Highlights:
- MT survey planned to cover the Rainbow, Pine Bay, Descendent
and Alchemist deposits and target area Odin;
- Survey being completed to provide additional information
about the depth, location and potential of the deposits at the
Project; and
- Survey will add to Callinex's robust geophysical data set
and further aid exploration as the Company focuses on expanding its
numerous high-grade discoveries.
VANCOUVER,
BC, Jan. 29, 2024 /CNW/ - Callinex Mines
Inc. (the "Company" or "Callinex") (TSXV: CNX) (OTCQX: CLLXF) is
pleased to announce that the Company is in the process of
completing a magnetotelluric ("MT") geophysical survey on the
Company's 100% owned Pine Bay Project (the "Project") located in
the Flin Flon Mining District of Manitoba (Pine Bay Project
Plan View with Proposed MT Survey Lines). The survey is being
completed to add to Callinex's robust geophysical data set and
further aid exploration as Callinex focuses on expanding its
numerous high-grade copper, gold, silver and zinc rich Volcanogenic
Massive Sulphide ("VMS") deposits at the Project.
The Company is in the early stages of completing
an MT survey across the Rainbow, Pine Bay, Descendent, Alchemist
deposits and target area Odin. MT is a geophysical tool that is
used in mineral exploration to identify systems that produce
conductive minerals such as copper, gold and silver and mapping of
geologic structures and features such as faults and folds. The
system is known to have a depth penetration from 50m to several kilometers below the surface.
The survey is being conducted by Abitibi
Geophysics ("Abitibi") in partnership with Zonge International and
is planned to encompass up to 6 lined-km of ground across key areas
of the corridor that host the numerous deposits at the Project. The
first line of MT survey data has been collected across the known
Pine Bay deposit and will soon be processed by Abitibi. A number of
factors, such as bodies of water and the hydroelectric powerline
on-site, may impact the quality of the data because of how the
survey data is collected. If the data collected is of good quality
and able to be processed, the survey will be expanded over the
other key areas of the Project.
All the deposits discovered to date at the Pine
Bay Project have a very steep dip and plunge and sit along a number
of tight folds. Of particular interest is mapping the
structure at depth between the Pine Bay deposit and the emerging
Descendent discovery where mineralized horizons/folds are
interpreted to converge at depth. Deposits that sit at the nose of
a fold can host significantly wider lenses of mineralization and
with it the potential to add significant volume more quickly.
The number of deposits at Pine Bay are located
within the Baker Patton Felsic Complex, one of the largest and most
highly altered accumulations of felsic rocks within the Flin Flon
Greenstone Belt. The new Descendent discovery is directly
associated with a major alteration zone that's previously been
identified at surface and spans 1,100m by 700m.
Since the huge alteration zone seen at surface is structurally
overturned, the exploration thesis is that the massive sulphides
associated with this mineralizing event would be preserved at
depth, which we are now intersecting with the Descendent discovery
(See news release dated January 22,
2024). Typically, there is a correlation between the size of
an alteration zone and the size of the VMS deposit it is associated
with. The Company is completing the MT survey to help provide
additional information about the depth, location and potential of
the Descendent, Rainbow and other deposits at the Project.
Looking forward, the Company remains focused on
expanding the current resource base through additional step-out
drilling with plans for an aggressive 2024 exploration
campaign. Callinex is building upon 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).
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, obtaining satisfactory results from its 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.