Highlights:
- 4,000m drilling campaign to
test seven target areas identified from elevated silver, lead and
zinc soil anomalies along the controlling Fault that's associated
with the previously announced silver discoveries; and
- Drill hole NC20-313 intersected 28.6m of 57 g/t silver including 16.5m of 94 g/t silver and NC19-306, located 6.8
kms to the south, intersected 19m of
36.53 g/t silver, 0.52% lead and 0.38% zinc.
VANCOUVER, BC, June 28, 2021 /CNW/ - Callinex Mines Inc. (the
"Company" or "Callinex") (TSXV: CNX) (OTC: CLLXF) is pleased to
announce that personnel and a drill rig are being mobilized to
commence an up to 4,000m drilling
campaign to drill test 10 km of the 18 km Black Point Arleau Brook
Fault (the "Fault"). The drilling campaign will focus on key drill
targets identified during the 2020 soil sampling campaign at the
100% owned Nash Creek Project (the "Project") located within the
Bathurst Mining District of New
Brunswick (See Figure 1).
Max Porterfield, President and
CEO, stated, "We are excited to commence drilling at the Nash Creek
Project as we focus on expanding upon the two silver discoveries
made last year." Mr. Porterfield continued, "The focus of this
drilling campaign is to test for silver mineralization along the
10km trend. If successful, this would put the company on a path to
begin building a near surface silver resource at Nash Creek and with it the potential to
further improve upon the maiden Preliminary Economic Assessment
("PEA") that was published on the Bathurst Portfolio in 2018."
Callinex's technical team has identified seven new target areas
based on elevated, silver, lead, and zinc soil anomalies that cover
over 10 km of the southern portion of the 18 km Black Point Arleau
Brook Fault (the "Fault"). The Fault is spatially associated with
two previously announced silver discoveries located 6.8 km apart
(See Figure 2). Drill hole NC20-313 intersected 28.6m of 57 g/t silver at a vertical depth of
120m including 16.5m of 94 g/t silver and NC19-306 which
intersected 19m of 36.53 g/t silver,
0.52% lead and 0.38% zinc at a starting depth of 34.0m (See News Releases dated
June 15, 2020 and
June 4, 2020).
The 10 km area of interest has been subdivided into two target
areas:
Target Area 313
Target Area 313 is the northern 5.0 km of the sampled area where
NC20-313 was drilled. Of the potential 5.0 km of strike, 3.7 km
show strong linear correlations between silver/lead soil anomalies
which supports the mineralization intersected in NC20-313 (See
Figure 3). Additionally, this target area is associated with a
low resistivity Induced Polarization ("IP") anomaly which suggests
alteration similar to what was observed in NC20-313 (See Figure 4).
The elevated soil anomalies and IP resistivity low coincide with
the interpreted conductive airborne Versatile Time Domain
Electromagnetic (VTEM) anomalies previously identified which could
suggest an increase in silver rich sulphide mineralization similar
to what was intersected in hole NC20-313.
Target Area 306
This target area is the southern 5 km of the sampled area where
NC19-306 was drilled. As seen in the northern area, soil results in
the southern portion define four targets recommended for drilling
which span 1.7 km of prospective strike. Of particular interest
from the soil sampling results are highlighted by anomalous silver
along the Fault (See Figure 5). The elevated silver anomalies are
coincident with a much larger IP resistivity low anomaly and sits
along a felsic/sediment rock contact (See Figure 6). Drill hole
NC19-306 was drilled vertically and did not test the main
controlling fault. It should be noted that the 2006 VTEM survey
that was completed was limited to a small portion of Target Area
313 and did not cover any of Target Area 306.
The silver mineralization defined by the two discovery holes is
interpreted to be hosted within faulted / brecciated rhyolites,
with alteration consisting of silica, pyrite, galena +/- calcite
interstitial to the felsic fragments. Mineralization associated
with faulting and the extensive soil anomalies defined along the
Fault highlights the potential for additional silver mineralization
to be discovered along the 10km trend.
Callinex is well funded to carry out the 4,000 metre drill
campaign at Nash Creek and
continues to carry out extensive drilling at the recently
discovered Rainbow Deposit at the Pine Bay Project, Manitoba.
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: Bathurst Regional Overview
Figure 2: Nash Creek 2020 Soil
Sampling Results Overview with Silver
Figure 3: Nash Creek Soil Sampling Results - Target Area
313 Silver with Geology
Figure 4: Nash Creek Soil Sampling Results - Target Area 313
Silver with Resistivity and VTEM
Figure 5: Nash Creek Soil Sampling Results - Target Area 306
Silver with Geology
Figure 6: Nash Creek Soil Sampling Results - Target Area 306
Silver with Resistivity
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.