VANCOUVER,
June 19, 2017 /CNW/ - Callinex Mines
Inc. (the "Company" or "Callinex") (TSX-V: CNX; OTCQX: CLLXF) is
pleased to announce that it has added a second rig to its ongoing
2017 Bathurst drilling campaign (the "Campaign") at the Company's
100% owned Nash Creek Project located in the Bathurst Mining
District of New Brunswick. To
date, nine holes have been completed as planned to test for
potential to expand the near-surface mineral resource further to
the north (See News Release dated May 30,
2017). It is anticipated that an additional 15 drill holes
will be completed with a concentrated focus on testing an area
spanning 500m along strike from the extent of the current mineral
resource (See Figure 1 and 2).
The Nash Creek Project is ideally situated approximately 1
km south of Provincial Highway 11, about 100 km by road to
Trevali's Caribou Mine and 25 km by road to Glencore's Belledune lead/silver smelter, which has
direct railway access to Glencore's Canadian zinc smelting and
refining operations. Previous exploration has delineated
mineralization over a 1.5km strike length and the project hosts an
Indicated mineral resource totaling 712 million pounds of zinc
equivalent mineralization and an Inferred mineral resource totaling
88 million pounds of zinc equivalent mineralization (see Table
1).
Following completion of the Nash
Creek phase of the drilling campaign, the drill rigs will be
mobilized to the nearby Superjack Project to test for high-grade
extensions to the A Zone deposit (See Table 1). The two deepest
holes drilled by a previous operator at the A Zone deposit, at a
vertical depth of approximately 440m, intersected thick intervals
of high-grade mineralization (See Figure 3):*
- NP11-54 intersected 10.3m of 8.2% Zn Eq. (4.0% Zn, 1.7%
Pb, 0.4% Cu, 53.3 g/t Ag and 0.3 g/t Au) including a higher-grade
interval over 6.6m of 10.5% Zn Eq. (5.3% Zn, 2.2% Pb, 0.4% Cu, 69.0
g/t Ag and 0.5 gt/ Au).
- NP11-39 intersected 11.2m of 7.6% Zn Eq. (5.0% Zn, 1.0%
Pb, 0.2% Cu, 34.2 g/t Ag and 0.2 g/t Au) including a higher-grade
interval over 2.6m of 17.6% Zn Eq. (15.0% Zn, 1.4% Pb, 0.3% Cu,
32.5 g/t Ag)
In addition to testing the A zone at greater depths, one
hole will also test a 1,300 metre long by 800 metre wide gravity
inversion anomaly that indicates the three known mineralized zones
(A, B and C zones) all potentially connect at depth. The Superjack
phase of the drilling campaign is anticipated to include 4 to 8
drill holes totaling 2,500m to 4,000m.
*Zinc equivalent grades are based on the following metal
prices: zinc US$2,525/t ($1.15/lb), copper US$5,500/t ($2.49/lb), lead US$$2,205/t ($1.00/lb), gold US$1,300 per oz and silver US$18.0 per oz. Metal recoveries of 100% were
applied in the metal equivalent calculations. The zinc equivalent
calculation is as follows: ZnEq = 100 ((Au Price in (g) x Au Grade)
+ (Ag Price in (g) x Ag Grade) + (Cu Price*2204.6 x Cu Grade(%)/100)
+ (Zn Price*2204.6 x Zn Grade(%)/100)+(Pb Price*2204.6 x Pb
Grade(%)/100))/Zn Price*2204.6
Jason Levers, PGeo, a
qualified person under National Instrument 43-101 and a Staff
Geologist for Callinex, has reviewed and approved the technical
information in this news release.
Table 1: 2016 Mineral Resource Estimates
for New Brunswick Projects
Indicated Mineral Resources
|
Project
|
Tonnes
|
Zn Eq.
(%)
|
Zn (%)
|
Pb
(%)
|
Ag (g/t)
|
Cu
(%)
|
Contained Zn Eq. ('000 pounds)
|
Nash
|
9,033,000
|
3.58
|
2.79
|
0.57
|
18.16
|
n/a
|
711,991
|
Total
|
9,033,000
|
3.58
|
2.79
|
0.57
|
18.16
|
n/a
|
711,991
|
|
|
Inferred Mineral Resources
|
Category
|
Tonnes
|
Zn Eq. (%)
|
Zn (%)
|
Pb (%)
|
Ag (g/t)
|
Cu
(%)
|
Contained Zn Eq. ('000 pounds)
|
Superjack
|
3,211,000
|
4.63
|
3.01
|
0.78
|
29.46
|
0.27
|
327,618
|
Nash
|
1,113,000
|
3.58
|
2.83
|
0.57
|
15.51
|
n/a
|
87,883
|
Total
|
4,324,000
|
4.36
|
2.96
|
0.73
|
25.87
|
0.20
|
415,501
|
Notes:
1)
|
Resources are
categorized according to CIM Definition Standards; it cannot be
assumed that all or any part of Inferred Mineral Resources will be
upgraded to Indicated or Measured as a result of continued
exploration.
|
2)
|
The Nash Creek
mineral resource estimate includes the Hickey Zone and Hayes
Zone
|
3)
|
The Superjack mineral
resource estimates includes the Nepisiguit A and Nepisiguit C
Zones
|
4)
|
Zinc equivalent
resources for the Nash Creek Project were calculated using metal
prices of $0.90/lb for zinc, $0.87/lb for lead, and 17.73/oz for
silver. Metallurgical recoveries have been assumed to be 90.5% for
zinc, 81.5% for lead and 50% for silver. A cut-off grade of 2.0% Zn
Eq. was utilized in the resource estimate.
|
5)
|
Zinc equivalent
resources for the Superjack Project were calculated using metal
prices of $1.12/lb for zinc, $1.06/lb for lead, $2.97/lb for copper
and $20.38/oz for silver. Metal recoveries have been assumed to be
100% for zinc, 72% for lead, 86% for copper and 70% for silver. A
cut-off grade of 1.5% Zn Eq. was utilized in the resource
estimate.
|
Figure 1: Map of the Bathurst Mining District of Northern New Brunswick
Click the link below to view this figure:
https://callinex.ca/wp-content/uploads/2017/05/NB-Overview-Map.jpg
Figure 2: Plan View of the Nash Creek Mineral
Resources
Click the link below to view this figure:
https://callinex.ca/wp-content/uploads/2017/06/Plan-Map-of-Nash-Creek-Proposed-Drill-Holes.jpg
Figure 3: Long Section
of the A Zone Deposit
Click the link below to view this figure:
https://callinex.ca/wp-content/uploads/2017/06/Plan-Map-of-Nash-Creek-Proposed-Drill-Holes.jpg
About Callinex Mines Inc.
Callinex Mines Inc. is focused on discovering and
developing zinc and copper rich mines within prolific Canadian VMS
mining jurisdictions. The Company is actively exploring its Pine
Bay Project, located in the Flin
Flon mining district of Manitoba, which hosts significant historic VMS
deposits that are within close proximity to a processing facility.
The larger project portfolio hosts three significant zinc rich
mineral resources including the Point
Leamington, Nash Creek and
Superjack Projects located in Eastern
Canada.
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.
SOURCE Callinex Mines Inc.