Highlights:
- PBM-161-W1 intersected 9m of
12.53% copper ("Cu") including 5.5m
of 17.37% Cu;
- PBM-161-W2 intersected 14m of
5.71% Cu and 6.50m of 4.48% Cu;
and
- At 110m below surface, the
most shallow intersection to date, PBM-163 intersected 6m of 2.34% CuEq.
VANCOUVER, BC, March 1, 2022
/CNW/ - Callinex Mines Inc. (the "Company" or "Callinex") (TSXV:
CNX) (OTCQX: CLLXF) is pleased to announce results from an
additional drilling from the 2021 exploration 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, Manitoba (District Overview
Map).
PBM-161-W1 intersected the Orange Zone and returned
9.0m of 12.53% copper ("Cu"),
0.21 g/t gold ("Au"), 2.63 g/t silver ("Ag"), 0.25% zinc ("Zn") or
13.19% copper equivalent ("CuEq") including 5.50m of 17.37% Cu (Rainbow Deposit Long
Section). The Orange Zone in PBM-161-W1 was preceded by an
intercept in the Yellow Zone that returned 8.00m of 1.90% CuEq (1.6.% Cu, 0.21 g/t Au,
2.63 g/t Ag and 0.25% Zn). The Orange Zone intersection in
PBM-161-W1 is located 20m vertically
above and along strike to the north of PBM-129-W2 which intersected
13.0m of 8.75% Cu (Orange Zone) and a
41m step-out to the south from
PBM-113-W1 which intersected 5.00m of
8.79% Cu (Orange Zone).
Max Porterfield, President and
CEO, stated, "Drill results outlined today continue to deliver some
of the highest grades of copper intersected at the Rainbow Deposit
since its initial discovery in late 2020. It is worthy to note
infill drill holes PBM-161, PBM-161-W1 and PBM-161-W2 have wider
intervals and higher copper grades than many other holes drilled in
the vicinity of them. Additionally, the Rainbow deposit now comes
within 110m of surface which we
believe in turn has the potential to further reduce upfront capital
costs and development timelines."
PBM-161-W2, a 54m step-out above
PBM-161-W1, intersected the Orange Zone which intersected
14.00m of 5.71% Cu, 0.28 g/t
Au, 5.57 g/t Ag or 5.98% CuEq which was preceded by the Yellow Zone
which returned 6.50m of 4.48%
Cu, 0.50 g/t Au, 9.06 g/t Ag and 1.48% Zn (5.47% CuEq). Parent
hole PBM-161, located 82m below
PBM-161-W1, intersected the Yellow Zone and returned 13.30m of 2.17% Cu.
JJ O'Donnell, Callinex Exploration Manager, stated, "With the
resumption of definition drilling at Pine Bay project we anticipate
continual positive results to be delivered from the Rainbow
deposit, along with some exceptional near surface exploration
targets planned to be tested in early 2022."
The most shallow intersection to date into Rainbow, 110m below surface, drill hole PBM-163,
intersected the Orange Zone and returned 9.00m of 1.74% CuEq (0.39% Cu, 0.76 g/t Au, 25.34
g/t Ag and 1.61% Zn) including 6.00m
of 2.34% CuEq (0.54% Cu, 1.06 g/t Au, 34.70 g/t Ag and 2.04% Zn)
and the Red Zone which returned 4.00m
of 0.79% CuEq. (0.03% Cu, 0.12 g/t Au, 2.5 g/t Ag and 1.71% Zn)
along strike, 73m to the north of
PBM-163, PBM-147 intersected the Orange Zone which assayed
9.00m of 1.73% CuEq (0.85% Cu, 0.59
g/t Au, 10.39 g/t Ag and 1.02% Zn) and the Red Zone which returned
8.00m of 0.78% CuEq.(0.01% Cu, 0.11
g/t Au, 11.84 g/t Ag and 1.57% Zn).
Near surface drilling at the Rainbow has produced the highest
returned assays for gold, silver and zinc while the highest grade
copper has been intersected at depth, which is typical of metal
distribution in Volcanogenic Massive Sulphide deposits found in the
Flin Flon Mining District.
The Company plans to continue to delineate Rainbow within the
first 1km of surface in anticipation of publishing a maiden
resource later this year. Since the Company discovered the Rainbow
Deposit in August 2020, the Company
has drilled 71 holes (including 15 wedges) for a total of
40,000m into the deposit
area.
Callinex will soon outline high-priority targets located within
the interpreted growth fault corridor which hosts Rainbow and five
other deposits. These targets will be drill tested along with high
priority targets identified from new regional IP/EM surveys
completed along 5.5km of the trend that hosts the high-grade
Rainbow deposit, Sourdough deposit and past-producing Centennial
Mine (See News Release dated February 2,
2022).
