Highlights:
- The Company has received all pending assay results related
to 2022 drilling at the Rainbow deposit;
- Over 42,000m of drilling
across 82 drill holes completed at the deposit area since discovery
in 2020;
- Awaiting maiden NI 43-101 resource estimate on Rainbow
deposit within the first 800m of
surface and updated resource on historic Pine Bay deposit;
and
- The Rainbow deposit remains open for expansion at
depth.
VANCOUVER, BC, Jan. 23,
2023 /CNW/ - Callinex Mines Inc. (the "Company"
or "Callinex") (TSXV: CNX) (OTCQX: CLLXF) is pleased to announce
that it has received final results from of the 2022 exploration
campaign to expand and delineate the high-grade copper, gold,
silver and zinc Rainbow deposit (the "Rainbow"). The Rainbow is
located at the 100% owned Pine Bay Project (the "Project") within a
mineral lease, less than 250m from a
high-voltage hydroelectric power-line, 550m from a historic shaft with direct road
access to processing facilities in Flin
Flon, Manitoba. At Pine Bay, Rainbow sits 850m and 1.4km from the historic Pine Bay and
newly discovered Alchemist deposits which are all located within
the mineral lease (Pine Bay Project Plan View).
Max Porterfield, President and
CEO, stated, "Our 2022 drilling campaign was successful in further
defining our high-grade Rainbow deposit at the required drill
spacing necessary to define a maiden 43-101 resource estimate." Mr.
Porterfield continued, "As we await the maiden resource, we look
forward to continuing to aggressively advance Rainbow in our 2023
exploration campaign."
Callinex completed an additional 11,300m of drilling to expand and delineate the
Rainbow deposit during the 2022 exploration campaign at the
Project. Since Rainbow's initial discovery, the Company has
completed in excess of 42,000m of
drilling across 82 drill holes (including 18 wedges). The drilling
and corresponding assay results are properly spaced to publish a
maiden resource on the deposit which is forthcoming.
The Company has retained Kirkham Geosystems Ltd. to model and
prepare an independent resource estimate on the high-grade copper,
gold, silver and zinc Rainbow deposit and the historic Pine Bay
deposit which comprise this maiden resource estimate, as well as
the supporting NI 43-101 Technical Report. Rainbow and Pine Bay are
considered to be part of the global Pine Bay Project, based on the
reasonable expectation that if put into production the two deposits
would likely share common infrastructure. The Company anticipates
that the resource estimate will be completed and published within
Q2 of 2023. This first time, maiden resource is a key milestone in
the growth of this mineral discovery, which is both historic and
new, as it has the potential to quantify the grade, tonnage and
dimensions for the Company, the investment community in addition to
key stakeholders. This maiden resource will also facilitate
enhanced definition for exploration targeting, inform infill
drilling programs and potentially support moving forward with more
advanced economic studies. Additionally, it is hoped that this
maiden resource will provide assurances to decision makers about
the state of the project such as policy makers who may make
operational considerations such as releasing resources for
training, road and infrastructure requirements as well as supply of
Manitoba hydroelectric power.
The final drill results from the 2022 drilling campaign at
Rainbow are highlighted by drill hole PBM-180 which returned the
best intersection to date in the Red zone with 10.40m of 3.97% Copper Equivalent ("CuEq")
including 3.31% copper ("Cu"), 0.61 g/t gold ("Au"), 10.31 g/t
silver ("Ag") and 0.41% zinc ("Zn"). Additionally, drill holes
PBM-186-W1 and PBM-190 tested the extent of the Orange zone and
returned 14.46m of 2.49% Cu and
7.30m of 2.29% Cu respectively
(Pine Bay Deposit Long Section).
