Highlights:
- Drilling to test recently identified 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; and
- Drilling also focused on continuing to define the Orange and
Yellow zones of the Rainbow Deposit.
VANCOUVER, BC, Feb. 16, 2021 /CNW/ - Callinex Mines Inc.
(the "Company" or "Callinex") (TSXV: CNX) (OTC: CLLXF) is pleased
to announce that it has commenced its 2021 drilling campaign (the
"Campaign") at its Pine Bay Project (the "Project") located 16km
away from Flin Flon, MB (District
Overview Map). The Campaign will start immediately with the
completion of two drill holes for 1,600 meters of the 30,000 meters
budgeted for 2021 (Rainbow Discovery Plan View).
The first drill (PBM-116) will continue stepping out from the
Orange and Yellow zones, the first two zones discovered to date at
the Rainbow Deposit, with an immediate focus of continuing to
define mineralization closer to surface (Rainbow Discovery Long
Section). 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.
A second drill (PBM-117) will immediately test three of the four
highly conductive anomalies that were recently identified
near-surface and along strike to the south of the Orange and Yellow
zones of the Rainbow Discovery (Rainbow Discovery 3D View). Each of
the three modeled conductive anomalies being tested has a strike
extent of 300 metres and are interpreted to begin at a vertical
depth of 200 metres.
The identified anomalies expand the strike extent of the Rainbow
over 1 km to the south (See News Release Dated January 21, 2021). The three major base metal
mines discovered in the Flin
Flon/Snow Lake Greenstone Belt with tonnages ranging between
25 – 70 million tonnes 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.
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.
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.
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 with 2021 Drilling
Figure 3: Pine Bay Project Rainbow Discovery Long Section with
Proposed 2021 Drilling
Figure 4: Pine Bay Project Rainbow Discovery 3D View
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.