VANCOUVER, July 31, 2012 /CNW/ - Callinex Mines (CNX - TSX.V) (CLLXF - OTCQX) has mobilized drilling crews to its wholly owned Coles & Troitsa properties in Northern British Columbia near Houston.
The Coles Creek property, where previous drilling has intersected silver-lead-zinc mineralization hosted in a volcanic debris flow, will be tested for extensions and sources of known silver, zinc and gold mineralization. Grades up to 175.8 g/t silver and 2.11% zinc over 11.7 meters were intersected as part of last summer's drill program (see company news release November 25th, 2011). Geochemical testing has identified targets in the vicinity of the known mineralization, which will be drill tested as part of this summer program.
The adjacent Troitsa property hosts a porphyry-style copper target. A 2011 program produced eight diamond drill holes exhibiting visible copper in the form of chalcopyrite and boronite. The most significant intersection from the 2011 program measures 82.06 meters in core length and grades 0.326% copper, 0.015 g/t gold, and 1.943 g/t silver (see company news release November 16th, 2011.) The hole was collared in mineralization. Induced polarization geophysics have identified possible extensions to the known mineralization, which will be drill tested as part of this year's program.
The program will also consist of an extended airborne geophysical survey, additional surface sampling, mapping and prospecting. The Coles and Troitsa properties are located near the operating Huckleberry Mine, a copper and molybdenum deposit operated by Imperial Metals. The drill program is part of an extended, discovery-oriented exploration campaign currently being executed by Callinex. Callinex will be drilling four of its highly prospective properties over the coming six months, in an effort to give investors and shareholders exposure to new Canadian mineral discoveries.
On behalf of the Board of Directors,
President and COO
All of Callinex's exploration programs are conducted under the direction of J.J. O'Donnell, P.Geo, a qualified person as defined by national instrument 43-101, who has reviewed and approved the contents of this release.
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.
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