SUPERJACK PROJECT


Highlights

  • Three separate VMS zones, the largest of which is the A Zone, that host a near-surface Inferred mineral resources of 3.2 Mt grading 4.6% Zn Eq. containing 328 million pounds of Zn Eq.
  • Located 15km away from and underlain by the same rock package as the ‘supergiant’ Brunswick #12 Mine which contained well over 200 million tonnes of mineralization
  • All three mineralized zones are open for expansion along strike and at depth, where almost no drilling has occurred down-plunge from known mineralization
  • Located approximately 50km by road to an operating processing facility

 

Overview

Callinex owns a 100% interest in the Superjack Project subject to a sliding scale 1%-1.5% NSR, of which 0.5% can be repurchased for $500,000 and would also include a 0.5% buy-back of the 1% NSR on the Nash Project. The project is accessible by following Highway 430 for 35km from the city of Bathurst.

The project is interpreted to be underlain by the same felsic volcanic package (i.e., the Nepisiguit Falls Formation) that hosts the ‘supergiant’ Brunswick #12 mine located 15km to the northeast and the large Heath Steele Mine located 10km due south of Superjack (See Figure 1).

The most prospective areas of the Superjack Project appear to be the down-plunge expressions of both the known ‘A’ and ‘C’ mineralized zones where very little drilling has been completed.  Of particular interest are two deep drill holes on the ‘A Zone’ that essentially leave the zone wide open to be explored at depth below 440 meters. Drill hole NP11-39 intersected 2.55m of 14.97% Zn, 1.38% Pb, 0.27% Cu and 32.53 g/t Ag and drill hole NP11-54 that intersected 5.88m of 5.48% Zn, 2.34% Pb, 0.41% Cu and 73.74 g/t Ag (See Figure 2).

Preliminary metallurgical testing indicates up to 80% copper recoveries, 75% zinc recoveries and approximately 68% silver recoveries are possible using rougher flotation methods. However, high zinc recovery up to 96% can be realized with additional fine grinding.

Mineral Resources

The Superjack deposit consists of three mineralized zones that all start at surface, the largest of which is called the ‘A Zone’. A Technical Report titled “Technical Report and Resource Estimate on the Nepisiguit Project, New Brunswick, Canada” effective May 31, 2012 was prepared by Tetra Tech Inc. / Wardrop (“Tetra Tech”) for Slam Resources Ltd.

Table 1: 2012 Inferred Mineral Resource for the Superjack ‘A’ and ‘C’ Zones using a 1.5% ZnEq cut-off

Tonnes Zn         (%) Pb     (%) Cu       (%) Ag       (g/t) Zn       (t) Pb       (t) Cu       (t) Ag       (oz)
2,938,613

(‘A’ Zone)

3.162 0.822 0.226 30.644 92,928 24,164 6,633 2,895,222
272,402

(‘C’ Zone)

1.408 0.320 0.272 16.599 3,836 873 742 145,370
3,211,015

(‘A’ + ‘C’ Combined)

3.013 0.779 0.230 29.452 96,764

 

25,037 7,375 3,040,592

Notes:

  1. CIM definition standards were followed for the resource estimate.
  2. Densities varied by rock type
  3. Numbers may not add exactly due to rounding.
  4. Mineral Resources that are not mineral reserves do not have economic viability.
  5. The quantity and grade of reported inferred resources in this estimation are uncertain in nature and there has been insufficient exploration to define these inferred resources as an indicated or measured mineral resource and it is uncertain if further exploration will result in upgrading them to an indicated or measured mineral resource category.

The technical content of this page has been reviewed and approved by James Pickell, P.Geo, a Consultant to the Callinex, and a Qualified Person as defined by National Instrument 43-101. Mr. Pickell has also reviewed the Technical Report and Resource Estimate prepared by Tetra Tech.

Figures:

Figure 1: Superjack Project Location

superjack-project

Figure 2: Superjack VMS Property, NB – Longitudinal View showing ‘A’ Zone