VANCOUVER, April 14 /PRNewswire/ - Callinan Mines (TSXV: CAA) (OTCBB: CCNMF) has
received complete assays from its recent drill program at Gossan
Hill in Northern Manitoba. All 32
holes completed as part of the program returned gold and silver
mineralization in encouraging widths and concentrations.
The Company has also received assays of additional samples from
previously reported diamond drill hole GOS 28. With the new samples
incorporated, the zone now averages 4.60 grams of gold per tonne
and 15.13 grams of silver per tonne over 23.81 meters of core
length. The intersection occurs between 267.99 meters and 291.80
meters.
Hole |
From |
To |
width (m) |
Au g/t |
Ag g/t |
GOS028 |
267.99 |
291.8 |
23.81 |
4.60 |
15.13 |
incl. |
287.5 |
291.8 |
4.3 |
13.26 |
54.46 |
GOS029 |
282.88 |
285.5 |
2.62 |
4.65 |
4.17 |
and |
297.9 |
303.03 |
5.13 |
1.55 |
2.58 |
GOS030 |
309.5 |
325.41 |
15.91 |
4.21 |
12.69 |
incl. |
321.57 |
325.41 |
3.84 |
7.43 |
28.52 |
GOS031 |
251.42 |
252.13 |
0.71 |
1.03 |
3.00 |
GOS032 |
365.77 |
367.03 |
1.26 |
1.15 |
0.97 |
GOS032 |
375.7 |
381.8 |
6.10 |
0.82 |
1.22 |
incl. |
375.7 |
377.12 |
1.42 |
1.35 |
3.83 |
True widths are estimated to be 60% of core widths
Additional widths of lower grade gold and silver mineralization
are present on both sides of the main zone reported above.
The Gossan Hill property consists of 3,679 hectares of mining
claims near the town of Cranberry
Portage, Manitoba. The claims are the host of a historically
producing mine, as well as the alteration zone that hosts the
mineralization. The winter drilling program at Gossan Hill
consisted of 32 holes (one abandoned) for a total of 5,997 metres,
before the program was suspended for spring breakup.
The Company plans to conduct a summer program at Gossan Hill,
consisting of of an extensive mapping and sampling program designed
to expand the company's understanding of the gold-bearing
structure, and search for similar structures along the alteration
zone. The summer program will also include continued diamond
drilling to further expand the zone of mineralization. Future plans
also include a laboratory bench test to determine the recovery rate
of the gold and silver.
Callinan Mines maintained a QA/QC
program at all stages of exploration. Drill core recovery was
calculated, measured and recorded at the Gossan Hill Property
before being cut and sampled. Samples were split in half, one half
of each sample being kept for storage and the other half placed in
a pre-labeled plastic bag, tagged with the sample number and
recorded in the log. Callinan QA/QC samples were inserted into the
group of samples and shipped to Acme Analytical Laboratories in
Vancouver, BC, where they were
crushed, split, and pulverized to 250 gram samples at 200 mesh.
Pulp samples were then assayed by Aqua Regia digestion ICP-ES
analysis (24 elements) and assayed for gold and silver by fire
assay method. The lab employs internal quality control by assaying
pulp duplicates and inserting quality control standards of
predetermined values and a blank sample.
Pine Bay
The Company is also pleased to report that drilling permits have
been received for their Pine Bay property in Northern Manitoba near Flin Flon.
The Pine Bay property is the host of a known VMS deposit,
estimated in 1973 by engineering firm Watts Griffiths and McOuat to
contain 607,978 tonnes grading 3.93% copper. Readers are cautioned
that estimates are historic in nature, do not comply with national
instrument 43-101 and should not be relied upon.
Since acquiring the property by way of option in July of 2009,
Callinan has conducted both airborne and ground based
electromagnetic surveys over the known zone, isolating drill-ready
targets along strike and down plunge. Drill testing will begin
immediately to ascertain if the known mineralization is part of a
deeper, more extensive system. The company also plans to conduct
in-hole geophysics to isolate possible extensions and undiscovered
mineralized lenses.
Proposed Spin Out
Callinan is currently proposing a re-organization that will see
its exploration properties, including the Gossan Hill and Pine Bay
properties, become part of a new exploration company by way of plan
of arrangement. Pending shareholder approval at a special meeting
to be held on June 7, 2011,
Callinan's shareholders of record on the effective date, which will
follow shortly after the meeting date, will receive shares of the
new exploration company by way of distribution.
On Behalf of the Board of Directors,
Mike Muzylowski
All of Callinan's exploration programs are conducted under
the direction of J.J. O'Donnell,
P.Geo, a qualified person as defined by national instrument 43-101,
who has reviewed and approved the contents of this release.
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 contemplated work programs and the
timing and amount of expenditures. Callinan does not assume the
obligation to update any forward-looking statement.
SOURCE Callinan Mines Ltd.