Highlights:
- PBM-138 intersected 37m of
6.00% copper, 0.35 g/t gold and 6.13 g/t
silver;
- PBM-133 intersected 7.71m of
2.62% CuEq including 1.70% copper, 0.52 g/t gold, 8.25 g/t silver
and 1.29% zinc; and
- One drill is currently testing the up plunge extent of the
Rainbow Deposit to surface.
VANCOUVER, BC, Sept. 7, 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-138 intersected the Orange Zone and returned 37.0m of 6.00% copper ("Cu"), 0.35 g/t gold
("Au"), 6.13 g/t silver ("Ag"), 0.09% zinc ("Zn") or 6.33% copper
equivalent ("CuEq") including two high-grade one meter intervals
which returned over 18% Cu (Rainbow Drill Core Photo) . PBM-138 is
located 210m vertically above and
along strike to the north of PBM-129-W2 which intersected
67.0m of 2.73% Cu and a 34m step-out from PBM-131 which intersected
20.53m of 2.58% Cu (Orange Zone
Grade/Width Contour Long Section) (See News Release Dated
June 30, 2021).
Max Porterfield, President and CEO, stated, "We continue
to be impressed with assay results coming out of the Rainbow as
Callinex expands the high-grade copper deposit. The Company
recently mobilized one of the two drill rigs to define how close
the Rainbow deposit comes to surface. To date the Rainbow deposit
has been intersected from 300m
vertical depth down to 890m."
Additionally, PBM-133 intersected the Orange Zone with 2.62%
CuEq over 7.71m (1.70% Cu, 0.52 g/t
Au, 8.25 g/t Ag and 1.29% Zn) including 3.21m of 3.48% Cu, 0.70 g/t Au, 12.18 g/t Ag and
0.98% Zn (Rainbow Deposit Long Section).
Two drill holes, PBM-135 and PBM-136, were drilled to test the
down plunge extent of mineralization below discovery hole PBM-111,
the deepest intersection to date at the Rainbow. Drill holes
PBM-135 and PBM-136 have been interpreted to have gone above and
below the plunge line. Additional drilling is required to
further delineate the deposit at depth.
One rig is currently drilling to test the up plunge extent of
the Rainbow deposit above 300m
vertical depth. A second drill rig is operating to test regional
exploration targets to the north and along strike of the Rainbow
Deposit, while vectoring with borehole electromagnetic surveys.
Since the Company commenced its 2021 exploration campaign, 27 holes
(including 5 wedges) have been announced for a total of 18,700
meters out of a fully funded 30,000 meter budgeted drill program.
Callinex will continue to provide results 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-113-W3
|
861.00
|
866.00
|
5.00
|
3.72
|
1.38
|
0.06
|
2.04
|
0.08
|
3.00
|
1.47
|
PBM-132
|
652.00
|
658.00
|
6.00
|
5.14
|
1.38
|
0.17
|
4.33
|
0.13
|
3.19
|
1.58
|
PBM-133
including
|
506.00
510.5
|
513.71
513.71
|
7.71
3.21
|
7.02
2.92
|
1.70
3.48
|
0.52
0.70
|
8.25
12.18
|
1.29
0.98
|
3.51
4.02
|
2.62
4.44
|
PBM-134
|
Assays
pending
|
|
|
|
|
|
|
|
|
|
PBM-135
|
903.00
|
903.50
|
0.50
|
0.38
|
2.50
|
0.54
|
6.97
|
0.76
|
2.97
|
3.22
|
PBM-136
|
1002.00
|
1006.00
|
4.00
|
2.97
|
0.53
|
0.06
|
2.00
|
0.16
|
2.92
|
0.65
|
PBM-137
|
Assays
pending
|
|
|
|
|
|
|
|
|
|
PBM-138
|
660.00
|
697.00
|
37.00
|
33.25
|
6.00
|
0.35
|
6.13
|
0.09
|
3.89
|
6.33
|
including
|
671.00
|
672.99
|
1.00
|
0.90
|
18.81
|
1.11
|
19.43
|
0.58
|
4.36
|
19.96
|
including
|
684.00
|
685.00
|
1.00
|
0.90
|
18.30
|
0.35
|
16.24
|
0.18
|
3.82
|
18.74
|
|
Notes:
|
|
1. PBM-113-W3 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 300Az, -87 degree dip with the top of wedge
set at depth 285m. PBM-132 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 6071255m North and 295.0m above sea level, and started at
290Az, -85 degree dip. PBM-133 collar is located at the
following Universal Transverse Mercator (UTM) coordinates using the
North American Datum of 1983 (NAD83) within UTM Zone 14N: 331352m
East and 6071213mNorth and 295.0m above sea level, and started at
315Az, -53 degree dip. PBM-135 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
120Az, -82 degree dip. PBM-136 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 6071255m North and 295.0m above sea level, and started at
295Az, -87 degree dip. PBM-138 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 6071255m North and 295.0m above sea level, and started at
292Az, -80 degree 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.
|
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.
Core Photo: PBM-128 37m of 6%
Copper Core Photo
Figure 1: Flin Flon Mining District Region Overview
Figure 2: Pine Bay Long Section Looking West with 2021
Drilling
Figure 3: Pine Bay Orange Zone Grade/Width Contour Long
Section
Figure 4: Pine Bay Yellow Zone Grade/Width Contour 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 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.