Highlights:
- MT results provide support that Descendent deposit continues
at depth;
- A second very strong resistivity low anomaly starting
350m below surface interpreted to
reveal large target areas along VMS horizons that host the
Rainbow and Pine Bay VMS deposits;
- Conductive borehole pulse electromagnetic anomalies further
strengthens target areas identified by MT survey; and
- MT survey data from the Pine Bay and Odin survey lines are
being processed and will be released in the very near
future.
VANCOUVER, BC, April 15,
2024 /CNW/ - Callinex Mines Inc. (the "Company" or
"Callinex") (TSXV: CNX) (OTCQX: CLLXF) is pleased to announce
results from the recently completed magnetotelluric ("MT")
geophysical survey on the Company's 100% owned Pine Bay
Project (the "Project") located in the Flin Flon Mining District of
Manitoba (See news release dated
January 29, 2024). The 3km MT survey
line over the Descendent discovery and near surface historic Cabin
deposit has been collected and processed (Pine Bay Project Plan
View with Proposed MT Survey Lines). MT is a deep penetrating
geophysical tool that is used in mineral exploration to identify
systems that produce conductive minerals such as copper, gold and
silver and mapping of geologic features.
Max Porterfield, President and
CEO, stated, "The MT survey results over the Descendent deposit
provide additional support for and strengthen our conviction of the
potential of the Company's newest discovery. Additionally, the
emergence of a second stronger anomaly that correlates to existing
base metals rich VMS horizons indicate the potential for multiple
parallel deposits to exist in proximity to Descendent. We are
excited to follow up at Descendent and this significant anomaly in
the future."
The MT survey completed over the Descendent discovery, the first
of three MT lines completed at the Project to be announced, has
been very successful on multiple fronts. Resistivity low survey
results strongly correlate with the halo of stringer mineralization
(alteration package) enveloping the Descendent discovery which
consists of copper-gold-zinc-silver bearing Volcanogenic Massive
Sulphide ("VMS") mineralization (MT Survey Descendent Line Cross
Section). It is also important to note that the resistivity low
anomaly associated with the Descendent VMS system remains open at
depth, as supported by other geological, geophysical and
geochemical data.
![Pine Bay Project 2024 MT Survey Results: Descendent Low Resistivity Cross Section (CNW Group/Callinex Mines Inc.) Pine Bay Project 2024 MT Survey Results: Descendent Low Resistivity Cross Section (CNW Group/Callinex Mines Inc.)](https://mma.prnewswire.com/media/2386596/Callinex_Mines_Inc__Callinex_Announces_Magnetotelluric___MT___Ge.jpg)
Of additional exploration relevance, a second stronger and even
more widespread, resistivity low anomaly starting 350m below surface and extending to the full
depth capability of the MT survey is located to the west of the
Descendent MT anomaly and is interpreted to represent a deeply
buried, 'blind', very large alteration system, equivalent to the
1,100m by 700m Descendent alteration system mapped on
surface. This second resistivity low of importance is interpreted
to occupy the axial region of a tight isoclinal fold separating the
east-facing Pine Bay VMS horizon from the stratigraphically
equivalent, west-facing Rainbow VMS horizon. Drill hole PBM-024,
the only drill hole to test near this large resistivity low feature
at depth and tracking parallel roughly 185m south of the MT survey line, intersected
both the Pine Bay and Rainbow VMS horizons as well as a very thick
package of intensely altered felsic volcanic rocks occupying almost
the entire distance between the two. As shown in the survey data
and as would be expected, the Rainbow and Pine Bay VMS horizons
occur along the western and eastern edges of the strong MT,
alteration zone-related anomaly.
This large low resistivity anomaly represents a compelling
exploration target that is further supported by favorable geology
in nearby shallow historic drilling and a number of borehole pulse
electromagnetic ("BPEM") anomalies that also sit along the edges of
the low resistivity anomaly (MT Survey Descendent Line Cross
Section with BPEM Anomalies). Previously, low resistivity has been
a physical rock property that the Company has successfully employed
in its search for high-grade VMS deposits at the Project. For
example, the Company has targeted resistivity low anomalies
identified as part of the 2019 and 2021 Induced Polarization ("IP")
geophysical surveys, then followed up BPEM survey results from the
drill holes originally designed to test the IP targets, all leading
to the discovery of the Rainbow VMS deposit.
