Highlights:
- 2019 Bathurst drilling
campaign underway to complete up to 5,000m at the Nash
Creek and Superjack projects;
- Primary objective of the Campaign is to test IP and VTEM
targets identified at the Nash Creek Project; and
- Drilling at Superjack Project to follow up the newly
discovered "D" zone.
VANCOUVER, Oct. 23, 2019 /PRNewswire/ - Callinex Mines
Inc. (the "Company" or "Callinex") (TSXV: CNX) (OTC: CLLXF) is
pleased to announce that it has commenced its 2019 Bathurst
drilling campaign (the "Campaign") to complete up to 5,000m at the Nash
Creek and Superjack Volcanogenic Massive Sulphide ("VMS")
projects located in the Bathurst Mining District of northern
New Brunswick (See Figure 1). The
Campaign at the Nash Creek Project is underway with one drill rig
and plans to mobilize the rig to Superjack shortly after. The
Company anticipates 15 to 20 drill holes will be completed at the
Nash Creek Project, totaling 3,000 to 4,000m, and two drill holes at the Superjack
Project, totaling 500 to 1,000m.
Max Porterfield, President and
CEO, stated, "We are excited to test these newly generated targets
at Nash Creek to show the
district-scale potential of the Project. Additionally, we are eager
to follow up on the high-grade zone discovered during our most
recent exploration campaign at the Superjack Project. Making
discoveries at both projects holds the potential to enhance the
economics from the maiden Preliminary Economic Assessment published
last year."
Earlier this year, Callinex identified 14 target areas from its
156-line-km district-scale induced polarization ("IP") survey that
the Company will be drill testing during this exploration campaign
(See Figure 2). In addition, the Company will be testing three
target areas that were identified from a review of a regional 2006
airborne Versatile Time Domain Electromagnetic ("VTEM") geophysical
survey and confirmed through additional ground work (See Figure
3).
The Nash Creek Deposit consists of three near horizontal
sulphide-rich lenses which have been defined over 2.1 km and hosted
in an altered felsic-mafic volcanic sequence. Callinex's
exploration success, to date, has utilized a historical 2011 IP
survey completed by previous operators. Recognizing the regional
felsic-mafic sequence which hosts the three deposits extends an
additional 20m south, Callinex
recently completed an additional 156-line km IP survey to cover the
area of interest. The Nash Creek Deposit IP signature is a lower
resistivity coincident with an increase in chargeability relative
to background.
The majority of priority targets identified during the recently
completed IP survey that are being drill tested exhibit a low
resistivity anomaly coincident with increased chargeability and are
located along the favourable geological contact between mafic and
felsic volcanic rock units. Additionally, a number of the targets
are supported by historic mineral occurrences with surface sampling
recording values of up to 5.5% Cu, 9.1% Zn and 10.3% Pb.
A total of six anomalies were identified after reviewing a
historic regional 367-line-km airborne VTEM geophysical survey in
the Nash Creek Area, completed in
2006 by Slam Exploration Ltd. Follow up work by Callinex's
technical team on the identified VTEM targets, which consisted of
further ground electromagnetic and IP geophysical surveys, resulted
in three target areas which warrant diamond drilling follow up.
Additionally, at the Superjack Project, Callinex plans to follow
up on the newly discovered "D" zone where drill hole SJ17-88
intersected 1.9m of massive
sulphides, grading 8.0% zinc equivalent ("Zn Eq.") mineralization
(6.1% Zn, 1.0% Pb, 0.1% Cu and 35 g/t Ag) and approximately
100m vertically above SJ17-88, drill
hole SJ17-90 intersected 2.7m of
massive sulphides, grading 6.2% Zn Eq. (4.4% Zn, 0.9% Pb, 0.3% Cu
and 18 g/t Ag) at a down-hole depth of 40.4m (See News Release dated November 16, 2017).
The Company plans on drilling two holes totalling approximately
1,000m to test electromagnetic and
magnetic geophysical anomalies coincident with Pb in soil anomalies
(See Figure 4). These drill targets are located immediately
east-northeast of the "D" zone. The newly interpreted "D" zone
horizon is located between the previously discovered A,B, & C
zones and remains untested along strike and depth.
J.J. O'Donnell, P.Geo, a qualified person under National
Instrument 43-101 and a Consulting Geologist for Callinex, has
reviewed and approved the technical information in this news
release.
Figure 1: Bathurst Regional Overview
Figure 2: Nash Creek 2018/19 IP
Survey Drill Targets
Figure 3: Nash Creek 2006 VTEM
Survey Drill Targets
Figure 4: Superjack 2019 Drill Targets
About Callinex Mines Inc.
Callinex Mines Inc. (TSXV: CNX) (OTC: CLLXF) is advancing its
portfolio of zinc rich deposits located in established Canadian
mining jurisdictions. The portfolio is highlighted by its
Nash Creek and Superjack deposits
in the Bathurst Mining District of New
Brunswick. A 2018 PEA outlined a mine plan that 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). The projects
have significant exploration upside over a district-scale land
package that encompasses several high-grade mineral occurrences
along a 20km trend. Click here to view a video overview of the
Nash Creek Project.
Callinex has a project portfolio that also includes projects
within the Flin Flon Mining District of Manitoba that are located 25km to an operating
processing facility that requires additional ore.
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.