Highlights:
- Callinex has received a $300,000 grant from the Manitoba Mineral
Development Fund to advance the recently announced Rainbow
Discovery;
- The MMDF is aimed to jump-start mineral and economic
development initiatives that capitalize on existing infrastructure;
and
- The Rainbow Discovery is within a mineral lease, less than
250m from a high-voltage powerline
and 550m from a historic shaft with
direct road access to processing facilities in Flin Flon.
VANCOUVER, BC, Nov. 17, 2020 /CNW/ - Callinex Mines Inc. (the
"Company" or "Callinex") (TSXV: CNX) (OTC: CLLXF) is pleased to
announce the Company has received a $300,000 grant from the Manitoba Mineral
Development Fund ("MMDF") to advance the recently announced Rainbow
Discovery. The Rainbow Discovery is composed of two high-grade
copper, gold, silver and zinc zones at the Company's Pine Bay
Project, located 16 kms away from Flin
Flon, Manitoba (See Figure 1). The most recent step-out hole
drilled into the Rainbow Discovery, PBM-113, intersected
5.00m of 8.35% copper equivalent
(CuEq) comprising of 8.08% Cu, 0.20 g/t Au, 10.55 g/t Ag and 0.13%
Zn followed by 4.0m of 2.31% CuEq
comprising of 2.21% Cu, 0.09 g/t Au, 2.28 g/t Ag and 0.04% Zn and
interval of 9.06m of 3.72% CuEq
comprising of 2.37% Cu, 0.70 g/t Au, 7.00 g/t Ag and 2.10% Zn (See
News Release Dated November 16,
2020).
"We are extremely excited about the Rainbow Discovery Callinex
has made at their Pine Bay Project" stated Manitoba Chamber of Commerce President and CEO
Chuck Davidson. "Northern Manitoba has been through a lot over
the past few years. Callinex is a great partner and their team is
extremely passionate about our province. We look forward to
continuing to work with them on this exciting project that shows
strong potential to bring jobs and prosperity to the Flin Flon area."
The MMDF was launched by the Manitoba government in August 2020 with the specific goal of
jump-starting mineral and economic development initiatives
throughout the province. The MMDF aims to support new economic
development opportunities that capitalize on existing assets across
Manitoba.
Max Porterfield, President and
CEO, stated, "The generous grant from the Manitoba Mineral
Development Fund is a strong endorsement for the Rainbow
Discovery." Mr. Porterfield continued, "We are pleased to see the
Manitoba government shares our
vision for the potential the Rainbow Discovery has to create
long-term jobs for the community of Flin
Flon and strengthen the provincial economy."
The community of Flin Flon's
future remains uncertain due to the impending closure of Hudbay's
777 mine that's slated to shut down in the first quarter of 2022.
The Rainbow Discovery has been made on Callinex's mineral lease,
less than 250m from a high-voltage
powerline and 550m from a historic
shaft with direct road access to processing facilities in
Flin Flon (See Figure 2).
Proceeds received from the grant will go directly to fund the
ongoing drilling to test the size and extent of the Rainbow
Discovery.
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.
About Callinex Mines Inc.
Callinex Mines Inc. (TSXV: CNX) (OTC: CLLXF) is advancing its
portfolio of base and precious metals rich deposits located in
established Canadian mining jurisdictions. The portfolio is
highlighted by the rapidly expanding Rainbow Discovery at its Pine
Bay Project located near existing infrastructure in the Flin Flon
Mining District. Additionally, Callinex has emerging near-surface
silver discoveries at its Nash Creek Project located in the
Bathurst Mining District of New
Brunswick. A 2018 PEA on the Company's Bathurst projects 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).
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.