These results build upon other high-grade assays announced
earlier in the campaign which included PBM-177 which intersected
the Orange zone and returned 33.67m of 4.29% Cu, 0.22 g/t Au, 4.63 g/t Ag,
0.31% Zn or 4.60% CuEq including 10.47m of 5.90% Cu, 14.43m of 5% Cu and 7m of 6.38% Cu. Also, PBM-178-W1 expanded the
Yellow zone with a vertical step-out which intersected
11.00m of 2.98% CuEq
which was followed by the Orange zone which returned
11.65m of 2.76% CuEq (See news
release dated September 19,
2022).
The Rainbow remains open at depth and has the potential to grow
through additional exploration. Drill hole PBM-158, the deepest and
most northern hole intersected to date at Rainbow, returned
5.0m of 1.56% CuEq (1.45% Cu, 0.07
g/t Au, 1.86 g/t Ag and 0.11% Zn). PBM-158 is located 225m along strike to the North of discovery hole
PBM-111, the most southerly hole to intersect the Rainbow at
depth (See news release dated January
21, 2022).
Table 1: Pine Bay Drill Results
Drill
Hole
|
Zone
|
From
(m)
|
To
(m)
|
Interval
(m)
|
True
Width
(m)
|
Cu
%
|
Au
g/t
|
Ag
g/t
|
Zn
%
|
Sg
|
CuEq
%
|
PBM-179
|
Orange
|
540
|
546
|
6.00
|
5.64
|
0.61
|
0.44
|
7.03
|
2.53
|
3.41
|
1.94
|
PBM-180
|
Orange
|
147
|
171
|
24.00
|
15.23
|
0.61
|
0.87
|
12.17
|
2.32
|
3.46
|
2.20
|
PBM-180
|
Red
|
211.6
|
222
|
10.40
|
7.09
|
3.31
|
0.61
|
10.31
|
0.41
|
3.23
|
3.97
|
PBM-181
|
Orange
|
132.95
|
139
|
6.05
|
4.78
|
0.60
|
0.70
|
7.92
|
0.86
|
3.41
|
1.48
|
PBM-181
|
Red
|
147
|
154
|
7.00
|
5.53
|
0.16
|
0.56
|
12.19
|
3.70
|
3.32
|
2.06
|
PBM-183
|
Red (cutoff)
|
190
|
195
|
5.00
|
3.35
|
0.04
|
0.36
|
8.04
|
0.91
|
3.09
|
0.71
|
PBM-184
|
Orange
(cutoff)
|
246
|
248
|
2.00
|
1.18
|
0.01
|
0.05
|
6.14
|
1.67
|
2.85
|
0.73
|
PBM-184
|
Red
|
291
|
301
|
10.00
|
6.29
|
0.22
|
0.69
|
7.64
|
1.15
|
3.16
|
1.20
|
PBM-185
|
Orange
(cutoff)
|
272
|
278
|
6.00
|
2.34
|
0.02
|
0.11
|
19.48
|
1.43
|
2.93
|
0.79
|
PBM-185
|
Red
|
394
|
400
|
5.00
|
2.82
|
1.28
|
0.25
|
4.09
|
0.15
|
3.01
|
1.54
|
PBM-186
|
Orange
(cutoff)
|
752
|
756
|
4.00
|
3.06
|
0.01
|
0.17
|
2.84
|
1.19
|
2.91
|
0.61
|
PBM-186-
W1
|
Orange
|
721
|
735.46
|
14.46
|
12.22
|
2.49
|
0.08
|
2.81
|
0.04
|
3.09
|
2.58
|
PBM-187
|
Orange
(cutoff)
|
321
|
324
|
3.00
|
1.31
|
0.01
|
0.04
|
3.71
|
1.42
|
2.97
|
0.61
|
PBM-187
|
Red (cutoff)
|
437
|
438
|
1.00
|
0.43
|
0.00
|
0.02
|
10.65
|
1.41
|
2.87
|
0.65
|
PBM-188
|
Orange
(cutoff)
|
556
|
559
|
3.00
|
2.67
|
0.02
|
0.08
|
4.66
|
0.56
|
2.86
|
0.33
|
PBM-188
|
Red (cutoff)
|
607
|
611
|
4.00
|
3.24
|
0.01
|
0.05
|
1.12
|
0.36
|
2.82
|
0.19
|
PBM-189
|
Orange
|
647
|
655
|
8.00
|
6.63
|
1.97
|
0.21
|
3.93
|
0.17
|
3.22
|
2.20
|
PBM-190
|
Yellow
|
715.85
|
722
|
6.15
|
4.98
|
0.81
|
0.05
|
1.06
|
0.02
|
2.95
|
0.86
|
PBM-190
|
Orange
|
764.45
|
771.75
|
7.30
|
5.98
|
2.29
|
0.21
|
2.49
|
0.09
|
3.28
|
2.50
|
PBM-190-
W1
|
Yellow
|
697.8
|
700
|
2.20
|
2.03
|
1.42
|
0.14
|
1.60
|
0.02
|
3.27
|
1.54
|
PBM-190-
W1
|
Orange
|
737
|
742
|
5.00
|
4.64
|
2.17
|
0.20
|
2.39
|
0.28
|
3.30
|
2.44
|
|
Notes:
|
1. PBM-179
