Callinex Issues Year-End Letter to Shareholders
Callinex Issues Year-End Letter to Shareholders
VANCOUVER, BC
,
Jan. 7, 2021
/CNW/ -
Callinex Mines Inc.
("Callinex") (TSXV: CNX) (OTC: CLLXF) is
pleased to provide its year-end letter to shareholders from President and CEO,
Max Porterfield
:
Dear Shareholders,
The past year has brought a great deal of uncertainty and challenges to many of us and our team would
like to extend our sincere gratitude and appreciation for your continued support. Though behind us now,
2020 was filled with an abundance of discoveries across our exploration portfolio that I believe will drive
long term value for our shareholders as we expand upon them in the year ahead.
In the Bathurst Mining District of
New Brunswick
, the drilling campaign to test regional exploration targets
at the Nash Creek Project was a resounding success with the discovery of silver, near-surface, in two
widely spaced holes located 6.8km apart along the main controlling fault. Our team continued to advance
the two silver discoveries by increasing the land package at
Nash Creek
, reprocessed historic airborne
geophysical survey data that highlighted a number of high priority targets and completed a regional soil
sampling campaign that encompasses both silver discoveries. These discoveries have the potential to
enhance the economics from the maiden Preliminary Economic Assessment ("PEA") that was published in
2018.
The Company's return to the Pine Bay Project in the Flin Flon Mining District with a refined exploration
strategy culminated with the high-grade Rainbow Discovery made up of copper, gold, silver and zinc. The
discovery comes at a critical time for the town of
Flin Flon, MB
with the impending shutdown of the 777
mine and no new discovery to fill its void. The Rainbow Discovery is ideally located within a mineral lease,
adjacent to a high-voltage power line and direct road access to processing facilities in
Flin Flon
. Since the
initial discovery hole in August, our team has focused on delineating the Rainbow Discovery which is
emerging as a much more shallow discovery (based on recently modeled borehole electromagnetic data)
than the 777 and Lalor mines, which are currently producing in the province. Due to the high-grades
intersected in the two zones to date, we believe that the Rainbow Discovery has the potential to extend
the rich mining history of
Flin Flon
.
As we shift into a new year, the focus for our team will be to continue to expand upon the discoveries the
Company has made in
New Brunswick
and
Manitoba
. At the Nash Creek Project, plans are underway to
initiate a drilling campaign based on results from the soon to be announced soil sampling program which
was designed to delineate the silver mineralization along the main controlling fault. However, the highest
priority for the Company will be continuing to expand the Rainbow Discovery in Manitoba. Exploration at
Pine Bay will continue to expand the mineralization to surface as well as test high priority targets along the
productive horizon that hosts the Rainbow Discovery. Additionally, the Company has been working
towards providing an updated resource for the Pt.
Leamington
deposit located in the Buchans Mining
District. The Pt. Leamington Project hosts a significant near surface gold, copper and zinc deposit that's a
valuable asset to the Company.
This year will be exciting as we continue to create shareholder value by advancing the discoveries across
the portfolio during the midst of a secular bull market for base and precious metals.
Sincerely,
"Max Porterfield"
President & CEO
J.J. O'Donnell, P. Geo, a qualified person under National Instrument 43-101 and a Exploration Manager
for Callinex, has reviewed and approved the technical information in this news release.
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
.
View original content:
http://www.prnewswire.com/news-releases/callinex-issues-year-end-letter-to-shareholders-301202654.html
SOURCE
Callinex Mines Inc.
View original content:
http://www.newswire.ca/en/releases/archive/January2021/07/c5532.html
%SEDAR: 00031889E
For further information:
please contact: 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-JAN-21