Highlights:
- One drill rig has completed 11 holes to define the Rainbow
in anticipation of a NI 43-101 resource estimate on the
deposit;
- A second rig has begun to test three of the five previously
announced target areas; and
- Assays pending on all holes from the current drill
campaign.
VANCOUVER, BC, July 19,
2022 /CNW/ - Callinex Mines Inc. (the "Company"
or "Callinex") (TSXV: CNX) (OTCQX: CLLXF) is pleased to announce
that it has completed 21 drill holes during the ongoing 2022
drilling campaign (the "Campaign") at its Pine Bay Project (the
"Project") located 16km from Flin Flon,
MB (District Overview Map). The 21 holes drilled to date
have completed 12,950 meters of the fully funded 20,000 meter
drilling campaign with a focus on delineating the high-grade copper
Rainbow Deposit (the "Rainbow") and test recently identified
regional exploration targets.
One drill rig has completed 11 drill holes as the Company
completes step out and infill drilling on the Red, Orange and
Yellow zones of the Rainbow Deposit (Rainbow Deposit Long Section).
The Company anticipates another 9 holes will be completed on the
Rainbow before the end of this campaign and ahead of the
publication of a maiden NI 43-101 resource estimate on the
deposit. Additionally, re-sampling of the historic core from
the Pine Bay deposit is underway in preparation for an updated NI
43-101 resource estimate that is planned. Rainbow and Pine Bay are
located on Callinex's mineral lease, less than 250m from a high-voltage power-line and
550m from a historic shaft with
direct road access to processing facilities in Flin Flon, MB.
A second rig has begun testing three of the five high-priority
exploration targets that were recently identified (Pine Bay Project
Plan View). The Company has drilled eight holes to test
electromagnetic ("EM") geophysical targets identified at the base
of the interpreted growth fault that hosts Rainbow and five other
deposits, three of which have seen some level of historic
production (See News Release dated March 10,
2022). Two drill holes tested Anomaly A and six holes tested
Anomaly B which are being processed and pending assay and
geochemical results. The Company plans to return Anomaly B prior to
the conclusion of the current exploration campaign.
Currently, the Company is planning to mobilize to test an
additional previously unannounced priority Induced Polarization
("IP") and coincident EM target located between Anomaly B and
Rainbow based on results to date.
The Company has tested Target Area 2, one of three targets
identified from regional induced polarization and EM surveys
completed along 5.5km of the trend that hosts the Rainbow and
Sourdough deposits and past-producing Centennial Mine (See News
Release dated February 2, 2022).
Based on favorable geology intersected and results from a
subsequent borehole pulse EM ("BPEM") the Company has plans to
immediately follow-up with additional drill testing.
Additionally, Callinex is currently in the process of refining
Target Area 1 by completing a refined BPEM survey on drill hole
PBM-120 which was drilled in the vicinity. Based on the
interpretation of the BPEM survey results a exploration drill hole
will be planned to test this target area.
J.J. O'Donnell, P.Geo, a qualified person under National
Instrument 43-101 and Exploration Manager for Callinex, 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 2022
Drilling
Figure 3: Pine Bay Plan View with Define Exploration Targets and
2022 Drill Traces
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 future drill programs 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.
