Callinex Mines Inc. is pleased to announce a high-grade copper maiden mineral resource estimate for its 100% owned Pine Bay Projectn in Manitoba. The Project hosts the high grade copper, zinc, gold and silver Rainbow deposit which is open for expansion in addition to the Pine Bay deposit that sits in close proximity.  The deposits at the Pine Bay Project are Volcanogenic Massive Sulphide (“VMS”) which contain significant copper, zinc, gold and silver that the Flin Flon Mining District is well known for.  The resource estimate was prepared by Kirkham Geosystems Ltd. (“Kirkham”) for the Company.

The mineral resource estimate, contained within the mineral lease, consists of the Rainbow deposit with an Indicated Mineral Resource of 3.44 Mt at 3.59% copper equivalent (“CuEq”) containing 272.4 Mlb CuEq (comprised of 238.3 Mlb Cu, 56.9 Mlb Zn, 37.6 koz Au, 692.8 koz Ag, 2.3 Mlb Pb), an Inferred Mineral Resource of 1.28 Mt at 2.95% CuEq containing 83.4 Mlb CuEq (comprised of 72.1 Mlb Cu, 19.5 Mlb Zn, 11.1 koz Au, 222.2 koz Ag, 0.8 Mlb Pb) and the Pine Bay deposit with an Inferred Mineral Resource of 1.0 Mt at 2.62% Cu containing 58.1 Mlb Cu (Pine Bay Project Block Models Projected to Surface).

Rainbow deposit Indicated Mineral Resource of 3.44 Mt at 3.59% CuEq and Inferred Mineral Resource of 1.28 Mt at 2.95% CuEq;
Pine Bay deposit Inferred Mineral Resource of 1.0 Mt at 2.62% Cu;
Fully funded 20,000m drilling is ongoing to explore in depth and to further define parallel deposit targets at the Project; and
Table 1 and Table 2 below provide further information of the mineral resources estimate together with sensitivity to cut-off grades and determination of CuEq.
Vancouver, British Columbia – July 10, 2023 – Callinex Mines Inc. (the “Company” or “Callinex”) (TSX-V: CNX; OTC: CLLXF) is pleased to announce a high-grade copper maiden mineral resource estimate for its 100% owned Pine Bay Project (the “Project”) in Manitoba. The Project hosts the high grade copper, zinc, gold and silver Rainbow deposit which is open for expansion in addition to the Pine Bay deposit that sits in close proximity.  The deposits at the Pine Bay Project are Volcanogenic Massive Sulphide (“VMS”) which contain significant copper, zinc, gold and silver that the Flin Flon Mining District is well known for.  The resource estimate was prepared by Kirkham Geosystems Ltd. (“Kirkham”) for the Company.

The mineral resource estimate, contained within the mineral lease, consists of the Rainbow deposit with an Indicated Mineral Resource of 3.44 Mt at 3.59% copper equivalent (“CuEq”) containing 272.4 Mlb CuEq (comprised of 238.3 Mlb Cu, 56.9 Mlb Zn, 37.6 koz Au, 692.8 koz Ag, 2.3 Mlb Pb), an Inferred Mineral Resource of 1.28 Mt at 2.95% CuEq containing 83.4 Mlb CuEq (comprised of 72.1 Mlb Cu, 19.5 Mlb Zn, 11.1 koz Au, 222.2 koz Ag, 0.8 Mlb Pb) and the Pine Bay deposit with an Inferred Mineral Resource of 1.0 Mt at 2.62% Cu containing 58.1 Mlb Cu (Pine Bay Project Block Models Projected to Surface).

Max Porterfield, President & CEO stated, “We are thrilled to be announcing a high-grade copper maiden mineral resource estimate at the Pine Bay Project, after discovering the Rainbow deposit in late 2020 the Project has grown to become one of the largest initial published resources to date in the Flin Flon district’s robust history.” Mr. Porterfield continued, “With this maiden mineral resource estimate complete, we will now focus on continuing our aggressive drilling program at depth and along the trend that hosts the deposits at Pine Bay.  Completion of the maiden resource is also a key milestone and critical step in our goal to develop the Project for the benefit of all stakeholders and the surrounding communities.”

Peter R. Jones, a member of Callinex’s technical team said, “The Pine Bay Project maiden resource has extraordinary copper grades and excellent tonnage in two deposits about 900m apart. The opportunity to further increase resource tonnage both in depth and from parallel structures is considerable. I look forward to the ongoing results from the well funded exploration program.”

 

Source:callinex.ca

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