Callinex Receives $250,000 Grant from Manitoba Mineral Development Fund
Callinex Receives $250,000 Grant from Manitoba Mineral
Development Fund
Highlights:
Callinex has received a
$250,000
grant from the Manitoba Mineral Development Fund ("MMDF") to advance the Pine Bay
Project;
Proceeds from grant will fund various long lead items to support permitting and future mine development;
Company has received over
$1m
in grants from MMDF to advance high-grade copper discoveries at Pine Bay since
2020; and
MMDF is aimed to jump-start mineral and economic development initiatives that capitalize on existing infrastructure.
VANCOUVER, BC
,
May 28, 2024
/CNW/ -
Callinex Mines Inc.
(the "Company" or "Callinex") (TSXV: CNX) (OTCQX: CLLXF) is
pleased to announce the Company has received a
$250,000
grant from the Manitoba Mineral Development Fund ("MMDF") to
complete long lead items to support permitting and future mine development at the 100% owned Pine Bay Project, located 16 kms
away from
Flin Flon, Manitoba
.
Chair of the MMDF,
Chuck Davidson
said, "We are extremely pleased with how Callinex has progressed the high-grade copper
discoveries at its Pine Bay Project" and went on to say "Callinex has been a great partner and we are glad to support their bold vision
to create prosperity within our province by supplying metals critical to our economy and the green energy transition. We look forward
to continuing to support them as their exciting project develops and hits critical milestones on their path to bringing jobs and a bright
future to the
Flin Flon
area."
Max Porterfield
, President and CEO, stated, "We are grateful for MMDF's generous grant and continued support, which has been
ongoing since our first exploration drill holes into the Rainbow deposit." he continued, "We are pleased that the
Manitoba
government
shares our vision at Pine Bay to create long-term jobs in the
Flin Flon
area while also strengthening the provincial economy."
On
July 10, 2023
, the Company announced a maiden mineral resource estimate consisting of
the Rainbow deposit with an Indicated
Mineral Resource of 3.44 Mt at 3.59% copper equivalent ("CuEq") containing 272.4 Mlb CuEq, an Inferred Mineral Resource
of 1.28 Mt at 2.95% CuEq containing 83.4 Mlb CuEq and the Pine Bay deposit with an Inferred Mineral Resource of 1.0 Mt at
2.62% Cu containing 58.1 Mlb Cu
.
Callinex continues to explore the Pine Bay Project for extensions to known deposits and especially for high potential large VMS
deposits in depth and along strike.
The MMDF was launched by the
Manitoba
government in 2020 with the specific goal of jump-starting mineral and economic
development initiatives throughout the province. The MMDF aims to support new economic development opportunities that capitalize
on existing assets across
Manitoba
.
Callinex is also pleased to announce that it has entered into an investor relations agreement with
Joseph Gray
whereby Mr. Gray will
provide investor relations and corporate communications services to Callinex. Under the terms of the agreement, Callinex has agreed
to pay Mr. Gray
$5,000
per month for a term of three months. Either party may terminate the agreement by providing the other party
with 30 days written notice. Mr. Gray is at arm's length with Callinex and does not own any securities of Callinex.
J.J. O'Donnell, P.Geo, a qualified person under National Instrument 43-101 and a Consulting Geologist 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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Callinex Mines Inc.
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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 06:30e 28-MAY-24