![](https://investorshub.advfn.com/uimage/uploads/2017/5/30/yibnncllxf.png)
Highlights:
- 2017 Bathurst drilling campaign planned to complete up
to 10,000m at the Nash Creek and Superjack projects;
- The primary objective of the Nash Creek phase will be
to identify potential to expand the near-surface mineral resource
to the north; and
- A second drill rig is anticipated to arrive within 30
days.
Vancouver, British Columbia -- May
30, 2017 -- InvestorsHub NewsWire -- Callinex Mines Inc. (the “Company” or
“Callinex”) (TSX-V: CNX; OTCQX: CLLXF) is pleased
to announce that it has commenced its 2017 Bathurst drilling
campaign (the “Campaign”) to complete up to 10,000m at the Nash
Creek and Superjack Volcanogenic Massive Sulphide (“VMS”) projects
located in the Bathurst Mining District of northern New Brunswick
(See Figure 1). The Campaign is underway at the Nash Creek Project
with one drill rig and a second rig is planned to arrive within 30
days. The drill rigs will be re-mobilized to the Superjack Project
in late-June after drilling is concluded at Nash Creek. The Company
anticipates 20 to 30 drill holes will be completed at the Nash
Creek Project totaling 3,500 to 6,000m and four to eight drill
holes at the Superjack Project totaling 2,500 to 4,000m.
Max Porterfield, President and CEO, stated, “We are pleased to
be commencing the Company’s maiden exploration campaign at the Nash
Creek and Superjack Projects in the Bathurst Mining District. These
projects each host considerable near-surface, zinc-rich deposits
that are open for expansion and are located within an established
mining district that has produced over 130 million tonnes of ore.”
Mr. Porterfield continued, “In the midst of a zinc market with
major supply shortfalls forecasted, these assets have the potential
to provide significant leverage given their resource size, location
and prospects for further exploration and development.”
The Nash Creek Project is ideally situated approximately 1 km
south of Provincial Highway 11, about 100 km by road to Trevali’s
Caribou Mine and 25 km by road to Glencore’s Belledune lead/silver
smelter, which has direct railway access to Glencore’s Canadian
zinc smelting and refining operations. The current mineral resource
contains an Indicated mineral resource totaling 9.0 Mt
grading 3.6% Zn Eq. and an Inferred mineral resource totaling 1.1
Mt grading 3.6% Zn Eq. that are open for
expansion (See Table 1). In conjunction with dense
media separation, it is expected that a head grade of 5-7% Zn Eq.
could be achieved with excellent recoveries of 91% for zinc and 82%
for lead based on previous metallurgical testing (See News Release
dated September 12, 2016).
The primary objective of the Nash Creek phase of the Campaign
will be to identify potential to expand the near-surface mineral
resource to the north by testing a series of Induced Polarization
(“IP”) resistivity (See Figure 2) and soil anomaly targets. The
Company has completed 3D geophysical inversions and concluded that
the known Nash Creek VMS mineralization correlates very well with
3D-IP resistivity lows and, to a lesser extent, some of the 3D
magnetic lows. All of the IP targets proposed for 2017 drill
testing occur within the same stratigraphic package known to host
the current mineral resources.
Many of the 3D-IP resistivity targets proposed for drill-testing
also have strong local Ag ± Pb ± Zn in soil anomalies that occur
within the northern 1.1km of a 2.5 km long zinc-lead-silver soil
anomaly. The current Nash Creek mineral resources (See Table 1) are
contained within the southern 1.4 km portion of the 2.5km soil
anomaly and are often associated with IP resistivity lows, similar
to the targets being tested in the sparsely drill-tested northern
portion of the soil anomaly.
James Pickell, PGeo, a qualified person under National
Instrument 43-101 and a consultant to Callinex, has reviewed and
approved the technical information in this news release.
Table 1: 2016 Mineral Resource Estimate for the Nash
Creek Project
Project |
Tonnes |
Zn Eq.
(%)
|
Zn (%) |
Pb
(%)
|
Ag (g/t) |
Cu
(%)
|
Contained Zn
Eq. (‘000 pounds) |
Indicated |
9,033,000 |
3.58 |
2.79 |
0.57 |
18.16 |
n/a |
711,991 |
Category |
Tonnes |
Zn Eq. (%) |
Zn (%) |
Pb (%) |
Ag (g/t) |
Cu
(%)
|
Contained Zn
Eq. (‘000 pounds) |
Inferred |
1,113,000 |
3.58 |
2.83 |
0.57 |
15.51 |
n/a |
87,883 |
Notes:
1) Resources are categorized according to CIM
Definition Standards; it cannot be assumed that all or any part of
Inferred Mineral Resources will be upgraded to Indicated or
Measured as a result of continued exploration.
2) The Nash Creek mineral resource estimate includes
the Hickey Zone and Hayes Zone.
4) Zinc equivalent resources for the Nash Creek
Project were calculated using metal prices of $0.90/lb for zinc,
$0.87/lb for lead, and 17.73/oz for silver. Metallurgical
recoveries have been assumed to be 90.5% for zinc, 81.5% for lead
and 50% for silver. A cut-off grade of 2.0% Zn Eq. was utilized in
the resource estimate.
Figure 1: Map of the Bathurst Mining District of
Northern New Brunswick
![](https://investorshub.advfn.com/uimage/uploads/2017/5/30/jukyeCLLXF_-_NB-Overview-Map.jpg)
Figure 2: 3D Plan View of the Nash Creek Mineral
Resources
![](https://investorshub.advfn.com/uimage/uploads/2017/5/30/ske[pCLLXF_-_3D-Plan-View-of-the-Nash-Creek-Mineral-Resources.jpg)
About Callinex Mines Inc.
Callinex Mines Inc. is focused on discovering and developing
zinc and copper rich mines within prolific Canadian VMS mining
jurisdictions. The Company is actively exploring its Pine Bay
Project, located in the Flin Flon mining district of Manitoba,
which hosts significant historic VMS deposits that are within close
proximity to a processing facility. The larger project portfolio
hosts three significant zinc rich mineral resources including the
Point Leamington, Nash Creek and Superjack Projects located in
Eastern Canada.
For additional information, please contact:
Callinex Mines Inc.
Max Porterfield, President and Chief Executive Officer
Phone: (604) 605-0885
E-mail: info@callinex.ca
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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