Highlights:
- PBM-177 intersected 33.67m of
4.29% copper, 0.22 g/t gold, 4.63g/t silver and 0.31% zinc
including 10.47m of 5.90% copper,
14.43m of 5% copper and 7m of 6.38% copper;
- PBM-178 extends the Yellow zone with 7.40m of 7.06% copper and infills the Orange zone
with 8.45m of 6.18% copper;
- PBM-175 intersected 16m of
2.85% copper, 0.24 g/t gold; and
- PBM-176 expands the Orange and Yellow zones with
3.50m of 2.99% copper eq. and
3m of 1.96% copper eq.
VANCOUVER, BC, Sept. 19,
2022 /CNW/ - Callinex Mines Inc. (the "Company"
or "Callinex") (TSXV: CNX) (OTCQX: CLLXF) is pleased to announce
initial results from of the fully funded 2022 exploration campaign
to expand and delineate the high-grade copper, gold, silver and
zinc Rainbow deposit (the "Rainbow") and test new target areas. 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, 550m from a historic shaft with direct road
access to processing facilities in Flin
Flon, Manitoba and 1.4km from the newly discovered Alchemist
deposit (Pine Bay Project Plan View) (See news release dated
September 7, 2022).
Delineation drilling at Rainbow continues to impress with
PBM-177 which intersected the Orange zone and returned
33.67m of 4.29% copper ("Cu"),
0.22 g/t gold ("Au"), 4.63 g/t silver ("Ag"), 0.31% zinc ("Zn") or
4.60% copper equivalent ("CuEq") including 10.47m of 5.90% Cu, 14.43m of 5% Cu and 7m of 6.38% Cu (Rainbow Deposit Long
Section).
PBM-178-W1 expanded the Yellow zone with a step-out vertically
above PBM-113-W2, which intersected 11.00m of 2.43% Cu, 0.24 g/t Au, 5.00 g/t Ag
and 0.89 % Zn. or 2.98% CuEq which was followed by the Orange zone
which returned 11.65m of 2.44%
Cu, 0.22 g/t Au, 4.36 g/t Ag and 0.36% Zn or 2.76% CuEq.
Max Porterfield, President and
CEO, stated, "Drill results outlined today continue to deliver some
of the widest intervals and highest copper grades intersected at
the Rainbow Deposit to date. We are incredibly pleased with
the success of our step out drill holes to date, which has expanded
the Rainbow Deposit in multiple areas."
Drill hole PBM-176 was a significant step-out that expanded both
the Orange and Yellow zones. PBM-176 intersected the Yellow zone
and returned 3.00m of 1.96% CuEq
(1.86% Cu, 0.08 g/t Au, 4.19 g/t Ag,and 0.06% Zn) in a 75m step-out from PBM-178-W1 and 95m step-out from PBM-161-W2 that returned
6.50m of 5.47% CuEq (4.48% Cu, 0.50
g/t Au, 9.06 g/t Ag and 1.48% Zn). PBM-176 intersected the Orange
zone and returned 3.50m of 2.99% CuEq
(2.74% Cu, 0.19 g/t Au, 3.03 g/t Ag or 0.24% Zn) in a 82m step-out to the south from PBM-131 which
previously returned 20.53m of 3.21%
CuEq (2.58% Cu, 0.22 g/t Au, 6.63 g/t Ag and 1.11% Zn).
JJ O'Donnell, Callinex Exploration Manager, stated, "Additional
drilling into the Rainbow horizons has further defined the three
massive sulphide lenses with widths and grades similar to previous
neighbor holes, suggesting good correlation within the mineralized
horizons."
The Company has now completed the necessary drilling to
delineate Rainbow within the first 800m of surface in anticipation of publishing a
maiden resource estimate. Callinex completed 33 holes (including 6
wedges) encompassing 19,840m of
drilling at the Rainbow deposit as part of the fully funded
drilling campaign. Since the Company discovered the
Rainbow Deposit in August 2020,
the Company has drilled 81 holes (including 19 wedges) for a total
of 42,000m into the deposit area.
