Callinex Mines Inc. (the “Company” or “Callinex”) (TSX-V: CNX; OTCQX: CLLXF) is pleased to announce assays results from the first five holes drilled at the Company’s 100% owned Nash Creek Project (the “Project”) in the Bathurst Mining District of New Brunswick (See Figure 1). Drill hole NC17-226, located 350m north of the Nash Creek Deposit, intersected 9.0m of 5.2% zinc equivalent mineralization (“Zn Eq.”) (3.6% Zn, 1.2% Pb and 28.0 g/t Ag) including 2.4m of 12.6% Zn Eq. (9.0% Zn, 2.7% Pb and 59.2 g/t Ag starting at a depth of 11.0m (See Table 1 and Figure 2). Additionally, drill hole NC17-224, located 250m northeast of the Nash Creek Deposit, intersected 14.8m of 3.6% Zn Eq. (2.6% Zn, 0.4% Pb and 32.7 g/t Ag) including 2.7m of 6.9% Zn Eq. (4.8% Zn, 0.9% Pb and 58.6 g/t Ag) starting at a depth of 77.0m. These drill holes are located in an area that is largely untested and the deposit remains open for further expansion.
As quoted in the press release:
Max Porterfield, President and CEO, stated, “We are encouraged by these initial drill results which indicate potential to expand the Nash Creek Deposit considerably farther to the north. We look forward to receiving additional assay results from several holes drilled over a 450m long by 200m wide target area.” Mr. Porterfield continued, “The focus to grow the Company’s zinc-rich resource base within close proximity to infrastructure in the Bathurst Mining District comes during a major global supply shortage. Given that mine production is unable to meet demand and the market is relying on above ground inventories, prices are well positioned to increase in the near future.”