Highlights:
- Electromagnetic survey has uncovered four highly conductive
anomalies along strike to the south of the Rainbow
Discovery;
- The four untested anomalies each have a strike extent of
300m and start within 200m of surface;
- Plans are underway to immediately initiate a drilling
campaign to test the four conductive bodies in tandem with
continued drilling to define the Orange and Yellow
zones; and
- Recent drill results continue to define the Rainbow
Discovery at shallower depths.
VANCOUVER, BC, Jan. 21, 2021
/CNW/ - Callinex Mines Inc. (the "Company" or "Callinex")
(TSXV: CNX) (OTC: CLLXF) is pleased to announce results from a 10
line km deep penetrating surface pulse electromagnetic survey
("SPEM") (the "Survey") completed in January
2021 and the remaining drill results from the 2020
exploration 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.
Callinex's technical team, working in conjunction with Koop
Geotechnical Services Inc. ("Koop"), has identified four highly
conductive anomalies located near-surface and along strike to the
south of the Orange and Yellow zones of the Rainbow Discovery. The
Survey was completed based on the success to date of the Rainbow
Discovery and the area to the south had not previously been covered
by any deep penetrating electromagnetic system. The identified
anomalies expand the strike extent of the Rainbow over 1 km to the
south. The three major base metal mines discovered in the
Flin Flon/Snow Lake Greenstone
Belt with tonnages ranging between 25 – 70 million tonnes
(Flin Flon/777, Trout Lake, Chisel/Lalor) have a strike length
over 1 km. Based on the recent survey, the Rainbow Discovery has a
strike length of at least a kilometre with potential to grow
further along strike to the south (See Rainbow Discovery SPEM
Survey Plan View).
Mike Muzylowski, Founder of
Callinex and 2011 inductee into the Canadian Mining Hall of
Fame for the discovery and development of 13 mines in
Manitoba, stated, "We acquired the
Pine Bay Project because it encompasses one of the largest altered
felsic volcanic rock packages that I've come across and with it the
potential to host a significant deposit." Mr. Muzylowski continued,
"I believe, based on the high-grade mineralization intersected to
date coupled with the targets outlined by our team today, that the
Rainbow Discovery may become one of the more significant
discoveries I've been a part of in my career exploring the Flin
Flon Greenstone Belt."
Jim Pickell, 2001 Bill Dennis Award recipient for his role is
the discovery of the 777 Mine, commented, "All of the key
geological, geophysical and geochemical features that you would
ever hope to have for a substantial volcanogenic massive sulphide
("VMS") system have now finally been gathered by the latest round
of drilling and geophysical surveys. The potential and future looks
quite bright at the western end of the rainbow, a rainbow-shaped
highly prospective folded fault structure first noted in
December 2015."
Alan Vowles, 2009 Bill Dennis Award recipient for his role in
the discovery of the Lalor Mine in Manitoba, stated, "The four anomalies directly
south and along strike of the Rainbow Deposit are some of the best
that I have seen. The extremely high conductivity of the anomalies
match that of the Rainbow Deposit anomaly, which is due to the
abundance of copper bearing chalcopyrite in the massive
sulphides."
![Pine Bay Rainbow Discovery SPEM Survey Plan View (CNW Group/Callinex Mines Inc.) Pine Bay Rainbow Discovery SPEM Survey Plan View (CNW Group/Callinex Mines Inc.)](https://mma.prnewswire.com/media/1424036/Rainbow_Discovery_SPEM_Plan_View_1_21_21.jpg)
Each of the four modeled conductive anomalies (Anomalies 1-4)
have a strike extent of 300 metres and are interpreted to begin at
a vertical depth of 200 metres. While none of these plates have
been tested by diamond drilling, some historical holes in the
vicinity have intersected alteration and geology as seen in recent
Rainbow zone drilling. Anomaly 5, which is the modeled conductive
body of the Orange and Yellow zones, has a modeled strike extent of
150m, or half the length of Anomalies
1-4 (See Rainbow Discovery Long Section). It should be noted
that deposits in the Flin Flon Greenstone Belt typically have a
plunge extent on average between 5-8 times the strike of the
deposit. Additionally, all larger producing Volcanogenic Massive
Sulphide ("VMS") mines are made up of a number of stacked zones or
lenses such as the Orange and Yellow zones discovered to date at
the Rainbow.
