Callinex Provides Exploration Update for Manitoba and New Brunswick
Callinex Provides Exploration Update for Manitoba and New
Brunswick
Highlights:
Samples from two new holes drilled to step-out from the recently announced Rainbow discovery in
Manitoba
are
currently being rushed to the lab for assaying;
A second drill rig is being mobilized to accelerate the expansion of the Rainbow discovery;
Soil sampling campaign to follow-up on two widely spaced silver discoveries in
New Brunswick
has been completed
and awaiting results from the analytical lab; and
Once the soil samples are received and interpreted a drilling campaign will be planned in
New Brunswick
.
VANCOUVER, BC
,
Oct. 13, 2020
/CNW/ -
Callinex Mines Inc.
(the "Company" or "Callinex") (TSXV: CNX) (OTC: CLLXF) is
pleased to provide an update on the ongoing exploration campaigns at the 100% owned Pine Bay Project located in the Flin Flon
Mining District of
Manitoba
and the 100% owned Nash Creek Project located in the Bathurst Mining District of New Brunswick.
At the Pine Bay Project, two drill holes have been completed to follow up on the recently announced Rainbow discovery (the
"Discovery") comprising of two high-grade copper, gold, silver and zinc lenses located 16 kms away from processing facilities in
Flin Flon, Manitoba
(
See Figure 1
). The Rainbow discovery hole, PBM-111, intersected
2.96 metres of 3.09% copper, 0.75 g/t
gold, 13.35 g/t silver, 1.88% zinc and a second interval of 4.31 metres of 4.12% copper, 0.22 g/t gold, 2.21 g/t silver,
0.06% zinc
(
See News Release Dated
September 9, 2020
). Drill hole PBM-112 intersected a semi-massive sulphide intersection
325m
vertically above PBM-111 (
See Figure 2
and
Figure 3
). Drill hole PBM-113 successfully intersected the center of the highly
conductive Borehole Pulse ElectroMagnetic ("BPEM") Anomaly A, including two massive sulphide intersections located
118m
and
123m
along strike to the north and
87m
and
66m
vertically, respectively above the two high-grade massive sulphide intersections
in PBM-111 (
See Figure 2
and
Figure 3
). Samples from both drill holes are being cut and rushed to the lab to be assayed.
Click here to walk-through the Rainbow discovery
.
A second drill is being arranged to be mobilized before the end of the month to accelerate the expansion of the Rainbow
discovery. The drill rig currently on site will continue drilling to its planned end of hole depth and then immediately continue
stepping out from the discovery. Step-out drilling will be aided by results from BPEM surveys being completed on PBM-112 and
PBM-113. A BPEM survey has been completed on PBM-112 and the results are currently being interpreted. A BPEM survey will
be completed on PBM-113 as soon as the hole reaches total depth. 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
(
See Figure 1
and
Figure 4
).
In the Bathurst Mining District at the Company's Nash Creek Project, the soil sampling campaign has been completed and the
Company is awaiting results from the analytical lab. In total, 1,200 samples were collected for analysis of base and precious
metals (
See Figure 5
). Soil samples were collected at
25m
spacing along section lines spaced
100m
intervals to cover the 11 km
trend that encompasses the two recently announced silver discoveries located 6.8 km apart (
See News Release dated
July 23, 2020
).
Drill hole NC20-313 intersected
28.6m
of 57 g/t silver at a vertical depth of
120m
including
16.5m
of 94 g/t silver and NC19-306 which intersected
19m
of 36.53 g/t silver, 0.52% lead and 0.38% zinc at a
starting depth of
34.0m
(
See News Releases dated
June 15, 2020
and
June 4, 2020
).
Once the soil sampling results are received and analyzed by the technical team they will be announced to the market. The soil
sampling campaign will assist the Company in vectoring towards additional high grade near surface mineralization along the
controlling fault structure associated with the silver mineralization discovered in drill holes NC20-313 and NC19-306. A follow-up
drilling campaign will be planned to step-out from both silver intercepts as well as test any anomalous areas of interest identified
by the soil sampling campaign.
Limited historic regional silver, lead and zinc soil sampling has been completed by previous explorers at the Nash Creek Project.
This historic data along with the newly acquired Induced Polarization survey results were utilized to target the two recently
announced silver discoveries.
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 2020 Drilling
Figure 3: Pine Bay 3D View Looking Westerly with Plates A & B
Figure 4: Aerial View of the Rainbow Discovery at the Pine Bay Project
Figure 5:
Nash Creek
2020 Soil Geochemical Grid
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 its
Nash Creek
and Superjack deposits in the Bathurst
Mining District of
New Brunswick
. A 2018 PEA 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). The projects have significant exploration upside
over a district-scale land package that encompasses several high-grade mineral occurrences along a 20km trend.
Click here
to
view a video overview of the Nash Creek Project.
Callinex has a project portfolio that also includes projects within the Flin Flon Mining District of
Manitoba
that are located 25km
to an operating processing facility that requires additional ore.
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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http://www.prnewswire.com/news-releases/callinex-provides-exploration-update-for-manitoba-and-new-brunswick-301150955.html
SOURCE
Callinex Mines Inc.
View original content:
http://www.newswire.ca/en/releases/archive/October2020/13/c8666.html
%SEDAR: 00031889E
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 13-OCT-20