Highlights:
- 37 drill holes totalling over 17,000m of drilling at the Pine Bay Project are
pending results from the assay laboratory;
- This year 64 holes have been drilled totalling 34,250m which focused on expanding the Rainbow
Deposit to the surface and test exploration targets; and
- 12 holes encompassing 3,320m
of drilling at the Nash Creek Project in New Brunswick are pending assay results from
the laboratory.
VANCOUVER, BC, Dec. 13, 2021 /CNW/ - Callinex Mines Inc. (TSXV:
CNX) (OTC: CLLXF) is pleased to announce the progress from the 2021
drilling campaign at its 100% owned Pine Bay Project which hosts
the emerging high-grade copper, gold, silver and zinc Rainbow
Deposit (the "Rainbow"). The Rainbow is located within a mineral
lease, less than 200m from a
high-voltage hydroelectric power-line and 500m from a historic shaft with direct road
access to processing facilities in Flin
Flon, MB (District Overview Map).
Max Porterfield, President and
CEO, stated, "Our team has done a tremendous job in expanding the
Rainbow deposit with a keen focus on chasing the deposit to
surface. The potential for the high-grade copper and gold deposit
to come near the surface could significantly reduce upfront capital
costs and development timelines. As we eagerly await a significant
backlog of assay results, we are already planning ambitious goals
to be achieved in the New Year."
Year to date, Callinex has drilled 64 holes for 34,250m of drilling which focused on expanding
the Rainbow Deposit to the surface while also testing high priority
targets (See Rainbow Deposit Long Section). Since the Company's
last exploration update, highlighted by PBM-138 which intersected
37m of 6% copper, 0.35 g/t gold, 6.13
g/t silver, 0.09% zinc or 6.33% copper equivalent ("CuEq") (See
News Release Dated September 7,
2021), the Company has completed 37 holes for 17,270m which are pending results from the assay
laboratory.
Drilling at Rainbow since September has tested above the
300m level and within 35m of surface. Rainbow has the potential to
quickly emerge as one of the most shallow discoveries made in
modern history within the Flin Flon Mining District. Additionally,
the exploration targets that have been tested are located within an
interpreted growth fault corridor which has hosted five other
deposits prior to the discovery of Rainbow, three of which have
seen some level of historic production (Pine Bay 2021 Drilling Plan
View).
One drill rig has recently been shut down for the season while
the other rig is testing regional exploration targets to the west
and anticipated to be shut down prior to December 20, 2021. Since the Company discovered
the Rainbow Deposit in August 2020,
the Company has drilled 71 holes (including 15 wedges) for a total
of 39,950m into the deposit area.
Callinex will continue to provide exciting news flow for the
duration of the 2021 drilling campaign and heading into the next
year.
New Brunswick Exploration Update
In July, Callinex commenced its 2021 New Brunswick exploration
campaign at it's 100% owned Nash Creek Project to follow-up on two
regional near surface silver discoveries and subsequent
anomalies identified via a regional soil sampling campaign.
Callinex drilled 12 holes encompassing 3,320 meters of drilling and
completed the drilling by September. The Company is still
awaiting assay results from the drill holes completed and will
announce results when they are all received.
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 Drill Holes
Pending Assays
Figure 3: Pine Bay Plan View with Pending and Historic Drill
Traces
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.