Highlights:
- PBM-129-W2 intersected 67.0m
of 2.73% copper highlighted by 13.0m
of 8.75% copper including 2.5m of
17.6% copper and 6.5m of 4.71%
copper;
- PBM-131 intersected 20.53m of
3.21% copper equivalent consisting of 2.58% copper, 0.22 g/t gold,
6.63 g/t silver and 1.11% zinc; and
- The two drill holes are the widest intercepts to date in the
emerging Rainbow Deposit.
VANCOUVER, BC, June 30, 2021 /CNW/ - Callinex Mines Inc.
(the "Company" or "Callinex") (TSXV: CNX) (OTC: CLLXF) is pleased
to announce additional drill results from the ongoing 30,000m drilling campaign to expand the
high-grade copper, gold, silver and zinc Rainbow Deposit (the
"Rainbow"). The Rainbow is located at the 100% owned Pine Bay
Project within a mineral lease, less than 250m from a high-voltage hydroelectric power-line
and 550m from a historic shaft with
direct road access to processing facilities in Flin Flon, MB (Rainbow Deposit Plan View).
The Yellow and Orange zones appear to be converging in drill
hole PBM-129-W2 which intersected a broad mineralized interval that
returned 67.0m of 2.89% copper
equivalent ("CuEq") consisting of 2.73% copper ("Cu"), 0.13 g/t
gold ("Au"), 3.46 g/t silver ("Ag"), 0.12% zinc ("Zn"). The Orange
Zone returned 13.00m of 9.19% CuEq
consisting of 8.75% Cu, 0.39 g/t Au, 11.59 g/t Ag, 0.19% Zn
including a higher grade interval of 2.50m that returned 18.23% CuEq comprised of
17.60% Cu, 0.49 g/t Au, 24.81 g/t Ag and 0.24% Zn (Rainbow Drill
Core Photo). The Orange Zone was preceded by an intersection in the
Yellow Zone which returned 6.50m of
5.04% CuEq consisting of 4.71% Cu, 0.21 Au, 4.63 Ag and 0.40% Zn.
PBM-129-W2 is located 60m along
strike to the south of PBM-113-W1 and 67m vertically above PBM-129-W1 (Rainbow Deposit
Long Section).
Max Porterfield, President and
CEO, stated, "The drill results announced today represent the two
widest intersections to date at the Rainbow Deposit. These wider
intersections are typical of the pinching and swelling in
Volcanogenic Massive Sulphide lenses as seen in the Orange and
Yellow Zones. Drilling over the summer will continue to focus on
building a high-grade copper resource at the Pine Bay Project."
PBM-131 intersected the Orange Zone with 20.53m of 3.21% CuEq (2.58% Cu, 0.22 g/t Au, 6.63
g/t Ag and 1.11% Zn) including 7.84m
of 5.74% CuEq (5.50% Cu, 0.21 g/t Au, 7.17 g/t Ag and 0.11% Zn) and
14.75m of 3.64% CuEq (2.83% Cu, 0.23
g/t Au, 8.24 g/t Ag and 1.51% Zn) (Rainbow Deposit Cross Section).
Drill hole PBM-131 is 62m vertically
above PBM-113-W2 and 95m vertically
below PBM-118.
There are currently two rigs operating to expand the Rainbow
closer to surface and at depth. Since the Company resumed drilling
in mid-February, 19 holes (including 2 wedges) have been announced
for a total of 11,323 meters out of a fully funded 30,000 meter
budgeted drill program. Callinex will continue to provide results
on an ongoing basis for the duration of the 2021 drilling
campaign.
