VANCOUVER, March 28, 2018 /CNW/ - Callinex Mines Inc. (the "Company" or "Callinex") (TSX-V: CNX; OTCQX: CLLXF) is pleased to announce that it has completed a 450 line-kilometer drone magnetic survey ("Drone Magnetic Survey") to provide high-resolution data over the current mineral resources at the Company's 100% owned Nash Creek Project within the Bathurst Mining District of New Brunswick. The Nash Creek Deposit is related to structurally controlled near vertical faults that channeled fluids before dispersing laterally as flat-lying stratabound zinc-lead-silver mineralization. The Drone Magnetic Survey was completed to help identify and delineate these near vertical faults. If proven successful, systematic completion of additional drone magnetic surveys will be essential to the discovery of new deposits within the 20 km long land package in an upcoming 2018 drill program.
The Nash Creek Project covers several high-grade zinc occurrences over a 20 km long trend within the same geologic setting that hosts the Nash Creek Deposit. This highly prospective land package has had very little exploration work completed and represents an exciting opportunity for Callinex to discover additional zinc-rich deposits in 2018 and beyond. The implementation of modern geophysical techniques including drone magnetic, LIDAR and induced polarization surveys along with conventional prospecting and soil sampling methods will assist in identifying the most prospective areas for new discoveries.
Previously, limited exploration completed by Falconbridge, Noranda and BHP on the southernmost 15 km of the project area has indicated potential to host additional base metals deposits. The Big Hole Brook Prospect is one of several highly prospective areas and historic trenching has exposed at least eight, quartz-ankerite veins that cut Devonian aged mafic volcanic rocks with assays as high as 10.9% Pb and 8.1% Zn (See News Release dated August 21, 2017).
Callinex has also engaged a geological consulting firm to complete a structural interpretation of the Nash Creek area based on the Drone Magnetic Survey data along with a 2016 LIDAR survey flown at 1m contour intervals. An initial in-house review of the 2016 LIDAR data shows that several key geological structures are identifiable.
JJ O'Donnell, P. Geo, a qualified person under National Instrument 43-101 and a Consulting Geologist for Callinex, has reviewed and approved the technical information in this news release.
About Callinex Mines Inc.
Callinex Mines Inc. (TSX-V: CNX ; OTCQX: CLLXF) is advancing its portfolio of zinc 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. Callinex is exploring these projects in support of an updated resource estimate and maiden PEA planned for Q2 2018.
Additionally, Callinex is also exploring its projects in the Flin Flon Mining District of Manitoba which notably includes its Pine Bay and Big Island Projects. These projects are located within 25 km to an operating processing facility that requires additional ore within four years.
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.
For further information: Callinex Mines Inc., Max Porterfield, President and Chief Executive Officer, Phone: (604) 605-0885, E-mail: [email protected]