Callinex Intersects 7.55m of 5.01% Copper Eq in 257m Vertical Step-out from the Rainbow Deposit in the Flin Flon Mining District, MB
Callinex Mines Inc. (OTC: CLLXF) announced significant drill results from its Pine Bay Project. Drill hole PBM-121 intersected 7.55m of 5.01% copper equivalent at a depth of 545m, marking a 257m step-out from previous high-grade results. PBM-118 reported 7.77m of 5.55% copper equivalent, including high copper and silver grades. The company is enhancing its drilling efforts and has initiated geophysical surveys to further explore the Rainbow Deposit. Overall, the recent findings indicate a promising expansion of the deposit closer to the surface.
- Drill hole PBM-121 intersected 7.55m of 5.01% copper equivalent, enhancing resource potential.
- High-grade results from PBM-118 include 7.77m of 5.55% copper equivalent.
- Vertical extent of the Rainbow Deposit is confirmed to 405m, expanding resource accessibility.
- Geophysical surveys are underway to identify additional mineralization along the trend.
- None.
Highlights:
- PBM-118 intersected 7.77m of
5.55% copper equivalent (CuEq) comprising of3.30% copper, 0.72 g/t gold, 7.48 g/t silver and4.42% zinc; - PBM-121 intersected 7.55m of
5.01% CuEq consisting of4.13% copper, 0.64 g/t gold, 11.08 g/t silver and0.90% zinc; - Intersection in PBM-121 is located 405m below surface and a 257m step-out above the most recent high-grade intersection announced at the Rainbow Deposit; and
- Surface IP and EM surveys currently underway to cover 3.2 kms of trend that hosts the Rainbow Deposit and Centennial Mine.
VANCOUVER, BC, April 26, 2021 /PRNewswire/ - Callinex Mines Inc. (the "Company" or "Callinex") (TSXV: CNX) (OTC: CLLXF) is pleased to announce that it has more than doubled the vertical extent of the Rainbow Deposit (the "Rainbow") by extending the high-grade copper, gold, silver and zinc deposit 257m closer to surface. The Rainbow is located at the
Drill hole PBM-121 intersected 7.55m of
Max Porterfield, President and CEO, stated, "We are excited to see the Rainbow expand closer to surface with the high-grade copper intersections announced today." Mr. Porterfield continued, "The Rainbow Deposit has the potential to be accessible by a ramp which in turn would translate to a more attractive development plan."
The Company has now defined the vertical extent of the Rainbow to the 405 meter level (ml) from the 662 ml that had been drilled prior to the 2021 drilling campaign. The previous step-out hole drilled into the Rainbow, PBM-113-W2, (Orange Zone) intersected 5.70m of
Currently, two rigs continue operating to expand the Rainbow closer to surface and at depth. Since the Company resumed drilling in mid February, 9 holes have been completed (3 holes abandoned) for a total of 7,600 meters out of a 30,000 meter budgeted drill program. Callinex will continue to provide results on an ongoing basis for the duration of the 2021 drilling campaign.
In addition, the Company has commenced two deep penetrating geophysical surveys along the trend that hosts the Rainbow and Sourdough deposits as well as the past producing Centennial Mine (Pine Bay Geophyiscal Grids). An induced polarization ("IP") survey is being completed by Abitibi Geophysics using their proprietary OreVision IP system, which can reveal targets at four times the depth of conventional IP. The Rainbow Deposit was discovered by utilizing the OreVision IP system as a critical vectoring tool. The objective of the survey is to detect pyrite-rich mineralization that may host high-grade copper and zinc up to depths of 580m along the favorable volcanogenic massive sulphide ("VMS") trend that hosts the known deposits. The 24 km IP Survey, currently underway, will span a linear 3.2 km north-south trend with line widths up to 1.4 km at 150m spacing.
Koop Geotechnical is in the process of completing a 13.4 line km deep penetrating surface pulse electromagnetic survey ("SPEM") that will cover an additional 10 km of the Rainbow trend to the south.
