Highlights:
- Exploration along base of interpreted growth fault has
intersected millrock and discovered a new copper, zinc, gold and
silver bearing VMS horizon;
- Drill hole PBM-166 intersected 1.5m of massive sulphides with elevated copper,
zinc, gold and silver;
- A Borehole EM survey completed in PBM-166 identified a
highly conductive 130m by
400m anomaly;
- Geology where the anomaly is located is indicative of a
possible repeat of the rock package that hosts the Rainbow
deposit; and
- Targets are located in proximity to mapped Pine Root
millrock; the 62 million ton Flin
Flon deposit sits in proximity to Millrock Hill, an
outcropping of the same rock type in Flin
Flon, MB.
VANCOUVER, BC, March 10,
2022 /CNW/ - Callinex Mines Inc. (the "Company"
or "Callinex") (TSXV: CNX) (OTCQX: CLLXF) is pleased to announce
additional 2022 exploration targets 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 identified a number
of high priority targets from vectoring completed during the 2021
exploration campaign along the interpreted growth fault corridor
that hosts the emerging high-grade copper, gold, silver and zinc
Rainbow deposit ("Rainbow") and five other deposits, three of which
have seen some level of historic production.
In Q4 2021 the Company began exploring within the growth fault
corridor by drill testing a number of priority surface pulse
electromagnetic ("SPEM") and airborne versatile time domain
electromagnetic ("VTEM") targets that off-set a regional
formational conductor. It should be noted that the Rainbow
Deposit, which was discovered in 2020, flanks a separate
formational conductor located to the east (Pine Bay Plan View with
VTEM and Borehole EM Anomalies).
Max Porterfield, President and
CEO, stated, "These exciting targets sit at the base of the
interpreted growth fault that hosts Rainbow and five other deposits
to the east. Similarly, the Flin
Flon deposit sits in proximity to Millrock Hill, a well
known outcropping at the base of the growth fault that hosts it as
well as the Callinan and 777 deposits. We are eager to
immediately test the targets announced today in addition to the
high priority targets recently identified by regional IP and EM
surveys in an upcoming drilling campaign."
Callinex focused on drilling targets that are proximal to the
Pine Root River Millrock area that is interpreted to be the base of
the growth fault corridor that hosts the Rainbow, Pine Bay, Cabin,
Baker Patton, North Star and Don
Jon VMS deposits that sit to the east (Plan View with Drill Traces
and Mapped Millrock). Millrock is a term used to refer to talus
breccia that occurs along major growth faults controlling
volcanogenic massive sulphide ("VMS") deposits. The Pine Root River
Millrock area at Pine Bay is analogous to the Millrock Hill in
Flin Flon (Examples of Millrock
Hill and Pine Root Millrock). Millrock Hill is a well known outcrop
that sits immediately to the south of the 62 million ton Flin Flon
Deposit that kick started the Flin Flon Mining District which has
hosted 32 mines (Flin Flon Growth Fault Corridor Plan
View).
JJ O'Donnell, Callinex Exploration Manager, stated, "With over
40,000 meters of drilling completed since the Rainbow discovery on
the Pine Bay project, our gained knowledge and understanding of the
overall controls has given us the confidence that the 2,000
hectare Pine Bay Project will deliver additional positive results.
Further testing of the favorable geology, mineralization, and
alteration noted in drill hole PBM-166 may generate a new VMS
system for the Pine Bay Project."
The geology intersected by drill holes PBM-160 and PBM-166 is
indicative of a possible repeat of the rock package that hosts the
Rainbow deposit and warrants immediate follow-up drilling in 2022.
Both holes were drilled approximately 240m apart and collared into millrock (Plan View
with Mapped Millrock and Borehole EM Anomalies). Most interesting,
as the holes proceeded westerly the geology consists of very
favorable felsic volcanic sequences which could be the fold repeat
of the Rainbow horizon that hosts the Rainbow. Drill hole PBM-166
intersected 1.5 meters of massive sulphides with elevated copper,
zinc gold and silver. Additionally, the mineralization is hosted
within a chlorite altered brecciated felsic volcanic unit which
makes this a very high priority target area.
Alan Vowles, member of Callinex's
technical team, added, "In the case of the off-hole anomaly in
PBM-166 with an extremely high CT, greater than 4000 siemens,
indicates strongly that the target must have both high conductivity
and significant thickness."
A borehole pulse electromagnetic ("BPEM") survey completed in
drill hole PBM-166 identified Anomaly A, a highly conductive
130m by 400m anomaly possessing a conductivity thickness
("CT") of 4028 siemens (See 3D View with Drill Traces and Anomaly
A). The formational conductor that flanks Anomaly A is made up of
mineralized siltstone and has a CT of 2462 siemens. Anomaly A sits
off-hole of the base and precious metal bearing massive
sulphides intersected in drill hole PBM-166.
Drill hole PBM-162 also collared into the millrock followed by a
favorable package of felsic volcanic rocks before being shut down
in an intrusive gabbro unit. A follow-up BPEM survey completed on
PBM-162 identified Anomaly B, a large 600m by 400m
off-hole anomaly that sits within the center of the mapped Pine
Root millrock. PBM-162 was later deepened but failed to intersect
Anomaly B. A shallow hole is being planned to follow-up and drill
test this target area near the surface.
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.
Additionally, Callinex plans to immediately drill test the
targets announced today as well as the 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).
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
(Flin Flon Greenstone Belt Regional Geology) . 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.
Table 1: Pine Bay Drill Results
Drill
Hole
|
From
(m)
|
To
(m)
|
Interval
(m)
|
Cu
%
|
Au
g/t
|
Ag
g/t
|
Zn
%
|
Sg
|
CuEq
%
|
PBM-166
|
617.0
|
618.5
|
1.50
|
0.11
|
0.12
|
2.44
|
0.44
|
3.81
|
0.39
|
Notes:
|
1. PBM-159 collar is
located at the following Universal Transverse Mercator (UTM)
coordinates using the North American Datum of 1983 (NAD83) within
UTM Zone 14N: 329374m East and 6070399m North and 320.0m above sea
level, and started at 295Az, -60 degree dip. PBM-160 collar
is located at the following Universal Transverse Mercator (UTM)
coordinates using the North American Datum of 1983 (NAD83) within
UTM Zone 14N: 329721m East and 6070791m North and 322.0m above sea
level, and started at 300Az, -55 degree dip. PBM-162 collar
is located at the following Universal Transverse Mercator (UTM)
coordinates using the North American Datum of 1983 (NAD83) within
UTM Zone 14N: 330052m East and 6070726m North and 292.0m above sea
level, and started at 345Az, -75 degree dip. PBM-166 collar
is located at the following Universal Transverse Mercator (UTM)
coordinates using the North American Datum of 1983 (NAD83) within
UTM Zone 14N: 329568m East and 6070978m North and 324.0m above sea
level, and started at 320Az, -52 degree dip. The Company completed
exploration drill holes throughout its property that did not
encounter significant mineralization: PBM-159, 160 and
162.
|
|
|
|
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.
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.
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SOURCE Callinex Mines Inc.