Highlights:
- One drill rig will focus on continuing to define the Rainbow
in anticipation of a 43-101 resource estimate on the deposit;
and
- A second rig will test geophysical targets identified at the
base of the interpreted growth fault that hosts Rainbow and five
other deposits and along the trend that also hosts the Sourdough
deposit and past-producing Centennial Mine.
VANCOUVER, BC, April 27,
2022 /CNW/ - Callinex Mines Inc. (the "Company" or
"Callinex") (TSXV: CNX) (OTCQX: CLLXF) is pleased to announce that
it has commenced its 2022 drilling campaign (the "Campaign") at its
Pine Bay Project (the "Project") located 16km from Flin Flon, MB (District Overview Map). The
fully funded 20,000 meter drilling campaign will focus on
continuing to delineate the high-grade copper Rainbow Deposit and
test recently identified regional exploration targets.
One drill rig will continue stepping out and infill drilling the
Red, Orange and Yellow zones of the Rainbow Deposit (the "Rainbow")
at an optimal 100m spacings between
drill intersections within the first 900m of surface (Rainbow Deposit Long Section).
The Company anticipates ~10,00m of drilling to be completed on the
Rainbow prior to the publication of a maiden 43-101 resource
estimate on the deposit. Additionally, a current 43-101
resource estimate will be completed on the nearby historic Pine Bay
Deposit, however no additional drilling will be required. Rainbow
is located 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 rig is testing several high-priority exploration
targets that were recently identified. Drilling will test a number
of electromagnetic ("EM") geophysical targets identified at the
base of the interpreted growth fault that hosts Rainbow and five
other deposits, three of which have seen some level of historic
production (See News Release dated March 10,
2022). This rig will also test targets identified from
regional induced polarization and EM surveys completed along 5.5km
of the trend that hosts the Rainbow and Sourdough deposits and
past-producing Centennial Mine (See News Release dated February 2, 2022).
The Company has also granted 250,000 stock options exercisable
at a price of $3.11 per share to its
directors, officers, employees and consultants. The options
are exercisable for a period of five years.
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 Long Section Looking West with 2021
Drilling
About Callinex Mines
Inc.
Callinex Mines Inc. (TSXV: CNX)
(OTCQX: CLLXF) is advancing its portfolio of base and
precious metals rich deposits located in established Canadian
mining jurisdictions. The focus of the portfolio is highlighted by
the rapidly expanding Rainbow Discovery at its rich VMS Pine Bay
Project located near existing infrastructure in the Flin Flon
Mining District. The second asset in the portfolio is the Nash
Creek Project located in the VMS rich Bathurst Mining District of
New Brunswick. A 2018 PEA
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) at $1.25 Zinc. The
third asset, 100% owned Point Leamington Deposit in Newfoundland, is located in one of the richest
VMS and Gold Districts in Canada.
Callinex prepared a pit constrained Indicated Mineral Resource of
5.0 Mt grading 2.5 g/t AuEq for 402 koz AuEq (145.7 koz gold, 60.0
Mlb copper, 153.5 Mlb zinc, 2.0 Moz silver, 1.5 Mlb lead), an pit
constrained Inferred Mineral Resource of 13.7 Mt grading 2.24 g/t
AuEq for 986.5 koz AuEq (354.8 koz gold, 110.2 Mlb copper, 527.3
Mlb zinc, 6.2 Moz silver, 7.0 Mlb lead) and an out-of-pit Inferred
Mineral Resource of 1.7 Mt grading 3.06 g/t AuEq for 168.5 koz AuEq
(65.4 koz gold, 13.3 Mlb copper, 102.9 Mlb zinc, 1.4 Moz Ag, 2.6 Mlb lead).
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.