Callinex Issues Annual Letter to Shareholders
Callinex Issues Annual Letter to Shareholders
VANCOUVER, BC
,
Jan. 18, 2024
/CNW/ -
Callinex Mines Inc.
("Callinex" or "the Company") (TSXV:
CNX) (OTCQX: CLLXF) is pleased to provide its year-end letter to shareholders from President and
CEO,
Max Porterfield
:
Dear Shareholders,
I'm writing to you today with greater enthusiasm and conviction than ever before as our team defines our
remarkable portfolio of base and precious metals rich deposits and advances extraordinary new mineral
discoveries. The milestones achieved last year solidified several years of exploration and established a
foundation for significant growth far beyond what we have achieved to date. Achieving the 2023
milestones would not have been possible without the continued support of our shareholders, stakeholders
and by the efforts of my colleagues to whom I'd like to extend sincere thanks and appreciation.
Callinex's first key milestone was in
July 2023
when we announced a maiden mineral resource estimate
of high grade copper equivalent mineralization at our flagship Pine Bay Project in
Manitoba
. The Rainbow
deposit was the principal of two deposits in the estimate and after its discovery in late 2020 the Callinex
team focused its efforts on delineating the Rainbow deposit over several drilling seasons prior to
publishing a maiden resource estimate. I am very pleased that the resource estimate created a strong
base to build upon and highlights the extraordinary, combined copper equivalent grades at the adjacent
Rainbow and Pine Bay deposits.
On the exploration front, on the heels of our 2023 financing, the Company commenced its 2023
exploration campaign in late March focused on the growth fault corridor that hosts known deposits and
emerging discoveries at Pine Bay. The campaign was a resounding success and resulted in achieving our
second key milestone of 2023, the Descendent discovery by drill hole DSC-111, which intersected four
mineralized base and precious metals rich VMS zones.
The Descendent discovery follows in the footsteps of numerous historical exploration groups exploring
this specific area of Pine Bay going back over a century to 1911. More recently, in the mid-1990's, both
Placer Dome and Inmet Mining explored this area at depth with exploration objectives of discovering 30
and 20 million tonnes of high-grade base and precious metals rich mineralization, respectively.
The Descendent discovery is located within one of the largest and most highly altered packages of felsic
rocks in the prolific Flin Flon Greenstone Belt, a major alteration zone, whose size is typically correlated
with the size of the VMS deposit associated with it and which had previously been identified at surface
spanning an extensive
1,100m
by
700m
.
Since the Descendent discovery, our Company commenced an initial step-out drilling campaign to test
the continuity of the discovery at depth, where assay results are still pending. Looking forward, our
immediate focus will be to continue to aggressively expand the resource base through Descendent step-
out drilling and further defining our other pipeline of discoveries. Additionally, we will look to expand our
strategic exploration portfolio within the
Flin Flon
district should the opportunity arise.
I have strong conviction that 2024 will be another transformative year for our Company as the Pine Bay
Project solidifies itself as a tier one asset with an exponentially growing polymetallic resource base of
high-grade copper, gold, silver and zinc deposits. All of this taking place on the backdrop of strong base
and precious metals prices driven by favorable supply and demand fundamentals.
Sincerely,
"Max Porterfield"
President & CEO
J.J. O'Donnell, P. Geo, a qualified person under National Instrument 43-101 and Exploration Manager
for Callinex, 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 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 06:30e 18-JAN-24