Callinex Announces 10,000m Drilling Campaign for 2016
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 11/16/15 -- (the "Company" or "Callinex") (TSX VENTURE: CNX)(OTCQX: CLLXF) is pleased to announce a fully-funded 2016 drilling campaign consisting of approximately 10,000m at the Company's 100% owned Pine Bay Project located near HudBay's 777 mine and processing facilities in Flin Flon, Manitoba. The 2016 campaign will consist of a winter and summer phase and is expected to commence with two drill rigs in January. The program is anticipated to follow-up on success from the 2015 exploration campaign, which included a VMS discovery adjacent to the Company's Sourdough Deposit. The objective of the 2016 campaign is to identify additional high-grade VMS mineralization rich in copper, zinc, gold and silver that has potential to be associated with a large deposit.
The Company's 2015 summer drilling campaign, which included three holes totaling 3,111m, led to the discovery of a VMS zone within drill hole SDB001 that intersected 7.4m of 1.58% Cu Eq. including 2.4m of 2.2% Cu Eq. It is projected that drill hole SDB001 is located at the top corner of a larger mineralized body that continues along strike to the south and at depth for at least 100m in each direction. This projected strike length compares favorably with the historic mines in the belt, which often range between 150m to 250m. It is anticipated that a minimum of 2,000m will be completed in the Sourdough area to follow-up on newly discovered mineralization and high-priority targets.
In addition to planned drilling at the Sourdough area, several holes will be completed in the Pine Bay Deposit area targeting potential for a large mineralized body. During the 1990s, Placer Dome, who had a mandate to identify a 30 million ton VMS deposit at depth, explored the Pine Bay area. Callinex plans to test newly identified targets in areas where Placer Dome also recommended additional drilling including the down-plunge and lateral extensions of the known Pine Bay Deposit.
Based on historic re-logging of drill core at Pine Bay, it has been noted that the best indication of proximity to VMS deposits is the presence of massive chlorite alteration within the immediate footwall of the massive sulphide body. Ongoing compilation work is further outlining the alteration envelopes associated with the Pine Bay, Cabin and nearby VMS mineralized zones at depth and along strike, especially to the south where relatively few deep drill holes have been completed.
Two historic holes requiring follow-up drilling include drill hole BP-4-92 which intersected 20m of massive chlorite, including 17.75m of 0.86% Zn, and drill hole 131-76 which intersected 50m of massive chlorite 720m vertically below surface and immediately adjacent to the known Pine Bay deposit. The massive chlorite schist intersections within these two holes far exceeds the massive chlorite alteration typically known to be associated with the Pine Bay and Cabin deposits, which generally ranges 2 to 5m thick. Nearly all VMS deposits in the Flin Flon Greenstone Belt are stratigraphically underlain by appreciable chloritic alteration, the extent if which can often correlate with the size of the deposit.
The Company anticipates providing further exploration updates in advance of the 2016 drilling campaign, which is scheduled to commence in January.
2015 Exploration Recap
Callinex completed several exploration activities at the Pine Bay and Flin Flon projects during 2015 that included:
The 2015 drilling campaign was highlighted by drill hole PBM004 which intersected 44.2m of 4.0% Cu Eq. including a higher grade interval of 18.1m of 5.5% Cu Eq. and hole SDB001 which intersected 7.4m of 1.58% Cu Eq. within a new zone near the Sourdough Deposit. The final two holes from the summer program, drilled approximately 500m and 1km to the south of drill hole SDB001, did not intersect any significant mineralization; however, borehole geophysical surveys identified several targets located within favorable geology. It is anticipated that additional drilling may be completed in 2016 to test these targets.
Amendments to Drilling Contract
The Company has signed an initial drilling contract to complete up to 3,200m for the upcoming winter campaign. The Company also negotiated an amendment to a previously disclosed contract whereby Callinex will issue payment for the 2015 summer drilling campaign in cash as opposed to shares. In exchange, Callinex will issue payment for the upcoming winter campaign in shares, which will be issued at a minimum price of $0.317 and include re-sale restrictions. It is expected that a contract for a second drill rig will be awarded in advance of the winter campaign for up to an additional 3,200m.
The technical content of this news release has been reviewed and approved by Christina Taylor, P.Geo, the Company's Project Geologist, and a Qualified Person as defined by National Instrument 43-101. Ms. Taylor is responsible for the work on the Pine Bay Project.
To view Figure 1: Pine Bay Project Map, please visit the following link:
About The Pine Bay Project
The Pine Bay Project is located 16km east of Flin Flon, MB, and covers a large area totaling approximately 6,000 sq. ha., consisting of both mining claims and a mineral lease. Previous exploration has identified four historic deposits and led to the development of several mines within the project area. The Pine Bay deposit, the largest on the project, has a 212m vertical shaft with significant underground workings in place from previous exploration and mining activities conducted during the 1970s. The current property position was previously owned or operated by majors including Placer Dome, Newmont, HudBay and Cameco and was recently consolidated for the first time.
The project covers approximately 10km of a productive trend, comprising of favorable NW-SE geologic horizons known to have formed at least five VMS deposits. The northern portion of the Pine Bay Project, known as the Pine Bay area, hosts three historic deposits (Pine Bay, Cabin and Baker Patton) at the margins of the Baker Patton Felsic Complex. The southern portion of the Pine Bay Project, known as the Sourdough area, hosts the Sourdough deposit and a newly discovered VMS zone with high-grade mineralization adjacent to the Sourdough deposit.
In the 1990s, the Pine Bay area was primarily explored by Placer Dome, who conceptualized potential for a large VMS deposit at depth near the Pine Bay, Cabin and Baker Patton deposits. An extensive alteration zone up to 1,500m long and up to 740m wide has been mapped at surface. It is believed the alteration zone is part of a more extensive system that may have been displaced by faulting and folding. Historic drilling intersected a 210m wide alteration zone that includes 50m of chloritic alteration at depth which has not been followed up on. Nearly all VMS deposits in the Flin Flon Greenstone Belt are immediately related to a chloritic alteration zone and the extent of which typically has a correlation to the deposit size.The Sourdough area hosts a historic deposit and is immediately adjacent to HudBay's past-producing Centennial Mine.. Both the Centennial Mine and Sourdough deposit host significant moderate-grade copper, zinc, gold and silver mineralization.
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 projects are the Pine Bay and Flin Flon projects which host significant historic VMS deposits and 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.
Contacts:
Callinex Mines Inc.
Max Porterfield
President and Chief Executive Officer
(604) 605-0885
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 16.11.2015 - 14:00 Uhr
Sprache: Deutsch
News-ID 434791
Anzahl Zeichen: 0
contact information:
Town:
VANCOUVER, BRITISH COLUMBIA
Kategorie:
Mining & Metals
Diese Pressemitteilung wurde bisher 93 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Callinex Announces 10,000m Drilling Campaign for 2016"
steht unter der journalistisch-redaktionellen Verantwortung von
Callinex Mines Inc. (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
