Callinex Mines drills 3.53% CuEq 31 metres at Pine Bay, Manitoba

Callinex Mines Inc. [CNX-TSXV; CLLXF-OTCQX] reported results from an additional 13 drill holes encompassing 5,490 metres of drilling from the 2021 exploration campaign to expand the high-grade copper, gold, silver and zinc Rainbow deposit. Assay results from 7,540 metres of drilling from 17 drill holes completed in Q4 2021 are still pending. The Rainbow is located at the 100%-owned Pine Bay Project within a mineral lease, less than 250 metres from a high-voltage hydroelectric power-line and 550 metres from a historic shaft with direct road access to processing facilities in Flin Flon, Manitoba.

The interpreted strike and plunging direction has been widened and opened up significantly at depth with the intersections of the Yellow Zone in drill holes PBM-146a, PBM-146-W and PBM-158. Drill hole PBM-158, the deepest and most northern hole intersected to date at Rainbow, returned 5.0 metres of 1.56% copper equivalent (CuEq) (consisting of 1.45% copper, 0.07 g/t gold, 1.86 g/t silver and 0.11% zinc). PBM-158 is located 225 metres along strike to the North of discovery hole PBM-111, the most southerly hole to intersect the Rainbow at depth”

Jim Pickell, member of Callinex’s technical team, stated, “Given the intense geochemical alteration patterns and favourable geology at the deepest explored levels of the Rainbow VMS deposit, it is exciting that a newly defined strong borehole (PBM-158) geophysical anomaly is located immediately below those high-grade massive sulphides.”

A subsequent borehole electromagnetic (BPEM) survey completed and modeled from PBM-158 indicates significant potential for Rainbow to continue at depth. This is also supported by intense sericite and chlorite alteration that is strongest in the deepest holes drilled into the deposit. The Yellow Zone starts up at 600 metres below surface and has a strike of 225 metres based on this most recent intersection.

Six drill holes announced have intersected a newly discovered copper-gold-zinc rich Red Zone that remains open towards surface and has been intersected to a depth of 375 metres below surface. The Red Zone is highlighted by drill hole PBM-145 which returned 12.0 metres of 3.43% CuEq (consisting of 0.57% Cu, 0.90 g/t Au, 20.27 g/t Ag and 5.25% Zn). There are still four drill holes that are pending from the assay laboratory above the 200m level.

Delineation drilling of Rainbow continues to return high-grade copper. PBM-138-W1 intersected the Orange Zone and returned 31.0m of 3.53% CuEq comprising 3.04% Cu, 0.26 g/t Au, 3.55 g/t Ag and 0.74% Zn. PBM-138-W1 is located 15 metres above PBM-138 which intersected 37 metres of 6% copper, 0.35 g/t gold, 6.13 g/t silver, 0.09% zinc or 6.33% CuEq and 50 metres below PBM-118 which returned 5.55 metres of 7.77% CuEq.

Callinex plans to delineate Rainbow within the first 1 km of surface and test Rainbow at depth. In anticipation of publishing a maiden resource estimate for the deposits at the Pine Bay Project, drilling will also be completed on the historic Pine Bay Deposit located 650 metres away.