The Company also announces that it has extended the expiry date of 170,000 stock options from August 8, 2021 to August 8, 2026. The options continue to be exercisable at a price of
Table 1: Pine Bay Drill Results
Drill Hole | From (m) | To (m) | Interval (m) | True Width (m) | Cu % | Au g/t | Ag g/t | Zn % | Sg | CuEq % |
PBM-116 | Hole abandoned @132 meters due to Azimuth deviation | |||||||||
PBM-117 | 919.83 | 920.05 | 0.22m | 0.20 | 0.14 | 1.20 | 2.61 | 0.01 | 3.32 | 0.99 |
PBM-118 | 621.83 | 629.60 | 7.77 | 6.92 | 3.30 | 0.72 | 7.48 | 4.42 | 4.15 | 5.55 |
PBM-119 | 609.34 | 614.94 | 5.60 | 4.94 | 2.02 | 0.69 | 4.93 | 1.21 | 3.78 | 3.00 |
PBM-120 | Assays Pending | |||||||||
PBM-121 | 545.45 | 553.00 | 7.55 | 6.79 | 4.13 | 0.64 | 11.08 | 0.9 | 3.66 | 5.01 |
Notes(1)(2)(3)(4):
1. PBM-116 collar is located at the following Universal Transverse Mercator (UTM) coordinates using the North American Datum of 1983 (NAD83) within UTM Zone 14N: 331402.0m East and 6071286.0mNorth and 298.0m above sea level, and started at 305Az, -77 degree dip. PBM-117 collar is located at the following Universal Transverse Mercator (UTM) coordinates using the North American Datum of 1983 (NAD83) within UTM Zone 14N: 330398.0m East and 6071231.0m North and 299.0m above sea level, and started at 96.0Az, -56 degree dip. PBM-118 collar is located at the following Universal Transverse Mercator (UTM) coordinates using the North American Datum of 1983 (NAD83) within UTM Zone 14N: 331402.0m East and 6071286.0mNorth and 298.0m above sea level, and started at 296Az, -77 degree dip. PBM-119 collar is located at the following Universal Transverse Mercator (UTM) coordinates using the North American Datum of 1983 (NAD83) within UTM Zone 14N: 331402.0m East and 6071286.0mNorth and 298.0m above sea level, and started at 299Az, -70 degree dip. PBM-121 collar is located at the following Universal Transverse Mercator (UTM) coordinates using the North American Datum of 1983 (NAD83) within UTM Zone 14N: 331402.0m East and 6071286.0mNorth and 298.0m above sea level, and started at 299Az, -60 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 |
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.
Figure 1: Flin Flon Mining District Region Overview
Figure 2: Plan View of 2021 Drilling Rainbow Discovery at the Pine Bay Project
Figure 3: Pine Bay Long Section Looking West with 2021 Drilling
Figure 4: Pine Bay Cross Section Looking North with 2021 Drilling
Figure 5: Pine Bay 2021 Surface IP and EM Grids
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
About Callinex Mines Inc.
Callinex Mines Inc. (TSXV: CNX) (OTC: CLLXF) is advancing its portfolio of base and precious metals rich deposits located in established Canadian mining jurisdictions. The portfolio is highlighted by the rapidly expanding Rainbow Discovery at its Pine Bay Project located near existing infrastructure in the Flin Flon Mining District. Additionally, Callinex has emerging near-surface silver discoveries at its Nash Creek Project located in the Bathurst Mining District of New Brunswick. A 2018 PEA on the Company's Bathurst projects outlined a mine plan that generates a strong economic return with a pre-tax IRR of
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.
FAQ
What are the key drill results reported by Callinex Mines (CLLXF) on April 26, 2021?
How deep are the recent drill holes at the Pine Bay Project?
What is the significance of the 257m step-out in drill hole PBM-121?
What ongoing projects are being pursued by Callinex Mines (CLLXF) as of April 2021?