The Survey was completed when Callinex's technical team
recognized the importance of the southern area based on known
favorable geology, very limited drill testing and having never been
covered by SPEM. The SPEM survey was initiated during the first
week of January and consisted of 9 (~1km) survey lines spaced 150
metres apart. Initially Koop surveyed over the known Rainbow zones
to see if it was possible to locate the known mineralization with
their system (See Plate 5 on Rainbow
Discovery Plan View) and after having success continued southerly
with the survey.
Results from three additional drill holes mark the end of
Callinex's 2020 drilling campaign (See Table 1):
Drill Hole PBM-113-W2 intersected the Rainbow Horizon 225 metres
vertically above the PBM-111 discovery hole which demonstrates that
mineralization will continue to be defined closer to the surface.
Correlation between its parent hole PBM-113 which is 100 metres
vertically below PBM-113-W2 is supported by the intersection of the
Orange Zone which returned 5.7m of
4.72% copper equivalent (CuEq) comprising of 3.57% copper, 0.54 g/t
gold, 21.41 g/t silver and 1.56% zinc.
PBM-114 tested the Rainbow Horizon 150 metres below hole PBM-112
in an effort to better define the southern edges (plunge) of the
Yellow and Orange zones. Narrow widths associated with the
Yellow and Orange zones in PBM-114 suggests future drilling needs
to trace northerly from this location.
PBM-115 was designed to test the northern strike extent of the
Orange and Yellow zones and represents a 75 metre step out from
PBM-113-W1. PBM-115 intersected the Yellow Zone 783 metres down
hole and intersected 3.13m of 1.95%
CuEq consisting of 1.45% copper, 0.20 g/t gold, 6.76 g/t silver and
0.82% zinc.
Plans are underway to immediately initiate a drilling campaign
to test the four conductive bodies in tandem with continued
drilling to define the Orange and Yellow zones.
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-W2
(Yellow
Zone)
|
724.50
|
730.00
|
5.50
|
5.03
|
0.50
|
0.37
|
2.48
|
1.27
|
2.95
|
1.27
|
Including
|
724.5
|
725.0
|
0.5
|
0.46
|
4.16
|
1.45
|
12.77
|
2.04
|
3.64
|
6.05
|
PBM-113-W2
(Orange
Zone)
|
771.30
|
777.00
|
5.70
|
5.29
|
3.57
|
0.54
|
21.41
|
1.56
|
3.46
|
4.72
|
PBM-114
(Yellow
Zone)
|
745.00
|
746.50
|
1.50
|
1.20
|
0.07
|
0.05
|
0.47
|
1.21
|
3.05
|
0.57
|
PBM-114
(Orange
Zone)
|
791.80
|
792.80
|
1.00
|
0.81
|
1.40
|
0.05
|
1.86
|
0.03
|
2.96
|
1.46
|
PBM-115
(Yellow
Zone)
|
783.22
|
786.35
|
3.13
|
2.43
|
1.45
|
0.20
|
6.76
|
0.82
|
3.15
|
1.95
|
Notes(1)(2)(3)(4)(5)(6):
- PBM-113-W2 was wedged off the parent hole (PBM-113)
at the depth of 407m and continued to
a final depth of 848m. The PBM-113-W2
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-W2 at its 848 metre mark is -29˚and 296.7˚
Az
- PBM-114 is located at the following Universal Transverse
Mercator (UTM) coordinates using the North American Datum of 1983
(NAD83) within UTM Zone 14N: 331378m
East and 6071255m North.
The collar of the hole is 295m above
sea level. The dip and azimuth for hole PBM-114 at its 770 metre
mark is -46.6˚and 292.8˚ Az
- PBM-115 is located at the following Universal Transverse
Mercator (UTM) coordinates using the North American Datum of 1983
(NAD83) within UTM Zone 14N: 331445m
East and 6071353m North.
The collar of the hole is 295m above
sea level. The dip and azimuth for hole PBM-115 at its 783 metre
mark is -52.5˚and 299.6˚ Az
- The size of the drill core is NQ.
- True Width calculations assumed the Rainbow Horizon to strike
032 degrees azimuth, with a 80 degree easterly dip.
- 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 and Exploration Manager for Callinex, has
reviewed and approved the technical information in this news
release.
Figure 1: Flin Flon Mining District Region Overview
Figure 2: Pine Bay Project Rainbow Discovery SPEM Survey Plan
View
Figure 3: Pine Bay Project Rainbow Discovery Long Section
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 future drill programs 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.