Callinex Provides an Update for its Manitoba and New Brunswick Exploration Campaigns
Callinex Provides an Update for its Manitoba and New Brunswick
Exploration Campaigns
Highlights:
37 drill holes totalling over
17,000m
of drilling at the Pine Bay Project are pending results from the assay laboratory;
This year 64 holes have been drilled totalling
34,250m
which focused on expanding the Rainbow Deposit to the surface and test
exploration targets; and
12 holes encompassing
3,320m
of drilling at the Nash Creek Project in
New Brunswick
are pending assay results from the laboratory.
VANCOUVER, BC
,
Dec. 13, 2021
/CNW/ -
Callinex Mines Inc.
(TSXV: CNX) (OTC: CLLXF) is pleased to announce the progress from the 2021
drilling campaign at its 100% owned Pine Bay Project which hosts the emerging high-grade copper, gold, silver and zinc Rainbow Deposit (the
"Rainbow"). The Rainbow is located within a mineral lease, less than
200m
from a high-voltage hydroelectric power-line and
500m
from a historic
shaft with direct road access to processing facilities in
Flin Flon, MB
(
District Overview Map
).
Max Porterfield
, President and CEO, stated, "Our team has done a tremendous job in expanding the Rainbow deposit with a keen focus on chasing
the deposit to surface. The potential for the high-grade copper and gold deposit to come near the surface could significantly reduce upfront capital
costs and development timelines. As we eagerly await a significant backlog of assay results, we are already planning ambitious goals to be
achieved in the New Year."
Year to date, Callinex has drilled 64 holes for
34,250m
of drilling which focused on expanding the Rainbow Deposit to the surface while also testing
high priority targets (
See Rainbow Deposit Long Section
). Since the Company's last exploration update, highlighted by PBM-138 which intersected
37m
of 6% copper, 0.35 g/t gold, 6.13 g/t silver, 0.09% zinc or 6.33% copper equivalent ("CuEq") (
See News Release Dated
September 7, 2021
),
the Company has completed 37 holes for
17,270m
which are pending results from the assay laboratory.
Pine Bay Project Rainbow Deposit Long Section December 2021 (CNW Group/Callinex Mines Inc.)
Drilling at Rainbow since September has tested above the
300m
level and within
35m
of surface. Rainbow has the potential to quickly emerge as
one of the most shallow discoveries made in modern history within the Flin Flon Mining District. Additionally, the exploration targets that have been
tested are located within an interpreted growth fault corridor which has hosted five other deposits prior to the discovery of Rainbow, three of which
have seen some level of historic production (
Pine Bay 2021 Drilling Plan View
).
Pine Bay Project 2021 Plan View December 2021 (CNW Group/Callinex Mines Inc.)
One drill rig has recently been shut down for the season while the other rig is testing regional exploration targets to the west and anticipated to be
shut down prior to
December 20, 2021
. Since the Company discovered the Rainbow Deposit in
August 2020
, the Company has drilled 71 holes
(including 15 wedges) for a total of
39,950m
into the deposit area. Callinex will continue to provide exciting news flow for the duration of the 2021
drilling campaign and heading into the next year.
New Brunswick Exploration Update
In July, Callinex commenced its 2021 New Brunswick exploration campaign at it's 100% owned Nash Creek Project to follow-up on two regional near
surface silver discoveries and subsequent anomalies identified via a regional soil sampling campaign. Callinex drilled 12 holes encompassing 3,320
meters of drilling and completed the drilling by September. The Company is still awaiting assay results from the drill holes completed and will
announce results when they are all received.
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: Pine Bay Long Section Looking West with Drill Holes Pending Assays
Figure 3: Pine Bay Plan View with Pending and Historic Drill Traces
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:
CO: Callinex Mines Inc.
CNW 08:30e 13-DEC-21