Highlights:
- Three high-priority targets identified by modern Induced
Polarization ("IP") and Surface Pulse Electromagic ("SPEM")
Surveys;
- Callinex previously utilized these modern IP and SPEM
surveys to locate the high-grade Rainbow deposit; and
- The 5.5km trend currently hosts the high-grade Rainbow
deposit, Sourdough deposit and past-producing Centennial
Mine.
VANCOUVER, BC, Feb. 2, 2022 /CNW/ - Callinex Mines Inc.
(the "Company" or "Callinex") (TSXV: CNX) (OTCQX: CLLXF) is pleased
to announce three exploration target areas at the Company's 100%
owned Pine Bay Project, located 16km away from processing
facilities in the Flin Flon Mining District of Manitoba. The Company has outlined a number of
high-priority targets from the regional OreVision® Induced
Polarization ("IP") survey by Abitibi Geophysics and Surface Pulse
Electromagnetic ("SPEM") survey by Koop Geotechnical that covers
5.5km of the trend that hosts the Rainbow and Sourdough deposits
and past producing Centennial Mine further to the south (Pine Bay
Project Plan View with IP and SPEM).
Max Porterfield, President and
CEO, stated, "We are eager to drill test these exciting new targets
and more to come as we continue to outline our 2022 exploration
plans. Induced Polarization coupled with borehole pulse
electromagnetics was key to discovering the high-grade Rainbow
Deposit in 2020." Mr. Porterfield continued, "We have now expanded
that same exploration approach on a regional scale with the recent
IP and EM surveys announced today."
The high-grade Rainbow Deposit ("Rainbow") was discovered by
drill testing targets derived from Abitibi Geophysics OreVision® IP
chargeability isoshells located within favourable geology and
subsequently vectoring to the copper, zinc, gold and silver bearing
volcanogenic massive sulphides ("VMS") utilizing a Borehole Pulse
Electromagnetic survey ("BPEM") down the drill hole (Pine Bay
Project 3D View Looking Down and West, Pine Bay Project 3D
Long Section).
JJ O'Donnell, Exploration Manager, stated, "The major
exploration efforts completed since the Rainbow discovery has
provided the Callinex team with a better understanding and the
tools needed to continue to add value to the extensive Pine Bay
land package. With this multi-discipline approach, our team is
excited to test the new high-priority targets."
Jim Pickell, member of Callinex's
technical team, added, "When coupled with Callinex's ongoing modern
3D rethink of the geological and geochemical patterns at Pine Bay,
it's great to see a new geophysical technique being successfully
employed and adding several obvious high-priority exploration
targets to the mix. I especially like where these emerging IP
targets are located in the overall Pine Bay geological
setting."
Target Area 1 - Rainbow South
Target Area 1 was highlighted for drilling based on a large
250m by 650m, moderately strong chargeability isoshell
(>25 mV/V) that may be associated with a pyritic footwall
alteration envelope as at the nearby Rainbow. The northern edge of
the IP chargeability high is also semi-coincident with a SPEM
anomaly that was targeted for testing by drill hole PBM-120. Drill
hole PBM-120 intersected highly prospective, strongly sericitized
felsic volcanics starting at its 1,149 metre mark and which are
immediately along strike to the south from similarly altered
volcanics hosting Rainbow. A subsequent BPEM survey was conducted
but was unsuccessful due to the overwhelming masking effects of a
near-surface formational conductor intersected early in the hole.
The Company will attempt a new BPEM survey with a modified loop
layout in the near future prior to drill testing.
Target Area 2 - Sourdough North
Target Area 2 is targeting a 750m
long by 150m wide, locally very
strong IP chargeability isoshell (>50mV/V) coincident with two
newly identified SPEM anomalies modeled from surveys completed in
2021. Drill hole SDB-007, a shallow 294.5m hole drilled immediately to the south,
intersected coarse heterolithic debris flows dominated by large
felsic volcanic clasts along with the occasional
sphalerite-pyrite-chalcopyrite clasts. A subsequent BPEM survey was
conducted and identified an off-hole anomaly to the north that is
coincident to the newly identified IP chargeability and SPEM
anomalies.
Target Area 3 - Sourdough Down Plunge
Target Area 3 is targeting the down plunge extension of the
historic Sourdough deposit, which a previous operator prepared a
historic resource estimate of 291,150 tons at 1.46% copper ("Cu"),
1.71% zinc ("Zn"), 1.03 g/t gold ("Au") and 29.8 g/t silver
("Ag")*. The recently completed IP survey revealed the top of a
chargeability isoshell that coincides with the two deepest and most
recent intersections in the Sourdough deposit, SDB-001 and SDB-004.
