Callinex Intersects 5m of 8.35% CuEq and 9m of 3.72% CuEq with 145m Step-out from the Rainbow Discovery in the Flin Flon Mining District, MB
Callinex Intersects 5m of 8.35% CuEq and 9m of 3.72% CuEq with 145m
Step-out from the Rainbow Discovery in the Flin Flon Mining District, MB
Highlights:
PBM-113
intersected
5.00m
of 8.35% copper equivalent (CuEq) comprising of 8.08% copper, 0.20 g/t gold, 10.55 g/t silver and 0.13% zinc;
PBM-113 intersected a second interval of
4.0m
of 2.31% CuEq comprising of 2.21% copper, 0.09 g/t gold, 2.28 g/t silver and 0.04% zinc;
PBM-113 intersected a third interval of
9.06m
of 3.72% CuEq comprising of 2.37% copper, 0.70 g/t gold, 7.00 g/t silver and 2.10% zinc;
Interpretation of new Borehole Pulse Electromagnetic survey suggests mineralization comes within
350m
of surface; and
Two rigs are currently drilling to expand the discovery along strike and to surface.
VANCOUVER, BC
,
Nov. 16, 2020
/CNW/ -
Callinex Mines Inc.
(the "Company" or "Callinex") (TSXV: CNX) (OTC: CLLXF) is pleased to provide results from the
ongoing drilling campaign to expand the Rainbow Discovery at the 100% owned Pine Bay Project located in the Flin Flon Mining District of
Manitoba
(
See Figure 1
). 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
(
See Figure 2
).
Drill hole PBM-113 intersected the following three high-grade intersections
145m
away (along strike and above) from the discovery hole PBM-111 (
See Figure 3
):
Orange Zone returned:
5.00m
of 8.35% copper equivalent (CuEq) comprising of 8.08% copper, 0.20 g/t gold, 10.55 g/t silver and 0.13% zinc
including
3.00m
of 12.13%
copper, 0.27 g/t gold, 15.62 g/t silver and 0.18% zinc
; an
4.00m
of 2.31% CuEq including 2.21% copper, 0.09 g/t gold, 2.28 g/t silver and 0.04% zinc.
Yellow Zone returned
9.06m
of 3.72% CuEq comprising of 2.37% copper, 0.70 g/t gold, 7.00 g/t silver and 2.10% zinc
including
3.75m
of 4.15% copper,
1.20 g/t gold, 11.87 g/t silver and 4.19% zinc.
Rainbow Discovery Long Section (Looking West) (CNW Group/Callinex Mines Inc.)
The Rainbow discovery hole, PBM-111, intersected
2.96 metres of 4.43% CuEq comprising of 3.09% copper, 0.75 g/t gold, 13.35 g/t silver, 1.88% zinc
(Yellow Zone) and a second interval of 4.31 metres of 4.32% CuEq comprising of 4.12% copper, 0.22 g/t gold, 2.21 g/t silver, 0.06% zinc (Orange Zone)
(
See News Release Dated
September 9, 2020
). The mineralization intersected in drill hole PBM-113 intersected significantly wider intervals and higher grades of
both base and precious metals.
Drill Hole PBM-112 intersected the Rainbow Horizon
345m
vertically above PBM-111 and went over the presumed plunge line when it crossed the Rainbow
horizon (Orange Zone). A subsequent Borehole Pulse Electromagnetic survey ("BPEM") survey completed on PBM-112 confirms this interpretation and suggests
the Rainbow Discovery possibly comes within
350m
of surface based on the modeled data.
Pine Bay Rainbow Discovery Plan View (CNW Group/Callinex Mines Inc.)
Two additional drill holes, PBM-113-W1 and PBM-114, have been completed with assays pending. Currently, two rigs are drilling step-out holes as the Company
delineates the Rainbow Discovery. Drill hole PBM-115 is currently being drilled to test ~75m along strike to the north of PBM-113. Additionally, a second wedge,
PBM-113-W2, has been started off PBM-113 to intersect ~60M vertically above PBM-113-W1. The two drill rigs will continue to operate to delineate the Rainbow
Discovery until mid-December for a brief holiday break and resume drilling in early January 2021.
Table 1: Pine Bay Drill Results
Drill Hole
From
(m)
To
(m)
Interval (m)
Cu
%
Au g/t
Ag
g/t
Zn
%
Sg
CuEq
%
PBM-112
(Orange Zone)
638.00
640.64
2.64
0.07
0.08
1.58
0.42
3.03
0.30
PBM-113
(Yellow Zone)
819.00
824.00
5.00
8.08
0.20
10.55
0.13
3.46
8.35
including
820.00
823.00
3.00
12.13
0.27
15.62
0.18
3.76
12.51
PBM-113
874.00
878.00
4.00
2.21
0.09
2.28
0.04
3.10
2.31
PBM-113
(Orange Zone)
891.44
900.50
9.06
2.37
0.70
7.00
2.10
3.64
3.72
including
894.75
898.50
3.75
4.15
1.20
11.87
4.19
4.07
6.68
Notes(1)(2)(3)(4):
1.
Dip and azimuth for hole PBM-112 is -80⁰ and 311⁰ Az. The 783m deep diamond drill hole 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 6071213m North. The collar
of the hole is 295m above sea level. The dip and azimuth for hole PBM-111 at its 650 metre mark is -39˚and 292˚ Az,. Dip and azimuth for hole PBM-113 is -83.5⁰ and 301⁰ Az. The 1045m deep diamond drill hole 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. The collar of the hole is 298m above sea level. The dip and azimuth for hole PBM-113 at its 900 metre mark is -39˚and 292˚ Az
2.
True widths will require further drilling to determine.
3.
The size of the drill core is NQ.
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.
Figure 1: Flin Flon Mining District Region Overview
Figure 2: Plan View of the Rainbow Discovery at the Pine Bay Project
Figure 3: Pine Bay Long Section Looking West with 2020 Drilling
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
.
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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 08:00e 16-NOV-20