VANCOUVER, BC, July 21, 2020 /PRNewswire/ - Callinex Mines Inc. (the "Company" or "Callinex") (TSXV: CNX) (OTC: CLLXF) is pleased to announce that it has commenced its 2020 summer drilling campaign (the "Campaign") at its Pine Bay Project (the "Project") located 16km away from processing facilities in the Flin Flon Mining District of Manitoba (See Figure 1). The Campaign will complete up to 1,500m of drilling at the Project to test two newly identified Borehole Pulse Electromagnetic anomalies ("BPEM") (See News Release dated June 23, 2020). These anomalies are interpreted to be off-hole from sulphide stringers that include copper, zinc, gold and silver mineralization and within the known Centennial mine horizon, which hosts the Sourdough VMS deposit and the past producing Centennial Mine, located 4 and 7 kilometres respectively to the south of the untested BPEM anomalies (See Figure 2 and Figure 3).
A BPEM survey completed in drill hole PBM-033 identified Anomaly A, a highly conductive 260m by 600m anomaly possessing a conductivity thickness ("CT") of 450 siemens (See Figure 4). In addition, a subsequent BPEM survey completed on hole PBM-037 identified Anomaly B which is modeled to be 200m by 500m with a CT of 350 siemens (See Figure 5). Any EM conductor with a strike extent over 100m and a CT of over 100 siemens within a known mine horizon is regarded as a highly prospective target within the Flin Flon Mining District.
Anomalies A and B are interpreted to occur off-hole and within the same plane as the disseminated to semi-massive sulphide stringers intersected by PBM-037. Drill hole PBM-037 intersected chlorite-altered rhyodacite flow-hosted, coarse red-brown sphalerite and chalcopyrite-bearing sulphide stringers between 945.8m and 946.8m in a setting typical of a footwall alteration zone (See Core Photo 1). Red-brown sphalerite often is an indication of higher temperatures and close proximity to VMS discharge systems.
Callinex's Pine Bay Project encompasses the majority of the Baker Patton Complex (BPC), the largest exposed felsic (rhyolitic) volcanic accumulation in the Flin Flon portion of the Flin Flon-Snow Lake Greenstone Belt. This is especially important since the majority of the VMS deposits occurring within the Flin Flon Belt of Saskatchewan and Manitoba are almost always hosted by rhyolitic flows and volcaniclastic rocks within predominantly mafic terranes. Of additional importance is that these felsic (rhyolitic) rocks only account for a small portion of the total volcanic pile (5-10%). Of particular exploration interest to Callinex's Pine Bay Project, is the very large exposure of intensely altered (chloritic, sericitic and silicic alteration) felsic rocks that have collectively been called the Baker Patton Alteration Zone, encompassing an area with a minimum of a 700m by 1000m footprint. A very large footwall alteration system such as this would normally be expected to be accompanied by a large VMS system and has consequently been the target of many exploration companies preceding Callinex.
J.J. 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. (TSXV: CNX) (OTC: 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. A 2018 PEA 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). The projects have significant exploration upside over a district-scale land package that encompasses several high-grade mineral occurrences along a 20km trend. Click here to view a video overview of the Nash Creek Project.
Callinex has a project portfolio that also includes projects within the Flin Flon Mining District of Manitoba that are located 25km to an operating processing facility that requires additional ore.
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.