Table 1: Pine Bay Drill Results
|
Drill
Hole
|
From
(m)
|
To
(m)
|
Interval
(m)
|
True
Width
(m)
|
Cu
%
|
Au
g/t
|
Ag
g/t
|
Zn
%
|
Sg
|
CuEq
%
|
|
PBM-129-W2
|
776.00
|
833.00
|
67.00
|
56.19
|
2.73
|
0.13
|
3.46
|
0.12
|
3.14
|
2.89
|
|
incl.
|
776.00
|
782.50
|
6.50
|
5.39
|
4.71
|
0.21
|
4.63
|
0.40
|
3.95
|
5.04
|
|
incl.
|
830.00
|
843.00
|
13.00
|
10.96
|
8.75
|
0.39
|
11.59
|
0.19
|
3.57
|
9.19
|
|
incl.
|
839.50
|
842.00
|
2.50
|
2.11
|
17.60
|
0.49
|
24.81
|
0.24
|
4.33
|
18.23
|
|
PBM-131
|
709.00
|
729.53
|
20.53
|
18.45
|
2.58
|
0.22
|
6.63
|
1.11
|
3.36
|
3.21
|
|
incl.
|
709.00
|
716.84
|
7.84
|
7.05
|
5.50
|
0.21
|
7.17
|
0.11
|
3.49
|
5.74
|
|
incl.
|
718.00
|
725.30
|
7.30
|
6.56
|
0.46
|
0.26
|
7.92
|
2.38
|
3.34
|
1.61
|
|
incl.
|
714.78
|
729.53
|
14.75
|
13.26
|
2.83
|
0.23
|
8,24
|
1.51
|
3.38
|
3.64
|
Notes:
|
1.
|
PBM-131 collar is
located at the following Universal Transverse Mercator (UTM)
coordinates using the North American Datum of 1983 (NAD83) within
UTM Zone 14N:331402m East and 6071286mNorth and 296.0m above sea
level, and started at 296Az, -81 degree dip. PBM-129-W2 was a
wedge hole (440m depth) off the (PBM-129) parent which collar
was is located at the following Universal Transverse Mercator
(UTM) coordinates using the North American Datum of 1983 (NAD83)
within UTM Zone 14N: 331378m East and 6071255m North and 295.0m
above sea level, and started at 290Az, -87 degree
dip.
|
|
2.
|
The size of the drill
core is NQ.
|
|
3.
|
True Width
calculations assumed the Rainbow Horizon to strike 032 degrees
azimuth, with a 80 degree easterly dip.
|
|
4.
|
All CuEq (copper
equivalent) assay results in this news release use the following
pricing: US$3.00 copper per pound ($6,720/tonne), US$1.15 zinc per
pound, US$1,450/troy ounce gold ($46.62/gram), US$16.50/toy ounce
silver ($0.53/gram), calculation CuEQ= Cu%+(Zn% x zinc price per
pound / copper price per pound)+(Au g/t x Au price per gram /
copper price per tonne) x100 + (Ag g/t x Ag price per gram /
copper price per tonne) x 100. 100% metal recoveries used, ie no
process recoveries or smelter payables were included in the
calculation.
|
|
5.
|
Drill hole PBM-130
was abandoned @70m due to deviation.
|
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 Plan View with Rainbow Drilling
Figure 3: Pine Bay Long Section Looking West with 2021
Drilling
Figure 4: Pine Bay Cross Section Looking North with 2021
Drilling
Image 1: Rainbow Deposit Drill Core Photo - PBM-129-W2
QA / QC Protocols
Individual samples were labeled,
placed in plastic sample bags, and sealed. Groups of samples were
then placed in security sealed bags and shipped directly to SGS lab
in Vancouver, BC for analysis.
Samples were weighed then crushed to 75% passing 2mm and pulverized
to 85% passing 75 microns in order to produce a 250g pulverized
split. 35 elements including copper, zinc, lead and silver assays
were determined by Aqua Regia digestion with a combination of
ICP-MS and ICP-AES finish, with over limits rerun using an ore
grade analysis (two acid digest ICP-AES). Gold was analyzed
by fire assay. Specific gravity (sg) measured for each sample using
the pycnometer and water and air method. QA/QC included the
insertion and continual monitoring of numerous standards, blanks,
and duplicates
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.
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SOURCE Callinex Mines Inc.
