-138 37m of 6% Copper (CNW Group/Callinex Mines Inc.)
Max Porterfield, President and CEO, stated, "We continue to be impressed with assay results coming out of the Rainbow as Callinex expands the high-grade
copper deposit. The Company recently mobilized one of the two drill rigs to define how close the Rainbow deposit comes to surface. To date the Rainbow
deposit has been intersected from
300m
vertical depth down to
890m
."
Rainbow Deposit Orange Zone Grade/Width Contour
Long Section (CNW Group/Callinex Mines Inc.)
Additionally, PBM-133 intersected the Orange Zone with 2.62% CuEq over
7.71m
(1.70% Cu, 0.52 g/t Au, 8.25 g/t Ag and 1.29% Zn) including
3.21m
of 3.48%
Cu, 0.70 g/t Au, 12.18 g/t Ag and 0.98% Zn (
Rainbow Deposit Long Section
).
Two drill holes, PBM-135 and PBM-136, were drilled to test the down plunge extent of mineralization below discovery hole PBM-111, the deepest intersection to
date at the Rainbow. Drill holes PBM-135 and PBM-136 have been interpreted to have gone above and below the plunge line. Additional drilling is required to
further delineate the deposit at depth.
One rig is currently drilling to test the up plunge extent of the Rainbow deposit above
300m
vertical depth. A second drill rig is operating to test regional
exploration targets to the north and along strike of the Rainbow Deposit, while vectoring with borehole electromagnetic surveys. Since the Company commenced
its 2021 exploration campaign, 27 holes (including 5 wedges) have been announced for a total of 18,700 meters out of a fully funded 30,000 meter budgeted drill
program. Callinex will continue to provide results for the duration of the 2021 drilling campaign.
Table 1: Pine Bay Drill Results
Drill Hole
From
(m)
To
(m)
Interval (m)
True Width
(m)
Cu
%
Au g/t
Ag g/t
Zn
%
Sg
CuEq
%
PBM-113-W3
861.00
866.00
5.00
3.72
1.38
0.06
2.04
0.08
3.00
1.47
PBM-132
652.00
658.00
6.00
5.14
1.38
0.17
4.33
0.13
3.19
1.58
PBM-133
including
506.00
510.5
513.71
513.71
7.71
3.21
7.02
2.92
1.70
3.48
0.52
0.70
8.25
12.18
1.29
0.98
3.51
4.02
2.62
4.44
PBM-134
Assays pending
PBM-135
903.00
903.50
0.50
0.38
2.50
0.54
6.97
0.76
2.97
3.22
PBM-136
1002.00
1006.00
4.00
2.97
0.53
0.06
2.00
0.16
2.92
0.65
PBM-137
Assays pending
PBM-138
660.00
697.00
37.00
33.25
6.00
0.35
6.13
0.09
3.89
6.33
including
671.00
672.99
1.00
0.90
18.81
1.11
19.43
0.58
4.36
19.96
including
684.00
685.00
1.00
0.90
18.30
0.35
16.24
0.18
3.82
18.74
Notes:
1. PBM-113-W3 collar is located at the following Universal Transverse Mercator (UTM) coordinates using the North American Datum of 1983 (NAD83) within UTM Zone 14N 331402m East and 6071286m North and 298.0m above sea level, and started at 300Az, -87 degree dip with the top
of wedge set at depth 285m. PBM-132 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 295.0m above sea level, and started at 290Az, -85
degree dip. PBM-133 collar is located at the following Universal Transverse Mercator (UTM) coordinates using the North American Datum of 1983 (NAD83) within UTM Zone 14N: 331352m East and 6071213mNorth and 295.0m above sea level, and started at 315Az, -53 degree dip. PBM-
135 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 6071255mNorth and 295.0m above sea level, and started at 120Az, -82 degree dip. PBM-136 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 295.0m above sea level, and started at 295Az, -87 degree dip. PBM-138 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 295.0m above sea level, and started at 292Az, -80 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.
Core Photo: PBM-128
37m
of 6% Copper Core Photo
Figure 1: Flin Flon Mining District Region Overview
Figure 2: Pine Bay Long Section Looking West with 2021 Drilling
Figure 3: Pine Bay Orange Zone Grade/Width Contour Long Section
Figure 4: Pine Bay Yellow Zone Grade/Width Contour Long Section
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) (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 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
.
Rainbow Deposit Yellow Zone Grade/Width Contour
Long Section (CNW Group/Callinex Mines Inc.)
Rainbow Deposit Long Section as of September 7, 2021 (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: [email protected]
CO: Callinex Mines Inc.
CNW 08:30e 07-SEP-21