Highlights:
- PBM-129-W1 intersected 4.87m
of 14.94% copper including 2.76m of
21% copper and 3m of 2.26%
copper;
- PBM-129 intersected 5.50m of
8.45% copper including 2.50m of
15.88% copper and 3.35m of 3.02%
copper, 0.44 g/t gold, 8.79 g/t silver and 1.01% zinc; and
- PBM-128 intersected 5.20m of
3.88% CuEq consisting of 2.71% copper, 0.63 g/t gold, 12.41 g/t
silver and 1.63% zinc.
VANCOUVER, BC, June 8, 2021 /CNW/ - Callinex Mines Inc.
(the "Company" or "Callinex") (TSXV: CNX) (OTC: CLLXF) is pleased
to announce additional drill results from the ongoing 30,000m drilling campaign to expand the
high-grade copper, gold, silver and zinc Rainbow Deposit (the
"Rainbow"). The Rainbow is located at the 100% owned Pine Bay
Project within a mineral lease, less than 250m from a high-voltage hydroelectric power-line
and 550m from a historic shaft with
direct road access to processing facilities in Flin Flon, MB (District Overview Map).
PBM-129-W1 intersected the Orange Zone and returned 4.87m of 15.20% copper equivalent ("CuEq")
consisting of 14.94% copper ("Cu"), 0.23 g/t gold ("Au"), 5.61 g/t
silver ("Ag"), 0.15% zinc ("Zn") including a higher grade interval
of 2.76m that returned 21.36% CuEq
comprised of 21.00% Cu, 0.32 g/t Au, 7.83 g/t Ag and 0.20% Zn. The
Orange Zone was preceded by an intersection in the Yellow Zone
which returned 3.00m of 2.26% Cu.
PBM-129-W1 is located 90m along
strike to the south of PBM-113 and 40m vertically above PBM-129 (Rainbow Deposit
Long Section).
Max Porterfield, President and
CEO, stated, "We are thrilled with these exceptionally high-grade
copper intersections. As we continue to expand the footprint
of the Rainbow, we have gained a stronger understanding of the
potential size and continuity of the deposit. Two drill rigs
will continue to operate through the summer months as we focus on
the vertical and lateral expansion of the Rainbow." Mr. Porterfield
continued, "To put our exploration results in context, the global
average copper grades for copper mines is just over 0.50% and to be
in the top ten highest grade copper mines in the world a deposit
needs to average 4% copper or more. The mineralization intersected
in the Rainbow to date are indicative of the high-grade deposits
that the Flin Flon District is
famous for hosting."
![Pine Bay Project Rainbow Deposit Long Section, June 5, 2021 (CNW Group/Callinex Mines Inc.) Pine Bay Project Rainbow Deposit Long Section, June 5, 2021 (CNW Group/Callinex Mines Inc.)](https://mma.prnewswire.com/media/1528080/Callinex_news_release_June_4_2021_v5_2.jpg)
PBM-129 intersected the Orange Zone with 8.62% CuEq over
5.50m (8.45% Cu, 0.13 g/t Au, 2.67
g/t Ag and 0.16% Zn) including 2.50m
of 15.88% Cu, 0.21 g/t Au, 4.51 g/t Ag and 0.15% Zn (Rainbow
Deposit Cross Section). The Yellow Zone returned 3.35m of 3.78% CuEq (3.02% Cu, 0.44 g/t Au, 8.79
g/t Ag and 1.01% Zn). Drill hole PBM-129 is a 105m step-out to the south PBM-113 and
55m vertically above and to the north
of PBM-111. PBM-113 intersected the Orange Zone with 5.00m of 8.35% CuEq (8.08% Cu, 0.20 g/t Au, 10.55
g/t Ag and 0.13% Zn) including 3.00m
of 12.13% Cu, 0.27 g/t Au, 15.62 g/t Ag and 0.18% Zn; and
4.00m of 2.31% CuEq (2.21% Cu, 0.09
g/t Au, 2.28 g/t Ag and 0.04% Zn) preceded by the Yellow Zone
with 9.06m of 3.72% CuEq (2.37%
Cu, 0.70 g/t Au, 7.00 g/t Ag and 2.10% Zn).
![Pine Bay Project Rainbow Deposit Cross Section (CNW Group/Callinex Mines Inc.) Pine Bay Project Rainbow Deposit Cross Section (CNW Group/Callinex Mines Inc.)](https://mma.prnewswire.com/media/1528079/Callinex_news_release_June_4_2021_v52_1.jpg)
Drill hole PBM-128 intersected the Orange Zone with 5.20m of 3.88% CuEq consisting of 2.71% Cu, 0.63
g/t Au, 12.41 g/t Ag and 1.63% Zn. The hole is located 400m below surface and a 62m step-out to the south of PBM-121, the most
recent high-grade intersection announced at the Rainbow.
