VANCOUVER, June 7, 2018 /CNW/ - Callinex Mines Inc. (the
"Company" or "Callinex") (TSXV: CNX) (OTCQX: CLLXF) is
pleased to announce that it has filed a NI 43-101 Technical Report
("Technical Report") for its 100% owned Nash Creek Project located
within the Bathurst Mining District of New Brunswick. The updated resource estimate
outlined a major increase in contained zinc, lead and silver
mineralization within Indicated and Inferred categories (See News
Release dated April 16, 2018). The
Technical Report can be viewed by clicking here or by visiting the
Company's SEDAR profile at www.sedar.com.
A 2018 maiden Preliminary Economic Assessment ("PEA") on the
Company's Nash Creek and Superjack
projects outlined potential for an open pit mining operation that
generates a strong economic return with a pre-tax internal rate of
return ("IRR") of a 34.1% (25.2% post-tax) and a pre-tax Net
Present Value ("NPV") at an 8% discount rate of C$230 million (C$128
million post-tax) over a ten year mine life (See News
Release dated May 14, 2018). The
Company believes there is a clear opportunity to significantly
enhance the project's economics with additional exploration. A
technical report for the PEA will be issued within 30 days.
A two-minute video presentation of the Nash Creek Project can be
accessed by clicking here.
Cautionary Note on PEA. The PEA is preliminary in nature and it
includes Inferred Mineral Resources that are considered too
speculative geologically to have the economic considerations
applied to them that would enable them to be categorized as Mineral
Reserves. There is no certainty that the PEA will be realized.
The current mineral resource at Nash
Creek now hosts Indicated mineral resource totaling 13.6 Mt
averaging 3.2% Zn Eq. (2.7% Zn, 0.6% Pb and 17.9 g/t Ag) containing
963 million pounds of zinc equivalent mineralization and an
Inferred mineral resource totaling 5.9 Mt averaging 3.1% Zn Eq.
(2.7% Zn, 0.5% Pb and 14.0 g/t Ag) containing 407 million pounds of
zinc equivalent mineralization.
The Company's project portfolio now contains indicated resources
of 13.6 Mt averaging 3.2% Zn Eq. for a total of 963 million pounds
and total inferred resources of 23.2 Mt averaging 5.2% Zn Eq. for a
total of 2.7 billion pounds from the Nash
Creek, Superjack and Point
Leamington projects (See News Release dated April 16, 2018).
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: Map of the Bathurst Mining District of New Brunswick
Figure 2: Nash Creek Land Package
About Callinex Mines Inc.
Callinex Mines Inc. (TSXV: CNX) (OTCQX: 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 a 34.1% (25.2%
post-tax) and a pre-tax NPV8% of C$230
million (C$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 20 km trend.
Callinex has a project portfolio that also includes projects
within the Flin Flon Mining District of Manitoba that are located 25 km to an
operating processing facility that requires additional ore. The
Company's projects host Indicated resources of 13.6 Mt averaging
3.2% Zn Eq. totaling 963 million pounds and Inferred resources of
23.2 Mt averaging 5.2% Zn Eq. totaling 2.7 billion pounds (See News
Release dated April 16,
2018).
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.
View original
content:http://www.prnewswire.com/news-releases/callinex-files-technical-report-for-updated-resource-estimate-at-the-nash-creek-project-300661587.html
SOURCE Callinex Mines Inc.