VANCOUVER, BC, Jan. 11, 2022
/CNW/ - Callinex Mines Inc. ("Callinex") (TSXV: CNX) (OTC:
CLLXF) is pleased to provide its year-end letter to shareholders
from President and CEO, Max
Porterfield:
Dear Shareholders,
What a difference a year makes!
We enter the New Year on the heels of the most successful year
in the Company's history. We'd like to extend our sincere gratitude
to our shareholders, stakeholders and employees that made it
possible for Callinex to complete nearly 40,000m of drilling across its exploration
portfolio and define a major discovery in 2021.
The Company's relentless focus on expanding the high-grade
copper, gold, silver and zinc Rainbow Deposit located just outside
of Flin Flon, MB has paid off
handsomely. The Rainbow discovery had just three drill holes
into it when we entered 2021 and now starts 2022 as a bonafide
deposit with over 70 holes drilled into the deposit area. The
Rainbow has expanded significantly closer to the surface over the
last year with the potential of coming within 100m of surface compared to its initial discovery
at ~900m below surface. Rainbow has also grown in other ways, which
has been highlighted by a number of wide intervals that have been
intersected in the Orange and Yellow zones, the two known zones
that make up the Rainbow Deposit.
One thing that has remained the same since the first discovery
hole - that is consistent high copper grades have been
intersected throughout the deposit. Based on our extensive
drill program, Rainbow has emerged as one of the highest grade
copper deposits on a global basis which is consistent for deposits
discovered within the prolific Flin Flon Mining District of
Manitoba. Announced to date, the
average drill hole composite grade of copper intersected in Rainbow
is 4.04% compared to the global average grade of copper mined
annually of 0.50%. To put this into more context, to be in the top
10 highest grade copper mines in the world a deposit needs to be
over 4%, conservatively.
Rainbow has the potential to not only be one of the highest
grade copper deposits in the world but also one of the cleanest,
most ESG friendly. The very steeply dipping/plunging nature of the
Rainbow deposit makes for an ideal underground mining scenario with
the potential to utilize open stope bulk mining and also
significantly reduce waste. This coupled with the clean
low-cost hydroelectric power line located on site and 30 minute
drive by existing all-weather road to processing facilities in
Flin Flon makes for an
environmentally friendly and sustainable growth opportunity.
We move forward into the New Year with even more ambitious goals
than the year that's just passed. The Company will remain steadfast
in our commitment to the Community of Flin Flon and our goal to drive long-term job
creation as we define Rainbow and beyond. This year we aim to
delineate Rainbow within the first 1km of surface and provide a
maiden resource estimate for it and the historic Pine Bay Deposit
located 650m away. Additionally, we
will test the extent of Rainbow at depth and also begin
metallurgical testing to fast-track development timelines.
Our team is also focused on making additional discoveries with
continued attention to targets located within the interpreted
growth fault corridor which hosts Rainbow and five other deposits,
three of which have seen some level of historic production. We are
also eager to define and drill test priority targets from the
regional Induced Polarization survey that covers 5.5 km of the
trend that hosts the Rainbow and Sourdough deposit to the
south.
This year is shaping up to be even more exciting for Callinex as
we continue the advancement of the high-grade Rainbow during the
midst of a secular bull market for base and precious metals. I look
forward to keeping you updated on our key catalysts throughout
2022.
Sincerely,
"Max Porterfield"
President & CEO
J.J. O'Donnell, P. Geo, a qualified person under National
Instrument 43-101 and a Exploration Manager 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.
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SOURCE Callinex Mines Inc.
