Callinex Issues Annual Letter to Shareholders
Callinex Mines (TSXV: CNX) (OTCQX: CLLXF) has released its 2024 annual shareholder letter highlighting key achievements and future plans. The company completed critical engineering work on the Rainbow and Pine Bay deposits and prepared for an Advanced Exploration Permit submission expected by Q1 2025.
The Rainbow deposit shows an Indicated Mineral Resource of 3.44 Mt at 3.59% copper equivalent and Inferred Resource of 1.28 Mt at 2.95% CuEq. The Pine Bay deposit has an Inferred Resource of 1.0 Mt at 2.62% Cu. Despite wildfire damage to facilities and stored core samples, exploration continued at the Descendent discovery through geophysics and step-out drilling.
The company doubled its Pine Bay land package to approximately 120 square kilometers through staking and the Albert's Lake agreement. Teck Resources became a shareholder after terminating their back-in provision. Copper prices remain above $4.00/lb, with positive market outlook for both base and precious metals in 2025.
Callinex Mines (TSXV: CNX) (OTCQX: CLLXF) ha pubblicato la sua lettera annuale agli azionisti per il 2024, evidenziando i principali successi e i piani futuri. L'azienda ha completato importanti lavori di ingegneria sui depositi Rainbow e Pine Bay e si è preparata per la presentazione della domanda di Permesso per Esplorazione Avanzata, prevista per il primo trimestre del 2025.
Il deposito Rainbow mostra una riserva mineraria indicata di 3,44 Mt con un equivalente in rame del 3,59% e una riserva indiziata di 1,28 Mt con un CuEq del 2,95%. Il deposito Pine Bay ha una riserva indiziata di 1,0 Mt con un Cu del 2,62%. Nonostante i danni causati dagli incendi agli impianti e ai campioni di roccia conservati, l'esplorazione è continuata nella scoperta del Descendent tramite tecniche geofisiche e perforazioni esplorative.
L'azienda ha raddoppiato il proprio pacchetto di terreni a Pine Bay a circa 120 chilometri quadrati attraverso lo staking e l'accordo di Albert's Lake. Teck Resources è diventata azionista dopo aver annullato la loro clausola di riacquisto. I prezzi del rame rimangono sopra i 4,00 $/lb, con un outlook di mercato positivo sia per i metalli di base che per quelli preziosi nel 2025.
Callinex Mines (TSXV: CNX) (OTCQX: CLLXF) ha publicado su carta anual a los accionistas para 2024, destacando los logros clave y los planes futuros. La compañía completó trabajos de ingeniería críticos en los depósitos Rainbow y Pine Bay y se preparó para la presentación de un Permiso de Exploración Avanzada, que se espera para el primer trimestre de 2025.
El depósito Rainbow muestra un recurso mineral indicado de 3,44 Mt con un equivalente de cobre del 3,59% y un recurso inferido de 1,28 Mt con un CuEq del 2,95%. El depósito Pine Bay tiene un recurso inferido de 1,0 Mt con un Cu del 2,62%. A pesar de los daños por incendios en las instalaciones y las muestras de testigos almacenadas, la exploración continuó en el descubrimiento de Descendent a través de geofísica y perforaciones de exploración.
La empresa duplicó su paquete de terrenos en Pine Bay a aproximadamente 120 kilómetros cuadrados mediante la compra de derechos y el acuerdo de Albert's Lake. Teck Resources se convirtió en accionista tras terminar su cláusula de recompra. Los precios del cobre se mantienen por encima de 4,00 $/lb, con una perspectiva de mercado positiva tanto para los metales básicos como preciosos en 2025.
Callinex Mines (TSXV: CNX) (OTCQX: CLLXF)는 2024년 주주 연례 보고서를 발표하며 주요 성과와 향후 계획을 강조했습니다. 회사는 레인보우 및 파인 베이 매장지에 대한 중요한 공학 작업을 완료했으며, 2025년 1분기에 예정된 고급 탐사 허가 제출을 준비했습니다.
