VANCOUVER, BC, Jan. 26, 2021
/CNW/ - Callinex Mines Inc. (the "Company" or "Callinex")
(TSXV: CNX) (OTC: CLLXF) announces that it has filed a National
Instrument 43-101 Technical Report dated January 18, 2021, prepared by Eugene Puritch, P. Eng., William Stone, P. Geo., and D. Grant Feasby, P. Eng., (the "2021 Report") for
its Point Leamington Property, Newfoundland, Canada. The Report can be
publicly viewed on the System for Electronic Document Analysis and
Retrieval ("SEDAR") at www.sedar.com.
As a result of review by the British Columbia Securities
Commission, the Company issued a news release dated July 11, 2019 to clarify its disclosure relating
to an Inferred Mineral Resource (the "Resource Estimate") contained
in a previous Technical Report on the Point Leamington
Property, Newfoundland, Canada
dated August 15, 2016 (the "2016
Report") prepared by Tetra Tech Inc., an independent consulting and
engineering service company. The Mineral Resource Estimate
contained in the 2016 Technical Report is retracted and should not
be relied upon.
Instead of disclosing a current Mineral Resource Estimate in the
2021 Technical Report, the Company has disclosed a previously
reported historical Mineral Resource Estimate prepared by Tetra
Tech in 2013 for Raystar Capital Inc. The Inferred Historical
Mineral Resource Estimate on the Point Leamington Property
disclosed 14.1 Mt grading 1.90% Zn, 0.42% Cu, 1.07 g/t Au, 17.1 g/t
Ag, 0.02% Pb and 1.91% ZnEq.
The Historical Mineral Resource Estimate uses the term "Inferred
Mineral Resources", which is a term set forth under CIM Estimation
of Mineral Resources and Mineral Reserves. Even though the
Historical Mineral Resource was calculated prior to updates to CIM
in 2014, the Company considers the Historical Mineral Resource
Estimate as relevant as it represents a key target at the Point
Leamington Property. The Historical Mineral Resource Estimate was
determined using data from historical drill hole assays and
calculated using capped outlier raw assays, 3.0 m composites, ordinary kriging to estimate
grades in 10 m x 10 m x 10 m blocks
and a 4% ZnEq resource cut-off for reporting assuming an
underground only Mineral Resource. To confirm the reliability and
calculate a current Mineral Resource Estimate, Callinex will need
to carry out representative assay validation sampling, geological
interpretation and wireframing, geostatistical analysis, outlier
treatment, grade interpolation, classification and reporting at a
cut-off with reasonable prospects for economic extraction. The
authors have not done sufficient work to classify the Historical
Mineral Resource Estimate as current Mineral Resources or Reserves.
The Company is not treating the Historical Mineral Resource
Estimates as current Mineral Resources or Reserves. The historical
estimates should not be relied upon as a current Mineral Resource
Estimate and there can be no assurance that any of the Historical
Mineral Resources, in whole or in part, will ever become
economically viable.
Callinex plans to carry out the work necessary in order to
prepare a current Mineral Resource Estimate on the Point Leamington
Property in the first half of 2021. Data validation from historic
drill core, metallurgical recovery evaluation, updated metal prices
and an open pit Resource modelling approach will be utilized for
the estimate.
Eugene Puritch, P. Eng., an
independent Qualified Person to the Company, has reviewed and
approved the technical disclosure contained 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.
SOURCE Callinex Mines Inc.
