VANCOUVER, BRITISH COLUMBIA–(Marketwired – Jan. 11, 2016) –
- The 12 hole, 7,300m winter drilling campaign has commenced at the Pine Bay Project;
- Hole PBM-006 is underway with a second drill rig expected to start drilling hole PBM-007 within days;
- Both holes are designed to test a highly prospective and large alteration zone beneath the Pine Bay Deposit;
- Additional updates expected within 15-20 days.
Callinex Mines Inc. (the “Company” or “Callinex”) (TSX VENTURE:CNX)(OTCQX:CLLXF) is pleased announce that drilling has commenced at the Company’s 100% owned Pine Bay Project, located near HudBay’s 777 mine and processing facilities in Flin Flon, Manitoba. The Company plans to focus the 12 hole, 7,300m drilling campaign on areas of the Pine Bay Project that have the potential for sizeable VMS deposits. The objective of the 2016 campaign is to identify additional high-grade VMS mineralization rich in copper, zinc, gold and silver.
The first hole underway, PBM-006, is a deep hole planned to follow-up on a large unexplained alteration zone that is assumed to represent a portion of the down-plunge continuation of the Pine Bay Deposit. It is further interpreted that this highly prospective and often strong talc + chlorite-bearing alteration zone, first cut by historic drill hole 131-76, could represent footwall alteration to a large massive sulphide deposit located immediately past the bottom of the west-directed 131-76 drill hole.
Additionally, a second drill rig is anticipated to commence drilling PBM-007, which is situated approximately 250m to the southwest of drill hole PBM-006. This drill hole is also designed to follow-up on the large alteration zone identified by historic drill hole 131-76 and test the southwestern extension of the Pine Bay Deposit host rocks.
Upon completion of these drill holes and dependent on ice conditions one drill rig will likely be mobilized to the Sourdough area to follow-up on the recent VMS discovery from drill hole SDB001 (see Callinex news release dated September 14th, 2015), while the other rig will test previously outlined targets in the Pine Bay area.
Callinex will provide additional updates on the status of the drilling campaign and ice conditions upon completion of drill holes PBM-006 and PBM007, which the Company anticipates will be completed in 15 to 20 days. In order to mitigate the potential impact of adverse weather conditions, nine of the twelve planned holes have land-based drilling locations.
The technical content of this news release has been reviewed and approved by James Pickell, P.Geo, a Consultant to the Company, and a Qualified Person as defined by National Instrument 43-101.
About Callinex Mines Inc.
Callinex Mines Inc., a Canadian mineral exploration company, is focused on discovering the next copper-zinc rich VMS mine within Manitoba’s prolific Flin Flon mining district. The Company’s flagship project is the Pine Bay Project which hosts significant historic VMS deposits that are within close proximity to a processing facility. The Flin Flon district has yielded more than 145 million tonnes of production from 32 mines.
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.
President and Chief Executive Officer