VANCOUVER, BC, Jan. 17,
2023 /CNW/ - Callinex Mines Inc. ("Callinex" or "the
Company") (TSXV: CNX) (OTCQX: CLLXF) is pleased to provide its
year-end letter to shareholders from President and CEO,
Max Porterfield:
Dear Shareholders,
We are pleased to enter 2023 on the heels of another year of
exciting results and key milestones to come. None of this would be
possible without the continued support of our dedicated
shareholders, stakeholders and employees that have funded,
contributed and collaborated to meet our rapidly expanding
objectives. I'd like to personally thank each and every one of
you.
Over the last year Callinex has remained focused on delineating
the high-grade copper, gold, silver and zinc Rainbow Deposit and
testing regional targets developed by our team at our Pine Bay
Project, located just outside of Flin
Flon, MB.
At Rainbow, the Company has completed over 42,000 meters of
drilling into the deposit area since its discovery in August 2020 across 82 drill holes (including 18
wedges). We have now completed all the necessary drilling to
establish a maiden resource estimate for Rainbow down to the
800m level, which is to come this
year. Looking forward, we are eager to continue to advance Rainbow
with infill drilling, a key step prior to commencing economic
studies, and are excited to conduct exploration at depth to further
increase the size of the deposit.
Callinex's exploration focus along the growth fault corridor
that hosts Rainbow and five other deposits to the east has paid off
with a new discovery in 2022. The Alchemist was discovered at the
base of the growth fault corridor and exhibits the same robust base
and precious metals grades that the Flin Flon Greenstone Belt is
famous for. The Alchemist comes with the potential for significant
resource growth and we intend to conduct step-out drilling to
unlock this potential. To date, each deposit discovered along the
growth fault corridor at Pine Bay has grown to be significantly
larger than the one that precedes it.
Exploration opportunities beyond Rainbow and Alchemist look
bright and bring the potential to stack a pipeline of discoveries
at Pine Bay. Within the main growth fault corridor, follow-up is
planned at target area Odin which is located between Alchemist and
Rainbow as well as the Cabin deposit area to the east.
Additionally, near surface target areas have been identified along
the Alchemist and Rainbow horizons within a separate growth fault
corridor that we are excited to share more details on soon.
This year presents an opportunity for significant growth as we
continue to advance the high-grade Rainbow, Alchemist and pipeline
of exciting exploration targets. Surging global demand for base
metals driven by government policy in a tight market coupled with a
rapidly changing geopolitical landscape provides Callinex a strong
backdrop as we continue to achieve our milestones in 2023 and
beyond.
Sincerely,
"Max Porterfield"
President & CEO
J.J. O'Donnell, P. Geo, a qualified person under National
Instrument 43-101 and a Exploration Manager for Callinex, has
reviewed and approved the technical information in this news
release.
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.
