VANCOUVER, BC, Aug. 8, 2024
/CNW/ - Callinex Mines Inc. (the "Company" or "Callinex") (TSXV:
CNX) (OTCQX: CLLXF) is pleased to announce the closing of its
previously announced option agreement (the "Option Agreement") with
Voyageur Mineral Explorers Corp. ("Voyageur") whereby the Company
has optioned a 100% interest in the Alberts Lake Project,
Manitoba (see news release dated
May 20, 2024).
Under the terms of the option agreement, Callinex will acquire a
100% interest in the Alberts Lake Project by making the following
share issuances to Voyageur:
- $75,000 of common shares on the
date of TSX Venture Exchange acceptance;
- $125,000 of common shares on the
first anniversary;
- $150,000 of common shares on the
second anniversary;
- $150,000 of common shares on the
third anniversary; and
- $150,000 of common shares on the
fourth anniversary.
The amount of shares to be issued on each applicable date will
be based upon the greater of (i) the 5-day volume weighted average
trading price of the common shares calculated 2 days prior to the
applicable date; and (ii) $1.07. The Company can, at is sole
discretion, elect to (i) pay the cash value of an anniversary
payment indicated above, in lieu of issuing common shares; and/or
(ii) accelerate the payment or issuance of any common shares prior
to the particular anniversary payment date. In addition, the shares
issued under the option agreement will be subject to restrictions
on resale for a period of four months and a date from the date of
issue.
Upon Callinex acquiring a 100% interest in the Alberts Lake
Project, Voyageur will be granted a 1.5% net smelter return
royalty, of which 0.5% may be repurchased with a one time payment
of $500,000.
A portion of the claims are subject to a historical back-in
right as well as an underlying net profit royalty.
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(a)
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Pursuant to an
agreement between Aur Resources Inc. ("Aur") and Foran Mining
Corporation ("Foran"), Foran granted Aur a back-in right to 63 of
the mineral claims of the Property. Under the terms of the
back-in right, Aur may acquire: (i) an initial 60% interest after
the preparation of a resource of 225,000 contained copper
equivalent and, within 48 months thereafter, the delivery of a
feasibility study by Aur on the property, (ii) an additional 10%
interest (for a total interest of 70%) by Aur arranging debt
financing for the other joint venture partner, (iii) an additional
20% interest (for a total interest of 90%) by Aur upon Foran
selling its interest to a major company.
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|
(b)
(c)
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Cameco Corp. holds a
15% net profit interest in one mineral claim on the
Project.
Ray-Dor Resources Ltd.
Holds a 0.2% net smelter return on one mineral claim of the
property, of which one-half of the royalty may be repurchased for
$20,000.
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In connection with closing of the Option Agreement, a previous
6% net profit royalty to Thundermin Resources Inc. and a
previously 2% net smelter return royalty to Vista Gold Corp. were
confirmed terminated.
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, completing the private placement financing, 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.