레인보우 매장지는 3.44Mt의 지시된 광물 자원과 3.59% 구리 등가를 보여주며, 추정 자원은 1.28Mt, 2.95% CuEq입니다. 파인 베이 매장지는 1.0Mt의 추정 자원과 2.62% Cu입니다. 시설과 보관된 코어 샘플에 대한 산불 피해에도 불구하고, 지구물리학 및 단계적 시추를 통해 데센던트 발견에서 탐사가 계속되었습니다.
회사는 스테이킹 및 알버트 호수 협정을 통해 파인 베이 토지 패키지를 약 120 평방킬로미터로 두 배로 늘렸습니다. 테크 리소스는 이들의 재진입 조항을 해지한 후 주주가 되었습니다. 구리 가격은 4.00 $/lb 이상으로 유지되고 있으며, 2025년에는 기초 및 귀금속에 대한 긍정적인 시장 전망이 있습니다.
Callinex Mines (TSXV: CNX) (OTCQX: CLLXF) a publié sa lettre annuelle aux actionnaires pour 2024, mettant en lumière les réalisations clés et les projets futurs. L'entreprise a achevé des travaux d'ingénierie critiques sur les dépôts Rainbow et Pine Bay et s'est préparée à soumettre une demande de Permis d'Exploration Avancée, prévue pour le premier trimestre 2025.
Le dépôt Rainbow présente une ressource minérale indiquée de 3,44 Mt à 3,59% d'équivalent cuivre et une ressource inférée de 1,28 Mt à 2,95% CuEq. Le dépôt Pine Bay dispose d'une ressource inférée de 1,0 Mt à 2,62% Cu. Malgré les dommages causés par les incendies aux installations et aux échantillons de carottes entreposés, l'exploration a continué à la découverte de Descendent grâce à la géophysique et à des forages d'exploration.
L'entreprise a doublé son portefeuille foncier à Pine Bay à environ 120 kilomètres carrés grâce à des droits acquis et à l'accord d'Albert's Lake. Teck Resources est devenue actionnaire après avoir résilié sa clause de rachat. Les prix du cuivre demeurent supérieurs à 4,00 $/lb, avec une perspective de marché positive tant pour les métaux de base que pour les métaux précieux en 2025.
Callinex Mines (TSXV: CNX) (OTCQX: CLLXF) hat seinen jährlichen Aktionärsbrief für 2024 veröffentlicht, der zentrale Erfolge und zukünftige Pläne hervorhebt. Das Unternehmen hat wichtige Ingenieursarbeiten an den Rainbow und Pine Bay Vorkommen abgeschlossen und sich auf die Einreichung eines Antrags auf eine erweiterte Explorationsgenehmigung vorbereitet, die für das erste Quartal 2025 erwartet wird.
Das Rainbow-Vorkommen zeigt ein angegebenes Mineralvorkommen von 3,44 Mt mit 3,59% Kupferäquivalent und ein geschätztes Vorkommen von 1,28 Mt mit 2,95% CuEq. Das Pine Bay-Vorkommen hat ein geschätztes Vorkommen von 1,0 Mt mit 2,62% Cu. Trotz der Schäden durch Waldbrände an den Einrichtungen und den gelagerten Kernproben wurde die Erkundung beim Descendent-Fund durch Geophysik und Erkundungsbohrungen fortgesetzt.
Das Unternehmen hat sein Grundstückspaket in Pine Bay durch Staking und die Albert's Lake-Vereinbarung auf etwa 120 Quadratkilometer verdoppelt. Teck Resources wurde nach der Kündigung ihrer Rückkaufklausel Aktionär. Die Kupferpreise bleiben über 4,00 $/lb, mit einer positiven Marktentwicklung sowohl für Basismetalle als auch für Edelmetalle im Jahr 2025.
- Significant mineral resources at Rainbow deposit: 3.44 Mt at 3.59% CuEq (Indicated)
- Doubled land package to 120 square kilometers through strategic acquisition
- Advanced Exploration Permit submission planned for Q1 2025
- Strategic partnership with Teck Resources as new shareholder
- Copper prices maintaining above $4.00/lb with positive market outlook
- Wildfire destroyed onsite facilities and significant portion of stored diamond drill core
- Assay results pending for key exploration activities
Dear Shareholders,
I'm grateful for your support over this last year and I'm excited for what's to come as our team steadily progresses our high-grade base and precious metals rich deposits, expands our newest discoveries and hunts for additional opportunities on our newly expanded land package.