Table 1: Pine Bay Drill Results to date
|
Drill
Hole
|
Zone
|
From
(m)
|
To
(m)
|
Interval
(m)
|
True
Width
(m)
|
Cu
%
|
Au
g/t
|
Ag g/t
|
Zn
%
|
Sg
|
CuEq
%
|
|
PBM-147
|
Orange
|
114.0
|
123.0
|
9.00
|
5.60
|
0.85
|
0.59
|
10.39
|
1.02
|
3.84
|
1.73
|
|
PBM-147
|
Red
|
197.0
|
205.0
|
8.00
|
5.20
|
0.01
|
0.11
|
11.84
|
1.57
|
3.01
|
0.78
|
|
PBM-155
|
Red
|
312.0
|
317.0
|
5.00
|
2.35
|
1.05
|
0.23
|
3.30
|
0.24
|
3.22
|
1.33
|
|
PBM-161
|
Yellow
|
831.0
|
844.30
|
13.30
|
9.88
|
2.17
|
0.08
|
2.14
|
0.06
|
3.11
|
2.26
|
|
PBM-161-W1
|
Yellow
|
776.0
|
784.0
|
8.00
|
7.19
|
1.63
|
0.21
|
2.63
|
0.25
|
3.50
|
1.90
|
|
Orange
|
829.0
|
838.0
|
9.00
|
8.29
|
12.52
|
0.48
|
13.98
|
0.58
|
3.92
|
13.19
|
|
Includes
|
830.5
|
836.0
|
5.50
|
5.06
|
17.37
|
0.45
|
18.57
|
0.31
|
4.28
|
17.95
|
|
PBM-161-W2
|
Yellow
|
737.5
|
744.0
|
6.50
|
5.77
|
4.48
|
0.50
|
9.06
|
1.48
|
3.78
|
5.47
|
|
Orange
|
778.0
|
792.0
|
14.00
|
12.58
|
5.71
|
0.28
|
5.57
|
0.08
|
3.67
|
5.98
|
|
PBM-163
|
Orange
|
114.0
|
123.0
|
9.00
|
5.29
|
0.39
|
0.76
|
25.34
|
1.61
|
3.20
|
1.74
|
|
Includes
|
114.0
|
120.0
|
6.00
|
3.53
|
0.54
|
1.06
|
34.70
|
2.04
|
3.41
|
2.34
|
|
Includes
|
116.0
|
120.0
|
4.00
|
2.35
|
0.76
|
1.43
|
46.29
|
2.11
|
3.61
|
2.92
|
|
Red
|
150.0
|
154.0
|
4.00
|
2.35
|
0.03
|
0.12
|
2.50
|
1.71
|
3.01
|
0.79
|
|
Notes:
|
|
|
1. PBM-137 collar is
located at the following Universal Transverse Mercator (UTM)
coordinates using the North American Datum of 1983 (NAD83) within
UTM Zone 14N 331624m East and 6071693m North and 294.0m above
sea level, and started at 306Az, -81 degree dip. PBM-142
collar is located at the following Universal Transverse Mercator
(UTM) coordinates using the North American Datum of 1983 (NAD83)
within UTM Zone 14N: 331717m East and 6072141m North and 295.0m
above sea level, and started at 295Az, -81 degree dip.
PBM-143 collar is located at the following Universal Transverse
Mercator (UTM) coordinates using the North American Datum of 1983
(NAD83) within UTM Zone 14N: 331613m East and 6071710m North and
293.0m above sea level, and started at 340Az, -85 degree dip.
PBM-144 collar is located at the following Universal Transverse
Mercator (UTM) coordinates using the North American Datum of 1983
(NAD83) within UTM Zone 14N: 331717m East and 6072141m North and
294.0m above sea level, and started at 330Az, -70 degree dip.
PBM-147 collar is located at the following Universal Transverse
Mercator (UTM) coordinates using the North American Datum of 1983
(NAD83) within UTM Zone 14N:331063m East and 6071424m North and
294.0m above sea level, and started at 320Az, -63 degree dip.
PBM-155 collar is located at the following Universal Transverse
Mercator (UTM) coordinates using the North American Datum of 1983
(NAD83) within UTM Zone 14N:331110m East and 6071474m North and
295.0m above sea level, and started at 299Az, -75 degree dip.
PBM-156 collar is located at the following Universal Transverse
Mercator (UTM) coordinates using the North American Datum of 1983
(NAD83) within UTM Zone 14N:330939m East and 6071400m North and
303m above sea level, and started at 277Az, -50 degree dip. PBM-161
collar 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 295m above
sea level, and started at 295Az, -85 degree dip. PBM-161-W1
collar 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 295Az, -85 degree dip with the top
of wedge set at depth 479m. PBM-161-W2 collar 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
295Az, -85 degree dip with the top of wedge set at depth 348m.
PBM-163 collar is located at the following Universal Transverse
Mercator (UTM) coordinates using the North American Datum of 1983
(NAD83) within UTM Zone 14N: 331027m East and 6071402m North and
293.0m above sea level, and started at 295Az, -64 degree dip.
PBM-164 collar is located at the following Universal Transverse
Mercator (UTM) coordinates using the North American Datum of 1983
(NAD83) within UTM Zone 14N: 331027m East and 6071402m North and
293.0m above sea level, and started at 300Az, -45 degree dip.
PBM-165 collar is located at the following Universal Transverse
Mercator (UTM) coordinates using the North American Datum of 1983
(NAD83) within UTM Zone 14N: 331009m East and 6071452m North and
294.0m above sea level, and started at 300Az, -45 degree dip.
The Company completed exploration drill holes throughout its
property that did not encounter significant mineralization:
PBM-137, 142-144, 156, 164, 165. Drill holes PBM-164 and PBM-165
were drilled near the surface at the Rainbow and did not encounter
significant mineralization. Drill holes PBM-140, 141 and 157 were
abandoned and encompassed 322m.
|
|
|
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.
|
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 Long Section Looking West with 2021
Drilling
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)
(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.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/callinex-intersects-9m-of-12-53-copper-and-other-high-grade-intervals-at-the-rainbow-deposit-located-in-the-flin-flon-mining-district-mb-301492724.html
SOURCE Callinex Mines Inc.
