Callinex Receives Grant from Manitoba Mineral Development Fund
Callinex Receives Grant from Manitoba Mineral
Development Fund
Highlights:
Callinex has received a
$300,000
grant from the Manitoba Mineral Development Fund to advance the recently
announced Rainbow Discovery;
The MMDF is aimed to jump-start mineral and economic development initiatives that capitalize on existing
infrastructure; and
The Rainbow Discovery is within a mineral lease, less than
250m
from a high-voltage powerline and
550m
from
a historic shaft with direct road access to processing facilities in
Flin Flon
.
VANCOUVER, BC
,
Nov. 17, 2020
/CNW/ -
Callinex Mines Inc.
(the "Company" or "Callinex") (TSXV: CNX) (OTC: CLLXF) is
pleased to announce the Company has received a
$300,000
grant from the Manitoba Mineral Development Fund ("MMDF")
to advance the recently announced Rainbow Discovery. The Rainbow Discovery is composed of two high-grade copper,
gold, silver and zinc zones at the Company's Pine Bay Project, located 16 kms away from
Flin Flon, Manitoba
(
See Figure 1
). The most recent step-out hole drilled into the Rainbow Discovery, PBM-113, intersected
5.00m
of 8.35% copper
equivalent (CuEq) comprising of 8.08% Cu, 0.20 g/t Au, 10.55 g/t Ag and 0.13% Zn followed by
4.0m
of 2.31% CuEq
comprising of 2.21% Cu, 0.09 g/t Au, 2.28 g/t Ag and 0.04% Zn and interval of
9.06m
of 3.72% CuEq comprising of 2.37%
Cu, 0.70 g/t Au, 7.00 g/t Ag and 2.10% Zn (
See News Release Dated
November 16, 2020
).
"We are extremely excited about the Rainbow Discovery Callinex has made at their Pine Bay Project" stated
Manitoba
Chamber of Commerce President and CEO
Chuck Davidson
. "
Northern Manitoba
has been through a lot over the past few
years. Callinex is a great partner and their team is extremely passionate about our province. We look forward to continuing
to work with them on this exciting project that shows strong potential to bring jobs and prosperity to the
Flin Flon
area."
The MMDF was launched by the
Manitoba
government in
August 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.
Max Porterfield
, President and CEO, stated, "The generous grant from the Manitoba Mineral Development Fund is a strong
endorsement for the Rainbow Discovery." Mr. Porterfield continued, "We are pleased to see the
Manitoba
government
shares our vision for the potential the Rainbow Discovery has to create long-term jobs for the community of
Flin Flon
and
strengthen the provincial economy."
The community of
Flin Flon's
future remains uncertain due to the impending closure of Hudbay's 777 mine that's slated to
shut down in the first quarter of 2022. The Rainbow Discovery has been made on Callinex's mineral lease, less than
250m
from a high-voltage powerline and
550m
from a historic shaft with direct road access to processing facilities in
Flin Flon
(
See Figure 2
).
Proceeds received from the grant will go directly to fund the ongoing drilling to test the size and extent of the Rainbow
Discovery.
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) (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-receives-grant-from-manitoba-mineral-development-fund-301174569.html
SOURCE
Callinex Mines Inc.
View original content:
http://www.newswire.ca/en/releases/archive/November2020/17/c2838.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 17-NOV-20