Highlights:
- Callinex has received a $250,000 grant from the Manitoba Mineral
Development Fund ("MMDF") to advance the Pine Bay Project;
- Proceeds from grant will fund various long lead items to
support permitting and future mine development;
- Company has received over $1m
in grants from MMDF to advance high-grade copper discoveries
at Pine Bay since 2020; and
- MMDF is aimed to jump-start mineral and economic development
initiatives that capitalize on existing infrastructure.
VANCOUVER, BC, May 28, 2024
/CNW/ - Callinex Mines Inc. (the "Company" or "Callinex")
(TSXV: CNX) (OTCQX: CLLXF) is pleased to announce the Company has
received a $250,000 grant from the
Manitoba Mineral Development Fund ("MMDF") to complete long lead
items to support permitting and future mine development at the 100%
owned Pine Bay Project, located 16 kms away from Flin Flon, Manitoba.
Chair of the MMDF, Chuck Davidson
said, "We are extremely pleased with how Callinex has progressed
the high-grade copper discoveries at its Pine Bay Project" and went
on to say "Callinex has been a great partner and we are glad to
support their bold vision to create prosperity within our province
by supplying metals critical to our economy and the green energy
transition. We look forward to continuing to support them as their
exciting project develops and hits critical milestones on their
path to bringing jobs and a bright future to the Flin Flon area."
Max Porterfield, President and
CEO, stated, "We are grateful for MMDF's generous grant and
continued support, which has been ongoing since our first
exploration drill holes into the Rainbow deposit." he continued,
"We are pleased that the Manitoba
government shares our vision at Pine Bay to create long-term jobs
in the Flin Flon area while also
strengthening the provincial economy."
On July 10, 2023, the Company
announced a maiden mineral resource estimate consisting of the
Rainbow deposit with an Indicated Mineral Resource of 3.44 Mt at
3.59% copper equivalent ("CuEq") containing 272.4 Mlb CuEq, an
Inferred Mineral Resource of 1.28 Mt at 2.95% CuEq containing 83.4
Mlb CuEq and the Pine Bay deposit with an Inferred Mineral Resource
of 1.0 Mt at 2.62% Cu containing 58.1 Mlb Cu.
Callinex continues to explore the Pine Bay Project for
extensions to known deposits and especially for high potential
large VMS deposits in depth and along strike.
The MMDF was launched by the Manitoba government in 2020 with the specific
goal of jump-starting mineral and economic development initiatives
throughout the province. The MMDF aims to support new economic
development opportunities that capitalize on existing assets across
Manitoba.
Callinex is also pleased to announce that it has entered into an
investor relations agreement with Joseph
Gray whereby Mr. Gray will provide investor relations and
corporate communications services to Callinex. Under the
terms of the agreement, Callinex has agreed to pay Mr. Gray
$5,000 per month for a term of three
months. Either party may terminate the agreement by providing
the other party with 30 days written notice. Mr. Gray is at
arm's length with Callinex and does not own any securities of
Callinex.
J.J. O'Donnell, P.Geo, a qualified person under National
Instrument 43-101 and a Consulting Geologist for Callinex, has
reviewed and approved the technical information in this news
release.
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 deposit at its rich VMS Pine Bay
Project located near existing infrastructure in the Flin Flon
Mining District. Callinex prepared an indicated mineral resource on
the Rainbow deposit of 3.44 Mt grading 3.59% CuEq for 272.4 Mlb
CuEq (238.3 Mlb Cu, 56.9 Mlb Zn, 37.6 koz Au, 692.8 koz Ag, 2.3 Mlb
Pb), an inferred mineral resource on the Rainbow deposit of 1.28 Mt
grading 2.95% CuEq containing 83.4 Mlb CuEq (72.1 Mlb Cu, 19.5 Mlb
Zn, 11.1 koz Au, 222.2 Koz Ag, 0.8
Mlb Pb) and an inferred mineral resource at the Pine Bay deposit of
1.0 Mt grading 2.62% Cu containing 58.1 Mlb Cu (see news release
dated July 10, 2023). 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 (see news release dated May 14, 2018). 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), a 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) (see news release dated
October 25, 2021).
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.