![Pine Bay Project 2024 MT Survey Results: Descendent Low Resistivity Cross Section with BPEM Anomalies (CNW Group/Callinex Mines Inc.) Pine Bay Project 2024 MT Survey Results: Descendent Low Resistivity Cross Section with BPEM Anomalies (CNW Group/Callinex Mines Inc.)](https://mma.prnewswire.com/media/2386595/Callinex_Mines_Inc__Callinex_Announces_Magnetotelluric___MT___Ge.jpg)
The VMS deposits discovered to date within the Pine Bay area are
all located within the Baker Patton Felsic Complex, one of the
largest and most highly altered accumulations of felsic rocks
within the Flin Flon Greenstone Belt. As mentioned, the new
Descendent VMS discovery is directly associated with an underlying
major alteration zone that has been previously identified at
surface and spans 1,100m by
700m. Since the huge alteration zone
seen at surface is structurally overturned, the exploration thesis
is that the massive sulphides associated with this mineralizing
event would be preserved at depth, which we are now intersecting
with the Descendent discovery (See news release dated January 22, 2024). Typically, there is a
correlation between the size of an alteration zone and the size of
the VMS deposit it is associated with.
The Company will soon announce the remaining two MT survey
lines, Pine Bay and Odin, in the very near future. This will
be followed by an exciting 2024 exploration campaign that will
include a focus on expanding the current resource base through
additional step-out drilling and testing a number of compelling
exploration targets. Callinex is building upon an indicated mineral
resource on the Rainbow deposit of 3.44 Mt grading 3.59% CuEq for
272.4 Mlb CuEq (238.3 Mlb Cu, 56.9 Mlb Zn, 37.6 koz Au, 692.8 koz
Ag, 2.3 Mlb Pb), an inferred mineral resource on the Rainbow
deposit of 1.28 Mt grading 2.95% CuEq containing 83.4 Mlb CuEq
(72.1 Mlb Cu, 19.5 Mlb Zn, 11.1 koz Au, 222.2 Koz Ag, 0.8 Mlb Pb) and an inferred mineral
resource at the Pine Bay deposit of 1.0 Mt grading 2.62% Cu
containing 58.1 Mlb Cu (See news release dated July 10, 2023).
J.J. O'Donnell, P.Geo, a qualified person under National
Instrument 43-101, has reviewed and approved the technical
information in this news release.
About Callinex Mines
Inc.
Callinex Mines Inc. (TSXV: CNX)
(OTCQX: CLLXF) is advancing its portfolio of base and
precious metals rich deposits located in established Canadian
mining jurisdictions. The focus of the portfolio is highlighted by
the rapidly expanding Rainbow deposit at its rich VMS Pine Bay
Project located near existing infrastructure in the Flin Flon
Mining District. Callinex prepared an indicated mineral resource on
the Rainbow deposit of 3.44 Mt grading 3.59% CuEq for 272.4 Mlb
CuEq (238.3 Mlb Cu, 56.9 Mlb Zn, 37.6 koz Au, 692.8 koz Ag, 2.3 Mlb
Pb), an inferred mineral resource on the Rainbow deposit of 1.28 Mt
grading 2.95% CuEq containing 83.4 Mlb CuEq (72.1 Mlb Cu, 19.5 Mlb
Zn, 11.1 koz Au, 222.2 Koz Ag, 0.8
Mlb Pb) and an inferred mineral resource at the Pine Bay deposit of
1.0 Mt grading 2.62% Cu containing 58.1 Mlb Cu (see news release
dated July 10, 2023). The second
asset in the portfolio is the Nash Creek Project located in the VMS
rich Bathurst Mining District of New
Brunswick. A 2018 PEA 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) at $1.25 Zinc (see news release dated May 14, 2018). The third asset, 100% owned
Point Leamington Deposit in Newfoundland, is located in one of the richest
VMS and Gold Districts in Canada.
Callinex prepared a pit constrained Indicated Mineral Resource of
5.0 Mt grading 2.5 g/t AuEq for 402 koz AuEq (145.7 koz gold, 60.0
Mlb copper, 153.5 Mlb zinc, 2.0 Moz silver, 1.5 Mlb lead), a pit
constrained Inferred Mineral Resource of 13.7 Mt grading 2.24 g/t
AuEq for 986.5 koz AuEq (354.8 koz gold, 110.2 Mlb copper, 527.3
Mlb zinc, 6.2 Moz silver, 7.0 Mlb lead) and an out-of-pit Inferred
Mineral Resource of 1.7 Mt grading 3.06 g/t AuEq for 168.5 koz AuEq
(65.4 koz gold, 13.3 Mlb copper, 102.9 Mlb zinc, 1.4 Moz Ag, 2.6 Mlb lead) (see news release dated
October 25, 2021).
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, raise
additional capital for exploration activities, obtaining
satisfactory results from its 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.
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SOURCE Callinex Mines Inc.