Callinex Provides Exploration Update for Manitoba and New Brunswick

Rhea-AI Summary

Callinex Mines Inc. has announced significant progress on its exploration campaigns in Manitoba and New Brunswick. Two new drill holes at the Pine Bay Project have been completed to follow up on the Rainbow discovery, which revealed high-grade copper, gold, silver, and zinc. A second drill rig is being mobilized to expedite exploration. Additionally, a soil sampling campaign at the Nash Creek Project has concluded, with results pending. The strategic location of the Rainbow discovery, close to processing facilities, positions Callinex for potential operational efficiencies and resource development.

Positive

• Two new drill holes at the Pine Bay Project confirmed high-grade intersections: PBM-111 revealed 2.96m of 3.09% copper and 4.31m of 4.12% copper.
• A second drill rig is being mobilized to accelerate the Rainbow discovery's expansion.
• Soil sampling campaign at Nash Creek has been completed with results expected to guide further drilling.

Negative

• None.

Highlights:

• Samples from two new holes drilled to step-out from the recently announced Rainbow discovery in Manitoba are currently being rushed to the lab for assaying;
• A second drill rig is being mobilized to accelerate the expansion of the Rainbow discovery; 
• Soil sampling campaign to follow-up on two widely spaced silver discoveries in New Brunswick has been completed and awaiting results from the analytical lab; and
• Once the soil samples are received and interpreted a drilling campaign will be planned in New Brunswick.

VANCOUVER, BC, Oct. 13, 2020 /PRNewswire/ - Callinex Mines Inc. (the "Company" or "Callinex") (TSXV: CNX) (OTC: CLLXF) is pleased to provide an update on the ongoing exploration campaigns at the 100% owned Pine Bay Project located in the Flin Flon Mining District of Manitoba and the 100% owned Nash Creek Project located in the Bathurst Mining District of New Brunswick. 

At the Pine Bay Project, two drill holes have been completed to follow up on the recently announced Rainbow discovery (the "Discovery") comprising of two high-grade copper, gold, silver and zinc lenses located 16 kms away from processing facilities in Flin Flon, Manitoba (See Figure 1). The Rainbow discovery hole, PBM-111, intersected 2.96 metres of 3.09% copper, 0.75 g/t gold, 13.35 g/t silver, 1.88% zinc and a second interval of 4.31 metres of 4.12% copper, 0.22 g/t gold, 2.21 g/t silver, 0.06% zinc (See News Release Dated September 9, 2020). Drill hole PBM-112 intersected a semi-massive sulphide intersection 325m vertically above PBM-111 (See Figure 2 and Figure 3). Drill hole PBM-113 successfully intersected the center of the highly conductive Borehole Pulse ElectroMagnetic ("BPEM")  Anomaly A, including two massive sulphide intersections located 118m and 123m along strike to the north and 87m and 66m vertically, respectively above the two high-grade massive sulphide intersections in PBM-111 (See Figure 2 and Figure 3). Samples from both drill holes are being cut and rushed to the lab to be assayed. Click here to walk-through the Rainbow discovery.

A second drill is being arranged to be mobilized before the end of the month to accelerate the expansion of the Rainbow discovery. The drill rig currently on site will continue drilling to its planned end of hole depth and then immediately continue stepping out from the discovery.  Step-out drilling will be aided by results from BPEM surveys being completed on PBM-112 and PBM-113.  A BPEM survey has been completed on PBM-112 and the results are currently being interpreted. A BPEM survey will be completed on PBM-113 as soon as the hole reaches total depth. The Rainbow discovery has been made on Callinex's mineral lease, less than 250m from a high-voltage power-line and 550m from a historic shaft with direct road access to processing facilities in Flin Flon (See Figure 1 and Figure 4). 

In the Bathurst Mining District at the Company's Nash Creek Project, the soil sampling campaign has been completed and the Company is awaiting results from the analytical lab. In total, 1,200 samples were collected for analysis of base and precious metals (See Figure 5). Soil samples were collected at 25m spacing along section lines spaced 100m intervals to cover the 11 km trend that encompasses the two recently announced silver discoveries located 6.8 km apart (See News Release dated July 23, 2020). Drill hole NC20-313 intersected 28.6m of 57 g/t silver at a vertical depth of 120m including 16.5m of 94 g/t silver and NC19-306 which intersected 19m of 36.53 g/t silver, 0.52% lead and 0.38% zinc at a starting depth of 34.0m (See News Releases dated June 15, 2020 and June 4, 2020).

Once the soil sampling results are received and analyzed by the technical team they will be announced to the market. The soil sampling campaign will assist the Company in vectoring towards additional high grade near surface mineralization along the controlling fault structure associated with the silver mineralization discovered in drill holes NC20-313 and NC19-306. A follow-up drilling campaign will be planned to step-out from both silver intercepts as well as test any anomalous areas of interest identified by the soil sampling campaign.

Limited historic regional silver, lead and zinc soil sampling has been completed by previous explorers at the Nash Creek Project. This historic data along with the newly acquired Induced Polarization survey results were utilized to target the two recently announced silver discoveries. 

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: Pine Bay Long Section Looking West with 2020 Drilling

Figure 3: Pine Bay 3D View Looking Westerly with Plates A & B

Figure 4: Aerial View of the Rainbow Discovery at the Pine Bay Project

Figure 5: Nash Creek 2020 Soil Geochemical Grid

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 its Nash Creek and Superjack deposits in the Bathurst Mining District of New Brunswick. A 2018 PEA outlined a mine plan that 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). The projects have significant exploration upside over a district-scale land package that encompasses several high-grade mineral occurrences along a 20km trend. Click here to view a video overview of the Nash Creek Project.

Callinex has a project portfolio that also includes projects within the Flin Flon Mining District of Manitoba that are located 25km to an operating processing facility that requires additional ore. 

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.