VANCOUVER,
BC, Jan. 18, 2024 /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,
I'm writing to you today with greater enthusiasm
and conviction than ever before as our team defines our remarkable
portfolio of base and precious metals rich deposits and advances
extraordinary new mineral discoveries. The milestones achieved last
year solidified several years of exploration and established a
foundation for significant growth far beyond what we have achieved
to date. Achieving the 2023 milestones would not have been possible
without the continued support of our shareholders, stakeholders and
by the efforts of my colleagues to whom I'd like to extend sincere
thanks and appreciation.
Callinex's first key milestone was in
July 2023 when we announced a maiden
mineral resource estimate of high grade copper equivalent
mineralization at our flagship Pine Bay Project in Manitoba. The Rainbow deposit was the
principal of two deposits in the estimate and after its discovery
in late 2020 the Callinex team focused its efforts on delineating
the Rainbow deposit over several drilling seasons prior to
publishing a maiden resource estimate. I am very pleased that the
resource estimate created a strong base to build upon and
highlights the extraordinary, combined copper equivalent grades at
the adjacent Rainbow and Pine Bay deposits.
On the exploration front, on the heels of our
2023 financing, the Company commenced its 2023 exploration campaign
in late March focused on the growth fault corridor that hosts known
deposits and emerging discoveries at Pine Bay. The campaign was a
resounding success and resulted in achieving our second key
milestone of 2023, the Descendent discovery by drill hole DSC-111,
which intersected four mineralized base and precious metals rich
VMS zones.
The Descendent discovery follows in the footsteps
of numerous historical exploration groups exploring this specific
area of Pine Bay going back over a century to 1911. More recently,
in the mid-1990's, both Placer Dome and Inmet Mining explored this
area at depth with exploration objectives of discovering 30 and 20
million tonnes of high-grade base and precious metals rich
mineralization, respectively.
The Descendent discovery is located within one of
the largest and most highly altered packages of felsic rocks in the
prolific Flin Flon Greenstone Belt, a major alteration zone, whose
size is typically correlated with the size of the VMS deposit
associated with it and which had previously been identified at
surface spanning an extensive 1,100m
by 700m.
Since the Descendent discovery, our Company
commenced an initial step-out drilling campaign to test the
continuity of the discovery at depth, where assay results are still
pending. Looking forward, our immediate focus will be to continue
to aggressively expand the resource base through Descendent
step-out drilling and further defining our other pipeline of
discoveries. Additionally, we will look to expand our strategic
exploration portfolio within the Flin
Flon district should the opportunity arise.
I have strong conviction that 2024 will be
another transformative year for our Company as the Pine Bay Project
solidifies itself as a tier one asset with an exponentially growing
polymetallic resource base of high-grade copper, gold, silver and
zinc deposits. All of this taking place on the backdrop of strong
base and precious metals prices driven by favorable supply and
demand fundamentals.
Sincerely,
"Max Porterfield"
President & CEO
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.
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 deposit at its rich VMS Pine Bay
Project located near existing infrastructure in the Flin Flon
Mining District. Callinex prepared an indicated mineral resource on
the Rainbow deposit of 3.44 Mt grading 3.59% CuEq for 272.4 Mlb
CuEq (238.3 Mlb Cu, 56.9 Mlb Zn, 37.6 koz Au, 692.8 koz Ag, 2.3 Mlb
Pb), an inferred mineral resource on the Rainbow deposit of 1.28 Mt
grading 2.95% CuEq containing 83.4 Mlb CuEq (72.1 Mlb Cu, 19.5 Mlb
Zn, 11.1 koz Au, 222.2 Koz Ag, 0.8
Mlb Pb) and an inferred mineral resource at the Pine Bay deposit of
1.0 Mt grading 2.62% Cu containing 58.1 Mlb Cu (see news release
dated July 10, 2023). 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 (see news release dated May 14, 2018). 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), a 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) (see news release dated
October 25, 2021).
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.
