VANCOUVER, BC, Nov. 20,
2024 /CNW/ - Callinex Mines Inc. (the "Company" or
"Callinex") (TSXV: CNX) (OTCQX: CLLXF) is pleased to provide a
brief update of its continuing 2024 exploration campaign at the
100% owned Pine Bay Project (the "Project") located within the Flin
Flon Mining District of Manitoba
(Figure 1: Flin Flon District Overview). The recently consolidated
Project area encompasses 11,859 hectares (approximately 120 square
km) and benefits from a mineral lease, hydroelectric power, an
historic 200m deep shaft and three
base metal concentrators within trucking distance, with the closest
being idle and 16km away in Flin Flon, MB.
The 2024 drilling campaign began in August by testing the
Poseidon target area which was completed with an 802m hole. Drill hole PBM-197 intersected
favorable geology and currently awaits assays, geochemical data and
borehole pulse electromagnetic ("BPEM") survey results. Subject to
analysis of geochemical and BPEM results, associated with hole
PBM-197, the Poseidon target area may be prioritized over Odin and
Ra target areas, which were to be tested later in the 2024
exploration campaign (See news release dated September 3, 2024).
The Poseidon target area, which is located 1,300 meters along
strike to the north of the Rainbow deposit, was also covered by the
recent magnetotellurics ("MT") survey over the Descendent
discovery. The MT survey data outlined a very large resistivity low
anomaly interpreted to be mapping the alteration package between
the known Rainbow and Pine Bay horizons (Figure 2: MT Survey
Descendent Line Cross Section). The area is known to host favorable
geology based on limited historic drilling and interpretation of
other available geophysical and geochemical datasets.
Currently, a step-out drill hole, DSC-113, is underway on the
Descendent discovery (the "Descendent"). Drill hole DSC-113 is
currently at ~1414m and is on target to intersect the Descendent at
1,900m. DSC-113 is expected to
intersect the Descendent at a 400m
step-out vertically below and to the north of the Descendent
discovery, in hole DSC-111.
The base and precious metal grades intersected to date by the
Descendent discovery hole are comparable to metal grades
intersected at the top of the nearby Rainbow deposit, and the
significant massive sulphide widths suggest the system is robust
(See news release dated September 12,
2023). The base and precious metal bearing massive sulphide
intersections by the Descendent discovery hole are interpreted to
be associated with a major alteration zone that's previously been
identified at surface and spans 1,100m by 700m.
Typically, there is a correlation between the size of an alteration
zone and the size of a VMS deposit associated with it. The
alteration package around the Descendent is approximately ten times
larger than the alteration package enveloping the nearby Rainbow
deposit.
The Company will continue to provide updates on its 2024
exploration campaign as it progresses and anticipates initial assay
results to be released to the market in early Q1 of 2025.
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.
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.
SOURCE Callinex Mines Inc.