PBM-118 intersected 7.77m of 5.55% copper equivalent (CuEq) comprising of 3.30% copper, 0.72 g/t gold, 7.48 g/t silver and 4.42% zinc;
PBM-121 intersected 7.55m of 5.01% CuEq consisting of 4.13% copper, 0.64 g/t gold, 11.08 g/t silver and 0.90% 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 /CNW/ - 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 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 (Pine Bay Plan View).
Pine Bay Project Rainbow Deposit Plan View with Drill Hole Location and Traces (CNW Group/Callinex Mines Inc.)
Pine Bay Project Rainbow Deposit Long Section (CNW Group/Callinex Mines Inc.)
Pine Bay Project Rainbow Deposit Cross Section (CNW Group/Callinex Mines Inc.)
Pine Bay Project Grids and Geophysical Coverage (CNW Group/Callinex Mines Inc.)
Drill hole PBM-121 intersected 7.55m of 5.01% copper eq consisting of 4.13% copper, 0.64 g/t gold, 11.08 g/t silver and 0.90% zinc (Rainbow Long Section). The high-grade intersection in PBM-121 is located 257m vertically above PBM-113-W2, the last reported intersection in the Rainbow, and 101m vertically above PBM-118 (Rainbow Cross Section). Drill hole PBM-118 intersected 7.77m of 5.55% CuEq comprising of 3.30% copper, 0.72 g/t gold, 7.48 g/t silver and 4.42% zinc at a vertical depth of 505m.
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 4.72% CuEq (3.57% Cu, 0.54 g/t Au, 21.41 g/t Ag and 1.56% Zn) (See News Release Dated January 21, 2021).
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 $3.80 per share.
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$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).
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.
SOURCE Callinex Mines Inc.
Callinex Mines Inc., Max Porterfield, President and Chief Executive Officer, Phone: (604) 605-0885, E-mail: [email protected]
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