VANCOUVER, Aug. 10, 2015 /CNW/ - Callinex Mines Inc. (the "Company" or "Callinex") (TSX-V: CNX; OTCQX: CLLXF) is pleased to announce that it has commenced its Phase Two drilling campaign near Flin Flon, Manitoba. The campaign is planned to include five holes totaling approximately 2,500m between the Company's 100% owned Pine Bay and Flin Flon projects. The objective of the drilling campaign is to discover high-grade copper and zinc rich massive sulfide mineralization within close proximity to HudBay's 777 Mine.
The Company plans to test several newly identified geophysical targets located at depth and along strike of the Sourdough deposit at the Pine Bay Project. These new targets were identified earlier this year based on modern geophysical technology and have significant potential to represent massive sulphide mineralization. In particular, target PB-10 represents a large and highly conductive untested geophysical target beneath the deposit at a starting depth of 350m and trends along strike towards HudBay's Centennial Mine.
The Sourdough deposit area is highly prospective based on modern geophysical targets, high-grade mineralization and limited historic drilling. The majority of historic drilling was completed before 1950 and the deposit area has not been drilled based on modern geophysics. Callinex has identified significant exploration potential between HudBay's past producing Centennial Mine, located approximately 2km to the southwest, and the Sourdough deposit. Both the Centennial Mine and Sourdough deposit host significant high-grade copper-zinc-gold-silver mineralization.
Depending on results from drilling at the Sourdough deposit, the Company has outlined three additional drill targets between the Pine Bay and Flin Flon projects that are accessible this summer. These targets were also identified through the 2015 geophysical program and are located near mapped rhyolites with limited or no drilling previously completed.
Additionally, the Company submitted an application for funding through the Mineral Economic Assistance Program ("MEAP") and received approval for up to $159,529 in funding towards eligible expenditures at the Pine Bay and Flin Flon projects. It is anticipated that the eligible expenditures will be incurred before April 1, 2016 and the Company will receive the funding in full.
The technical content of this news release has been reviewed and approved by Christina Taylor, P.Geo, the Company's Project Geologist, and a Qualified Person as defined by National Instrument 43-101.
About Callinex Mines Inc.
Callinex Mines Inc., a Canadian mineral exploration company, is focused on discovering the next copper-zinc rich VMS mine within Manitoba's prolific Flin Flon mining district. The Company's flagship projects are the Flin Flon and Pine Bay projects which host significant historic VMS deposits and are within close proximity to a processing facility. The Flin Flon district has yielded more than 145 million tonnes of production from 32 mines.
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 contemplated work programs and the timing and amount of expenditures. Callinex does not assume the obligation to update any forward-looking statement.
SOURCE Callinex Mines Inc.
For further information: Callinex Mines Inc., Max Porterfield, President and Chief Executive Officer, Phone: (604) 605-0885, E-mail: [email protected]