Callinex has 12 delineation drill holes pending at the assay lab
encompassing 6,300m of drilling into
the Rainbow deposit area.
Callinex is currently completing the final exploration hole of
the current exploration campaign to test Target Area Odin, which is
located in between the Rainbow and the newly discovered Alchemist
deposits (See news release Dated September
7, 2022). The Company has completed 8,500m of exploration drilling as part of the
broader 2022 drilling campaign and has only announced 3,920m encompassing 4 drill holes to
date.
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-173-W1
|
Orange
|
627.0
|
632.0
|
5.00
|
4.08
|
3.51
|
0.44
|
6.84
|
0.55
|
3.91
|
4.08
|
PBM-174
|
Orange
|
545.55
|
550.5
|
4.95
|
4.76
|
2.12
|
0.54
|
10.17
|
1.33
|
3.86
|
3.08
|
PBM-174-W1
|
Orange
|
550.0
|
556.0
|
6.00
|
5.54
|
2.47
|
0.34
|
9.89
|
0.67
|
3.79
|
3.05
|
PBM-175
|
Orange
|
635.0
|
651.0
|
16.00
|
14.13
|
2.85
|
0.24
|
5.76
|
0.19
|
3.26
|
3.14
|
PBM-176
|
Orange
|
704.0
|
707.5
|
3.50
|
2.90
|
2.74
|
0.19
|
3.03
|
0.24
|
3.35
|
2.99
|
|
Yellow
|
672.0
|
675.0
|
3.00
|
2.49
|
1.86
|
0.08
|
4.19
|
0.06
|
3.15
|
1.96
|
PBM-177
|
Orange
|
636.33
|
670.0
|
33.67
|
29.81
|
4.29
|
0.22
|
4.63
|
0.31
|
3.61
|
4.60
|
|
Includes
|
636.33
|
646.80
|
10.47
|
9.33
|
5.90
|
0.30
|
7.44
|
0.19
|
3.75
|
6.24
|
|
Includes
|
654.80
|
669.23
|
14.43
|
12.86
|
5.00
|
0.21
|
4.31
|
0.28
|
3.83
|
5.29
|
|
Includes
|
660.0
|
667.0
|
7.00
|
6.24
|
6.38
|
0.24
|
4.83
|
0.10
|
3.99
|
6.63
|
PBM-178
|
Yellow
|
690.6
|
698.0
|
7.40
|
5.70
|
7.06
|
0.32
|
11.59
|
0.42
|
3.74
|
7.53
|
|
Orange
|
742.0
|
750.45
|
8.45
|
6.84
|
6.18
|
0.49
|
6.62
|
0.12
|
4.07
|
6.62
|
PBM-178-W1
|
Yellow
|
684.0
|
695.0
|
11.0
|
8.18
|
2.43
|
0.24
|
5.00
|
0.89
|
3.27
|
2.98
|
|
Orange
|
736.35
|
748.0
|
11.65
|
8.66
|
2.44
|
0.22
|
4.36
|
0.36
|
3.96
|
2.76
|
|
Notes:
|
1.
|
PBM-173-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 and6071255m North and 292.0m above
sea level, and started at 290Az, -73 degree dip. PBM-174 and
PBM-174-W1 collars are 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 292.0m above sea level, and started at 292.3z,
-65.4 degree dip. PBM-175 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 292.0m above sea level, and started at
298.6Az, -70.9 degree dip. PBM-176 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 292.0m above sea level, and started at
291Az, -71degree dip. PBM-177 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 292.0m above sea level, and started at
300.5Az, -75 degree dip. PBM-178 and PBM-178-W1 collars are 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 292.0m above sea level, and
started at 293.9Az, -74 degree dip.
|
|
|
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 and Alchemist deposits 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.