Callinex Provides Update on Winter Drilling Program
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 04/04/16 -- (the "Company" or "Callinex") (TSX VENTURE: CNX)(OTCQX: CLLXF) is pleased to announce that it has completed the 2016 winter drilling campaign (the "Campaign") at the Pine Bay Project located near Flin Flon, Manitoba. The 12-hole, 6,968m drill program was successful in testing several previously outlined targets and identifying new areas of interest.
Significantly, the third drill hole in the winter campaign, PBM-008, as previously announced on March 7, 2016 identified a new Volcanogenic Massive Sulphide ('VMS') discovery, known as the Pine Bay East zone, which intersected 3.3m of 3.2% copper and 5.9m of 2.2% zinc. The Company expects to receive and release analytical results from all drill holes completed during the Campaign within the next four weeks.
In addition, the Company has completed borehole geophysical surveys on 10 of the 12 drill holes using an assortment of electromagnetic loop configurations to accurately locate and define potential targets of interest. Several highly conductive borehole geophysical anomalies were outlined in close proximity to the Sourdough, Pine Bay and Pine Bay East areas of the project and are considered high-priority for follow-up drilling.
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 The Pine Bay Project
The Pine Bay Project is located 16km east of HudBay's 777 Mine and processing facilities near Flin Flon, MB. The project area spans 6,000 sq. ha. and covers a significant portion of the Baker Patton Felsic Complex, one of the largest and most highly altered packages of felsic volcanic rocks within the Flin Flon Greenstone Belt. Historic exploration activities have outlined four mineral deposits, three of which are located within a mineral lease that has advanced permitting status and includes the right to conduct mining activities. The Pine Bay deposit, the largest of the four historic deposits, has a 212m vertical shaft with significant underground workings from previous exploration activities.
The project has two distinct areas with VMS mineralization, the northern Pine Bay area and the southern Sourdough area. These areas each contain historic VMS deposits and occur along an approximate 10km NE-SW VMS trend near the top of the Baker Patton Felsic Complex. The Sourdough area is immediately adjacent to HudBay's past-producing Centennial Mine. Callinex has recently intersected new VMS zones in both the Pine Bay and Sourdough areas.
During the 1990s, majors including Placer Dome Inc. and Inmet Mining Corporation conducted limited exploration programs in the Pine Bay area to define a large VMS deposit at depth. A review of historic work has confirmed that several proposed drill holes and targets outlined by Placer Dome were never completed. The property position was recently consolidated for the first time combining several large claim blocks previously operated by companies including Placer Dome, Inmet, Newmont, HudBay and Cameco.
Previous to Callinex' modern geophysical and geological exploration programs, very limited work was conducted between 1996 and 2014. Callinex has digitally compiled more than 1,000 mostly shallow drill holes and has completed large airborne and ground geophysical surveys to identify and evaluate the most prospective drill targets.
Notes:
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.
Contacts:
Callinex Mines Inc.
Max Porterfield
President and Chief Executive Officer
(604) 605-0885
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Datum: 04.04.2016 - 13:00 Uhr
Sprache: Deutsch
News-ID 461593
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VANCOUVER, BRITISH COLUMBIA
Kategorie:
Mining & Metals
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