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Callinex Mines Inc. (TSXV:CNX,OTCQX:CLLXF) has commenced phase one of two at the Pine Bay Project near Flin Flon, Manitoba. The first phase of 8-10 holes totaling 2,000m, is anticipated to be completed by the end of March.
As quoted in the press release:
The Company has outlined several new targets within the vicinity of the Pine Bay deposit. In particular, recent ground geophysical work has identified a new magnetic and electromagnetic conductor between the Pine Bay and Cabin deposits. Compilation work highlighted hole 112, drilled approximately 50m from the target, which intersected three mineralized zones including 1.52m of 9.4% zinc, 1.4 g/t gold and 0.26% copper(1).
The Pine Bay Project is located 16km east of HudBay’s 777 Mine and hosts four high-grade VMS deposits. The project is at an advanced permitting stage and includes a 212m vertical shaft with 760m of underground workings nearby historic resources. Previous operators reported historic resource estimates totaling 1.62 million tons at a grade of 2.81% copper equivalent(2). Callinex has not done sufficient work to classify the historical estimate as a current mineral resource and is not treating the historical estimate as a current mineral resource.
The Pine Bay deposit is open at depth beneath 400m and a significant electromagnetic conductor suggests potential for additional mineralization. New data suggests that the Pine Bay deposit plunges to the northeast rather than a continuation of a near vertical plunge, trending towards hole 112 and the Cabin deposit. Historic drilling was based on the previous assumption of a near vertical plunge; as a result the extension of the newly projected plunge is untested.
Click here to read the Callinex Mines Inc. (TSXV:CNX,OTCQX:CLLXF) press release
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