Our achieved objectives in 2024 positioned the Company to immediately begin moving forward with advanced permitting, which will cut down on future development timelines, advance our newest discovery, which could lead to significant resource growth well beyond what our team has outlined to date, and unlock our newly acquired land package which could quickly deliver near surface discoveries. I'd like to thank our shareholders, stakeholders and our team members for their contributions which collectively made reaching all of these significant milestones possible.
In 2024, the Company completed critical engineering work on the Rainbow and Pine Bay deposits as well as baseline studies at the Pine Bay Project to support submission of an Advanced Exploration Permit ("AEP"). This work comes on the heels of the 2023 Pine Bay Project NI 43-101 maiden resource estimate, which included the high-grade Rainbow deposit with an Indicated Mineral Resource of 3.44 Mt at
Callinex's team has worked diligently in conjunction with AECOM, a consulting firm that's been key in the permitting of numerous mines in
During the year exploration at the Pine Bay Project continued unimpeded despite the property being engulfed by the significant wildfire that impacted approximately
The Company's exploration focus remained on the Descendent discovery that has continued to be advanced through geophysics and step-out drilling, supported by a successful financing in July 2024. Callinex started the year by completing a magnetotelluric geophysical survey ("MT") over the Descendent and other key areas of the Pine Bay Project area. The results of the MT survey were successful in that they gave further confidence that the Descendent continued at depth, further confirmed our exploration model that the deposit is approaching a fold nose and highlighted a number of additional target areas to be pursued.
The 2024 drilling campaign was concluded by testing the Descendent discovery with a 536m step-out diamond drillhole targeted to intersect vertically below and slightly to the north of discovery hole DSC-111. The step-out hole, DSC-113, intersected a broad halo with 800m of volcanogenic massive sulphide ("VMS") style alteration which included sericite, chlorite, silica, with disseminated sulphides which increased downhole, with the last 400 metres commonly intersecting highly-altered (sericite and chlorite schists) before reaching the Descendent horizon, all assays for DSC-113 are pending. Meanwhile, a borehole pulse electromagnetic survey ("BPEM") is scheduled to be completed in the coming days. The Descendent step-out hole was preceded by testing target area Poseidon where pending assay and BPEM survey results are also pending.
In May, Callinex announced that it had doubled the Pine Bay land package through staking and the signing of the Albert's Lake option agreement. The Pine Bay Project now encompasses approximately 120 square kilometers of highly prospective exploration ground and completely consolidates both the Baker Patton as well as another large felsic package. Combined, the Pine Bay Project contains the largest and most highly altered accumulations of surface exposed felsic volcanic rocks in the Flin Flon Greenstone Belt, which is the host rock to the majority of the mines in the region.
On acquisition of our expanded Pine Bay Project area, our team immediately began permitting the Alberts Lake area and working with Teck Resources Limited ("Teck") to extinguish an historic back-in provision that had deterred any significant exploration on the property for over two decades. By December, we were able to welcome Teck as a supportive Callinex shareholder together with other considerations in-lieu of terminating the back-in provision and we also received a three-year exploration work permit from regulatory authorities. Callinex is now compiling decades of historic data through digitization and analysis, which is already yielding exciting new exploration opportunities.
Looking forward we are eager to complete the work necessary to submit the Advanced Exploration Permit. We also await results from our ongoing exploration campaign which will guide our path forward to delineating a high-grade resource at Descendent as well as our next steps at Poseidon. On our newly acquired land package, we will continue to outline exciting exploration opportunities and to immediately include these new targets in this year's exploration efforts.
I am pleased that both base and precious metals markets continue to be resilient and the supply and demand situation indicates a positive year to come in 2025. Copper has remained buoyant above
Thank you again for your continued support over the last year, we are eager to advance our objectives and build upon the milestones we've reached to date.
Sincerely,
"Max Porterfield"
President & CEO
J.J. O'Donnell, P. Geo, a qualified person under National Instrument 43-101 and Exploration Manager for Callinex, 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
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.
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