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
292.0m above sea level, and started at 290Az, -67.5 degree
dip. PBM-180 collars are located at the following
Universal Transverse Mercator (UTM) coordinates using the North
American Datum of 1983 (NAD83) within UTM Zone 14N: 331068m East
and 6071407m North and 292.0m above sea level, and started at
330az, -63 degree dip. PBM-181 collar is located at
the following Universal Transverse Mercator (UTM) coordinates using
the North American Datum of 1983 (NAD83) within UTM Zone 14N:
331068m East and 6071407m North and 292.0m above sea level, and
started at 292Az, -50.0 degree dip. Hole PBM-182 was an
exploration hole collared 260m south of Rainbow to test the
hangingwall stratigraphy and intersected trace base and precious
metal values, PBM-182 collar is located at the following
Universal Transverse Mercator (UTM) coordinates using the North
American Datum of 1983 (NAD83) within UTM Zone 14N: 330859m East
and 6071234m North and 293.0m above sea level, and started at
276.6Az, -53.7 degree dip. PBM-183 collar is located
at the following Universal Transverse Mercator (UTM) coordinates
using the North American Datum of 1983 (NAD83) within UTM Zone 14N:
331068m East and 6071407m North and 292.0m above sea level, and
started at 292Az, -63 degree dip. PBM-184 collars are
located at the following Universal Transverse Mercator (UTM)
coordinates using the North American Datum of 1983 (NAD83) within
UTM Zone 14N: 331068m East and 6071407m North and 292.0m above sea
level, and started at 266Az, -70 degree dip. PBM-185 collar
is located at the following Universal Transverse Mercator (UTM)
coordinates using the North American Datum of 1983 (NAD83) within
UTM Zone 14N: 331068m East and 6071407m North and 292.0m above sea
level, and started at 283.9Az, -82.3degree dip. PBM-186 and
PBM186-W1 collar is located at the following Universal
Transverse Mercator (UTM) coordinates using the North American
Datum of 1983 (NAD83) within UTM Zone 14N: 331433m East and
6071327m North and 292.0m above sea level, and started at 285.2Az,
-78degree dip. PBM-187 collar is located at the following
Universal Transverse Mercator (UTM) coordinates using the North
American Datum of 1983 (NAD83) within UTM Zone 14N: 331068m East
and 6071407m North and 292.0m above sea level, and started at
245.4Az, -77.6degree dip. PBM-188 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 292.0m above sea level, and started at
288Az, -68degree dip. PBM-189 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 292.0m above sea level, and started at
288.5Az, -74.6 degree dip. PBM-1io and PBM-190-W1 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 292.0m above sea
level, and started at 292Az, -82 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.
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)
(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 and Alchemist deposits 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 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.