Announcement Date: 2023-01-23
Announcement Type: Drilling Results
Announcement Code: NI43-101
Company name: Callinex Mines Inc.
Project name: Flin Flon
Location: Canada
Commodities: Gold,Silver,Copper,Zinc
Highlight: Drilling results incl. 14.46m at 2.49% Cu, 0.08g/t Au, 2.81g/t Ag, 0.04% Zn from 721m
Resources: only available to subscribers
CP/QP: only available to subscribers
Announcement summary: 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.
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