Highlights:
- PBM-113-W1 intersected the Orange Zone with 5.00m of 10.63% copper equivalent (CuEq)
comprising of 8.79% copper, 1.38 g/t gold, 24.02 g/t silver and
1.79% zinc;
- PBM-113-W1 intersected Yellow Zone with 5.40m of 4.43% CuEq comprising of 3.22% copper,
0.61 g/t gold, 10.43 g/t silver and 1.84% zinc;
- PBM-113-W1 intersected the Rainbow Horizon 65m vertically above PBM-113; and
- PBM-113-W2 is currently being drilled to step-out ~60m
vertically above PBM-113-W1 as the Company expands the Rainbow
Discovery to surface.
VANCOUVER, BC, Nov. 18, 2020 /CNW/ - Callinex Mines Inc. (the
"Company" or "Callinex") (TSXV: CNX) (OTC: CLLXF) is pleased to
announce high-grade copper results with gold, silver and zinc from
the ongoing drilling campaign to expand the Rainbow Discovery (the
"Discovery" or "Rainbow") at the 100% owned Pine Bay Project
located in the Flin Flon Mining District of Manitoba (District Overview Map). The Rainbow
Discovery has been made on Callinex's mineral lease, less
than 250m from a high-voltage power-line and 550m from a historic shaft with direct road
access to processing facilities in Flin
Flon, MB (Pine Bay Plan View).
Drill hole PBM-113-W1 intersected the following two high-grade
intersections 65m above PBM-113 and 190m away (along strike and above) from discovery
hole PBM-111 (Orange Zone Core Photo, Rainbow Discovery Long
Section and Cross Section):
- Orange Zone returned: 5.00m of
10.63% copper equivalent (CuEq) comprising of 8.79% copper, 1.38
g/t gold, 24.02 g/t silver and 1.79% zinc; and
- Yellow Zone returned: 5.40m of
4.43% CuEq comprising of 3.22% copper, 0.61 g/t gold, 10.43 g/t
silver and 1.84% zinc including 2.10m
of 8.75% CuEq comprising of 6.96% copper, 1.11 g/t gold, 21.15 g/t
silver and 2.23% zinc.
Max Porterfield, President and
CEO, stated, "The exceptional high-grade drill results announced to
date make Rainbow a bonafide discovery within the Flin Flon Mining
District." Mr. Porterfield continued, "Our technical team has been
credited with the discovery of three of the four largest mines ever
discovered in the Flin Flon Greenstone Belt. Together, we believe
the Rainbow Discovery has the potential to extend Flin Flon's rich mining history and in turn
benefit our shareholders."
The previous step-out hole drilled into the Rainbow Discovery,
PBM-113, intersected 5.00m of
8.35% copper equivalent (CuEq) (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 (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
(2.37% Cu, 0.70 g/t Au, 7.00 g/t Ag and 2.10% Zn) (See News Release
Dated November 16, 2020).
Currently, two rigs are drilling step-out holes as the Company
delineates the Rainbow Discovery. Drill hole PBM-115 is
currently being drilled to test ~75m along strike to the north
of PBM-113. Additionally, a second wedge, PBM-113-W2, has
been started off PBM-113 to intersect ~60M vertically above
PBM-113-W1. The two drill rigs will continue to operate to
delineate the Rainbow Discovery until mid-December for a brief
holiday break and resume drilling in early January 2021.
Table 1: Pine Bay Drill Results
Drill
Hole
|
From
(m)
|
To
(m)
|
Interval
(m)
|
True
Width
(m)
|
Cu
%
|
Au
g/t
|
Ag
g/t
|
Zn
%
|
Sg
|
CuEq
%
|
PBM-113-W1
(Yellow
Zone)
|
770.60
|
776.00
|
5.40
|
4.60
|
3.22
|
0.61
|
10.43
|
1.84
|
3.27
|
4.43
|
including
|
770.60
|
772.70
|
2.10
|
1.78
|
6.96
|
1.11
|
21.15
|
2.23
|
3.86
|
8.75
|
PBM-113-W1
(Orange
Zone)
|
833.70
|
838.70
|
5.00
|
4.41
|
8.79
|
1.38
|
24.02
|
1.79
|
4.37
|
10.63
|
Notes(1)(2)(3):
|
|
1. PBM-113-W1 was
wedged off the parent hole (PBM-113) at the depth of
514m and continued to a final depth of 884m. The PBM-113-W1 shares
the same collar location as PBM-113 located at the following
Universal Transverse Mercator (UTM) coordinates using the North
American Datum of 1983 (NAD83) within UTM Zone 14N: 331402m East
and 6071286m North. The collar of the hole is 298m above sea level.
The dip and azimuth for hole PBM-113-W1 at its 835 metre mark is
-38˚and 308˚ Az
|
|
2. The size of the
drill core is NQ.
|
|
3.True Width
calculations assumed the Rainbow Horizon to strike 032 degrees
azimuth, with a 80 degree easterly dip.
|
|
4. All CuEq (copper
equivalent) assay results in this news release use the following
pricing: US$3.00 copper per pound ($6,720/tonne), US$1.15 zinc per
pound, US$1,450/troy ounce gold ($46.62/gram), US$16.50/toy ounce
silver ($0.53/gram), calculation CuEQ= Cu%+(Zn% x zinc price per
pound / copper price per pound)+(Au g/t x Au price per gram /
copper price per tonne) x100 + (Ag g/t x Ag price per gram /
copper price per tonne) x 100. 100% metal recoveries used, ie no
process recoveries or smelter payables were included in the
calculation
|
J.J. O'Donnell, P.Geo, a qualified person under National
Instrument 43-101, has reviewed and approved the technical
information in this news release.
Figure 1: Flin Flon Mining District Region Overview
Figure 2: Pine Bay Long Section Looking West with 2020
Drilling
Figure 3: Plan View of the Rainbow Discovery at the Pine Bay
Project
Core Photo: Rainbow Discovery PBM-113-W1 Orange Zone
QA / QC Protocols
Individual samples were labeled,
placed in plastic sample bags, and sealed. Groups of samples were
then placed in security sealed bags and shipped directly to SGS lab
in Vancouver, BC for analysis.
Samples were weighed then crushed to 75% passing 2mm and pulverized
to 85% passing 75 microns in order to produce a 250g pulverized
split. 35 elements including copper, zinc, lead and silver assays
were determined by Aqua Regia digestion with a combination of
ICP-MS and ICP-AES finish, with over limits rerun using an ore
grade analysis (two acid digest ICP-AES). Gold was analyzed
by fire assay. Specific gravity (sg) measured for each sample using
the pycnometer and water and air method. QA/QC included the
insertion and continual monitoring of numerous standards, blanks,
and duplicates
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.