VANCOUVER, BC, Jan. 7, 2021 /CNW/ - Callinex Mines Inc.
("Callinex") (TSXV: CNX) (OTC: CLLXF) is pleased to provide its
year-end letter to shareholders from President and CEO,
Max Porterfield:
Dear Shareholders,
The past year has brought a great deal of uncertainty and
challenges to many of us and our team would like to extend our
sincere gratitude and appreciation for your continued support.
Though behind us now, 2020 was filled with an abundance of
discoveries across our exploration portfolio that I believe will
drive long term value for our shareholders as we expand upon them
in the year ahead.
In the Bathurst Mining District of New
Brunswick, the drilling campaign to test regional
exploration targets at the Nash Creek Project was a resounding
success with the discovery of silver, near-surface, in two widely
spaced holes located 6.8km apart along the main controlling fault.
Our team continued to advance the two silver discoveries by
increasing the land package at Nash
Creek, reprocessed historic airborne geophysical survey data
that highlighted a number of high priority targets and completed a
regional soil sampling campaign that encompasses both silver
discoveries. These discoveries have the potential to enhance the
economics from the maiden Preliminary Economic Assessment ("PEA")
that was published in 2018.
The Company's return to the Pine Bay Project in the Flin Flon
Mining District with a refined exploration strategy culminated with
the high-grade Rainbow Discovery made up of copper, gold, silver
and zinc. The discovery comes at a critical time for the town of
Flin Flon, MB with the impending
shutdown of the 777 mine and no new discovery to fill its
void. The Rainbow Discovery is ideally located within a
mineral lease, adjacent to a high-voltage power line and direct
road access to processing facilities in Flin Flon. Since the initial discovery hole in
August, our team has focused on delineating the Rainbow Discovery
which is emerging as a much more shallow discovery (based on
recently modeled borehole electromagnetic data) than the 777 and
Lalor mines, which are currently producing in the province. Due to
the high-grades intersected in the two zones to date, we believe
that the Rainbow Discovery has the potential to extend the rich
mining history of Flin Flon.
As we shift into a new year, the focus for our team will be to
continue to expand upon the discoveries the Company has made in
New Brunswick and Manitoba. At the Nash Creek Project, plans are
underway to initiate a drilling campaign based on results from the
soon to be announced soil sampling program which was designed to
delineate the silver mineralization along the main controlling
fault. However, the highest priority for the Company will be
continuing to expand the Rainbow Discovery in Manitoba.
Exploration at Pine Bay will continue to expand the mineralization
to surface as well as test high priority targets along the
productive horizon that hosts the Rainbow Discovery. Additionally,
the Company has been working towards providing an updated resource
for the Pt. Leamington deposit
located in the Buchans Mining District. The Pt. Leamington
Project hosts a significant near surface gold, copper and zinc
deposit that's a valuable asset to the Company.
This year will be exciting as we continue to create shareholder
value by advancing the discoveries across the portfolio during the
midst of a secular bull market for base and precious metals.
Sincerely,
"Max Porterfield"
President & CEO
J.J. O'Donnell, P. Geo, a qualified person under National
Instrument 43-101 and a Exploration Manager 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.