Drill hole SDB-004 intersected 4.85m
of 1.70% copper equivalent ("CuEq") consisting of 1.04% Cu, 0.6 g/t
Au, 8.47 g/t Ag and 0.45% Zn including 0.65m of 3.81% CuEq (2.11% Cu, 1.09 g/t Au, 21.60
g/t Ag and 2.01% Zn).
A subsequent BPEM survey completed on SDB-004 modeled a plate
that is 200m wide by 575m deep and suggests the deposit continues at
depth. Based on the recent near surface intercepts at the Rainbow
the Company believes there is strong potential for the grades of
the Sourdough deposit to improve at depth.
The Company is developing a 2022 exploration program for these
high priority targets and targets soon to be outlined along the
interpreted growth fault corridor that hosts Rainbow and five other
deposits, three of which have seen some level of historic
production.
About the Pine Bay Project
Callinex's Pine Bay Project encompasses the majority of the
Baker Patton Complex (BPC), the largest exposed felsic (rhyolitic)
volcanic accumulation in the Flin
Flon portion of the Flin Flon-Snow Lake Greenstone Belt.
This is especially important since the majority of the VMS deposits
occurring within the Flin Flon Belt of Saskatchewan and Manitoba are almost always hosted by rhyolitic
flows and volcaniclastic rocks within predominantly mafic terranes.
Of additional importance is that these felsic (rhyolitic) rocks
only account for a small portion of the total volcanic pile
(5-10%). Of particular exploration interest to Callinex's Pine Bay
Project, is the very large exposure of intensely altered
(chloritic, sericitic and silicic alteration) felsic rocks that
have collectively been called the Baker Patton Alteration Zone,
encompassing an area with a minimum of a 700m by 1000m
footprint. A very large footwall alteration system such as this
would normally be expected to be accompanied by a large VMS system
and has consequently been the target of many exploration companies
preceding Callinex.
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.
Historical Resource Estimate on Sourdough Deposit
In 1963, a Keys report disclosed a historical resource estimate
of 291,150 tons at 1.46% Cu, 1.71% Zn, 1.03 g/t Au and 29.8 g/t Ag
at the Sourdough deposit. The historical resource estimate is
mentioned for historical purposes only and uses terminology not
compliant with current reporting standards. The reliability of
these historical estimates is unknown but considered relevant by
the Company as it represents a significant target for future
exploration work by the Company. The assumptions, parameters and
methods used to calculate this historical resource estimate are not
known to the Company. The qualified person has not made any attempt
to re-classify the estimates according to current NI 43-101
standards of disclosure or the CIM definitions. In order for these
resources to be current, the Company will be required to conduct
additional drilling at the Sourdough deposit. The Company is
not treating this estimate as current mineral resources or mineral
reserves as defined in NI 43-101.
About Callinex Mines Inc.
Callinex Mines Inc. (TSXV: CNX)
(OTCQX: CLLXF) is advancing its portfolio of base and
precious metals rich deposits located in established Canadian
mining jurisdictions. The focus of the portfolio is highlighted by
the rapidly expanding Rainbow Discovery at its rich VMS Pine Bay
Project located near existing infrastructure in the Flin Flon
Mining District. The second asset in the portfolio is the Nash
Creek Project located in the VMS rich Bathurst Mining District of
New Brunswick. A 2018 PEA
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) at $1.25 Zinc. The
third asset, 100% owned Point Leamington Deposit in Newfoundland, is located in one of the richest
VMS and Gold Districts in Canada.
Callinex prepared a pit constrained Indicated Mineral Resource of
5.0 Mt grading 2.5 g/t AuEq for 402 koz AuEq (145.7 koz gold, 60.0
Mlb copper, 153.5 Mlb zinc, 2.0 Moz silver, 1.5 Mlb lead), an pit
constrained Inferred Mineral Resource of 13.7 Mt grading 2.24 g/t
AuEq for 986.5 koz AuEq (354.8 koz gold, 110.2 Mlb copper, 527.3
Mlb zinc, 6.2 Moz silver, 7.0 Mlb lead) and an out-of-pit Inferred
Mineral Resource of 1.7 Mt grading 3.06 g/t AuEq for 168.5 koz AuEq
(65.4 koz gold, 13.3 Mlb copper, 102.9 Mlb zinc, 1.4 Moz Ag, 2.6 Mlb lead).
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.