PBM-122 intersected 7.50m of 1.80%
CuEq consisting of 0.27% Cu, 0.36 g/t Au, 8.76 g/t Ag and 3.15% Zn
including 2.50m of 3.79% CuEq.
PBM-122 is a 100m step-out above
PBM-121, the most recent high-grade intersection announced at the
Rainbow Deposit and defines the Rainbow deposit 300m below surface (See News Release Dated
April 26, 2021).
There are currently two rigs operating to expand the Rainbow
closer to surface and at depth. Since the Company resumed drilling
in mid-February, 16 holes (including 1 wedge) have been announced
for a total of 10,005 meters out of a fully funded 30,000 meter
budgeted drill program. Callinex will continue to provide results
on an ongoing basis for the duration of the 2021 drilling
campaign.
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-122
|
496.25
|
498.25
|
2.00
|
1.88
|
1.12
|
0.33
|
2.63
|
0.02
|
4.29
|
1.38
|
PBM-122
|
530.00
|
537.50
|
7.50
|
7.13
|
0.27
|
0.36
|
8.76
|
3.15
|
3.27
|
1.80
|
incl.
|
535.00
|
537.50
|
2.50
|
2.38
|
0.67
|
0.64
|
10.37
|
6.76
|
3.76
|
3.79
|
PBM-123
|
560.50
|
561.00
|
0.50
|
0.46
|
0.78
|
0.06
|
5.30
|
0.04
|
2.88
|
0.88
|
PBM-124
|
574.27
|
575.12
|
0.85
|
0.78
|
2.54
|
0.28
|
10.34
|
0.11
|
3.00
|
2.86
|
PBM-128
|
559.80
|
565.00
|
5.20
|
4.99
|
2.71
|
0.63
|
12.41
|
1.63
|
3.85
|
3.88
|
PBM-129
|
858.00
|
861.35
|
3.35
|
2.37
|
3.02
|
0.44
|
8.79
|
1.01
|
3.06
|
3.78
|
PBM-129
|
888.50
|
894.00
|
5.50
|
3.96
|
8.45
|
0.13
|
2.67
|
0.16
|
3.31
|
8.62
|
incl.
|
888.50
|
891.00
|
2.50
|
1.80
|
15.88
|
0.21
|
4.51
|
0.15
|
3.80
|
16.12
|
PBM-129-W1
|
848.00
|
851.00
|
3.00
|
2.28
|
2.26
|
0.06
|
2.57
|
0.03
|
3.09
|
2.34
|
PBM-129-W1
|
862.13
|
867.00
|
4.87
|
3.73
|
14.94
|
0.23
|
5.61
|
0.15
|
3.68
|
15.20
|
incl.
|
862.13
|
864.89
|
2.76
|
2.11
|
21.00
|
0.32
|
7.83
|
0.20
|
4.21
|
21.36
|
Notes:
|
|
|
|
1. PBM-120 collar is
located at the following Universal Transverse Mercator (UTM)
coordinates using the North American Datum of 1983 (NAD83) within
UTM Zone 14N:3300052m East and 6070726mNorth and 292.0m above sea
level, and started at 91Az, -57 degree dip. PBM-122 collar is
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 and 298.0m above sea
level, and started at 298Az, -47 degree dip. PBM-123 collar
is located at the following Universal Transverse Mercator (UTM)
coordinates using the North American Datum of 1983 (NAD83) within
UTM Zone 14N: 331450m East and 6071362mNorth and 298.0m above sea
level, and started at 298Az, -53 degree dip. PBM-124 collar
is located at the following Universal Transverse Mercator (UTM)
coordinates using the North American Datum of 1983 (NAD83) within
UTM Zone 14N: 331450m East and 6071362mNorth and 298.0m above sea
level, and started at 283Az, -65 degree dip. PBM-125 collar
is located at the following Universal Transverse Mercator (UTM)
coordinates using the North American Datum of 1983 (NAD83) within
UTM Zone 14N: 331574m East and 607593mNorth and 292.0m above sea
level, and started at 282Az, -83 degree dip. PBM-126 collar 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 6071255mNorth and 295.0m above sea
level, and started at 292Az, -83 degree dip. PBM-127 collar 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 6071255mNorth and 295.0m above sea
level, and started at 300Az, -83 degree dip.PBM-128 collar 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 6071255mNorth and 295.0m above sea
level, and started at 290Az, -87 degree dip.PBM-129 and PBM-129-W1
collar 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 6071255mNorth and 295.0m
above sea level, and started at 290Az, -87degree dip.
|
|
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.
|
|
5. PBM-120, an
exploration hole collared 900m to the south of the Rainbow Deposit,
returned no significant assays, PBM-125 was an exploration drill
hole collared 350m to the north of the Rainbow Deposit that
returned no significant assays. Drill holes PBM-126 and PBM-127
were each abandoned within 60m due to deviation and stuck
rods.
|
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 2021 Drilling
Figure 3: Pine Bay Cross Section Looking North with 2021
Drilling
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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