- PBM-138 intersected 37m of 6.00% copper, 0.35 g/t gold and 6.13 g/t silver;
- PBM-133 intersected 7.71m of 2.62% CuEq including 1.70% copper, 0.52 g/t gold, 8.25 g/t silver and 1.29% zinc; and
- One drill is currently testing the up plunge extent of the Rainbow Deposit to surface.
Vancouver, British Columbia – September 7, 2021 – Callinex Mines Inc. (the “Company” or “Callinex”) (TSXV: CNX) (OTC: CLLXF) is pleased to announce additional drill results from the ongoing 30,000m drilling campaign to expand the high-grade copper, gold, silver and zinc Rainbow Deposit (the “Rainbow”). The Rainbow is located at the 100% owned Pine Bay Project within a mineral lease, less than 250m from a high-voltage hydroelectric power-line and 550m from a historic shaft with direct road access to processing facilities in Flin Flon, MB (District Overview Map).
PBM-138 intersected the Orange Zone and returned 37.0m of 6.00% copper (“Cu”), 0.35 g/t gold (“Au”), 6.13 g/t silver (“Ag”), 0.09% zinc (“Zn”) or 6.33% copper equivalent (“CuEq”) including two high-grade one meter intervals which returned over 18% Cu (Rainbow Drill Core Photo) . PBM-138 is located 210m vertically above and along strike to the north of PBM-129-W2 which intersected 67.0m of 2.73% Cu and a 34m step-out from PBM-131 which intersected 20.53m of 2.58% Cu (Orange Zone Grade/Width Contour Long Section) (See News Release Dated June 30, 2021).
Max Porterfield, President and CEO, stated, “We continue to be impressed with assay results coming out of the Rainbow as Callinex expands the high-grade copper deposit. The Company recently mobilized one of the two drill rigs to define how close the Rainbow deposit comes to surface. To date the Rainbow deposit has been intersected from 300m vertical depth down to 890m.”
Additionally, PBM-133 intersected the Orange Zone with 2.62% CuEq over 7.71m (1.70% Cu, 0.52 g/t Au, 8.25 g/t Ag and 1.29% Zn) including 3.21m of 3.48% Cu, 0.70 g/t Au, 12.18 g/t Ag and 0.98% Zn (Rainbow Deposit Long Section).
Two drill holes, PBM-135 and PBM-136, were drilled to test the down plunge extent of mineralization below discovery hole PBM-111, the deepest intersection to date at the Rainbow. Drill holes PBM-135 and PBM-136 have been interpreted to have gone above and below the plunge line. Additional drilling is required to further delineate the deposit at depth.
One rig is currently drilling to test the up plunge extent of the Rainbow deposit above 300m vertical depth. A second drill rig is operating to test regional exploration targets to the north and along strike of the Rainbow Deposit, while vectoring with borehole electromagnetic surveys. Since the Company commenced its 2021 exploration campaign, 27 holes (including 5 wedges) have been announced for a total of 18,700 meters out of a fully funded 30,000 meter budgeted drill program. Callinex will continue to provide results for the duration of the 2021 drilling campaign.
Table 1: Pine Bay Drill Results
|Interval (m)||True Width|
|Au g/t||Ag g/t||Zn|
- PBM-113-W3 collar is located at the following Universal Transverse Mercator (UTM) coordinates using the North American Datum of 1983 (NAD83) within UTM Zone 14N 331402m East and 6071286m North and 298.0m above sea level, and started at 300Az, -87 degree dip with the top of wedge set at depth 285m. PBM-132 collar is located at the following Universal Transverse Mercator (UTM) coordinates using the North American Datum of 1983 (NAD83) within UTM Zone 14N: 331378m East and 6071255m North and 295.0m above sea level, and started at 290Az, -85 degree dip. PBM-133 collar is located at the following Universal Transverse Mercator (UTM) coordinates using the North American Datum of 1983 (NAD83) within UTM Zone 14N: 331352m East and 6071213mNorth and 295.0m above sea level, and started at 315Az, -53 degree dip. PBM-135 collar is located at the following Universal Transverse Mercator (UTM) coordinates using the North American Datum of 1983 (NAD83) within UTM Zone 14N: 331378m East and 6071255mNorth and 295.0m above sea level, and started at 120Az, -82 degree dip. PBM-136 collar is located at the following Universal Transverse Mercator (UTM) coordinates using the North American Datum of 1983 (NAD83) within UTM Zone 14N: 331378m East and 6071255m North and 295.0m above sea level, and started at 295Az, -87 degree dip. PBM-138 collar is located at the following Universal Transverse Mercator (UTM) coordinates using the North American Datum of 1983 (NAD83) within UTM Zone 14N: 331378m East and 6071255m North and 295.0m above sea level, and started at 292Az, -80 degree dip.
- 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.
- All CuEq (copper equivalent) assay results in this news release use the following pricing: US$3.00 copper per pound ($6,720/tonne), US$1.15 zinc per pound, US$1,450/troy ounce gold ($46.62/gram), US$16.50/toy ounce silver ($0.53/gram), calculation CuEQ= Cu%+(Zn% x zinc price per pound / copper price per pound)+(Au g/t x Au price per gram / copper price per tonne) x100 + (Ag g/t x Ag price per gram / copper price per tonne) x 100. 100% metal recoveries used, ie. no process recoveries or smelter payables were included in the calculation.
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.
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 75% passing 2mm and pulverized to 85% passing 75 microns in order to produce a 250g pulverized split. 35 elements including copper, zinc, lead and silver assays were determined by Aqua Regia digestion with a combination of ICP-MS and ICP-AES finish, with over limits rerun using an ore grade analysis (two acid digest ICP-AES). Gold was analyzed by fire assay. Specific gravity (sg) measured for each sample using the pycnometer and water and air method. QA/QC included the insertion and continual monitoring of numerous standards, blanks, and duplicates
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 34.1% (25.2% post-tax) and NPV8% of $230 million ($128 million post-tax).
For additional information, please contact:
Callinex Mines Inc.
Max Porterfield, President and Chief Executive Officer
Phone: (604) 605-0885
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.