VANCOUVER, Dec. 9 /CNW/ - Callinan Mines (TSX.V-CAA) is pleased to provide an update on its ongoing exploration activities.
The company has recently received assays of surface samples and grab samples obtained during the exploration program conducted this summer on the recently optioned Troitsa property in Northern British Columbia near Houston. Assays from the samples taken successfully confirmed the presence of copper, gold, silver and molybdenum mineralization associated with a granodiorite porphyry intrusion. Grab samples with gold values as high as 7 g/mt were taken from the intrusive rock, the average grade being 0.3 g/mt of gold. Silver values as high as 230 g/mt were also recovered, with the average grade being 20 g/mt. Molybdenum values in grab samples ranged from 0.08% to 0.2% with the average grade being 0.03%.
Zinc, silver and lead mineralization was also present in the volcanic rocks that surround the intrusion. Samples taken from up to 1.3 km surrounding the granodiorite porphyry returned assays averaging 0.3% lead, 0.4% zinc, and 37 g/mt silver. High silver and zinc values were 230 g/mt and 1%, respectively.
The Troitsa Option, located to the west of and adjacent to Callinan's wholly owned Coles Creek Property, was acquired by option in June of 2010. The property consists of 17 mineral claims totaling 4,746 hectares, and is known to host several zones of mineralization. Drilling conducted by previous operators, prior to NI 43-101 standards, shows values of 1.02% Cu over a true width of 21.3m including 1.49% Cu over 12.2m.
Callinan's technical team is interpreting these results as confirmation of the great potential that was identified at Troitsa prior to optioning the property. A drilling program is being outlined and will likely be implemented in the summer 2011 exploration season.
Samples from the drilling program conducted on the adjacent Coles Creek property, are still being assayed and evaluated. The program consisted of 20 diamond drill holes in a sulphide-bearing volcano-sedimentary structure. One such hole, COLE 28, intersected a 21.25 meter section grading 3.368 g/mt gold, 15.33 g/mt silver, 2.04% zinc and 0.15% lead. Assays from 6 drill holes are still being analyzed.
The first hole completed on Callinan's Gossan Hill Project, located near the community of Cranberry Portage, MB., intersected 3.71g/mt gold and 33.33g/mt silver over a core length of 5.43 metres, at a depth of 49.82 meters, continuing to a depth of 55.25 meters. A second intersection averaged 2.69g/mt gold and 39.64 g/mt silver over 2.09 metres at a depth of 61.93 meters, continuing to a depth of 64.02 meters. To date, 14 holes have been completed for a total of 2,004 metres. Assays from the remaining 13 diamond drill holes have yet to be received. Drilling has concentrated on the central Gossan Hill Showing, which is one of four historical showings on the property. A 5 kilometer linear trending silicified shear zone has been identified from reports filed from previous operators. Drilling will resume in early January, once wet areas have frozen, improving access.
Callinan Mines maintained a QA/QC program at all stages of exploration. Drill core recovery was calculated, measured and recorded at the Gossan Hill Property before being cut and sampled. Samples were split in half, one half being kept for storage and the other half placed in pre-labeled plastic bags, tagged with the sample number and recorded in the log. Callinan QA/QC samples (blanks and standards) were inserted into the group of samples, then shipped to Acme Analytical Laboratories in Vancouver, BC, where they were crushed, split, pulverized and sieved into approximately 15 g samples at 200 mesh. Samples were then assayed by Aqua Regia digestion ICP-MS analysis (53 elements). The lab employs internal quality control by assaying pulp duplicates and inserting quality control standards of predetermined values and a blank sample.
All of Callinan's exploration programs are conducted under the direction of Pat Deveaux, P.Geo, a qualified person as defined by national instrument 43-101, who has reviewed and approved the contents 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 private placements and the timing and amount of expenditures. Callinan does not assume the obligation to update any forward-looking statement.