The Conversation (0)
Callinex Mines Inc. (TSX VENTURE:CNX)(OTCQX:CLLXF) announced that a binding Purchase Agreement has been signed to acquire 100% ownership of the Point Leamington Zn-Au-Ag-Cu Volcanogenic Massive Sulphide (VMS) deposit (the “Project”) located in north-central Newfoundland, Canada (see Figure 1) from Newmarket Gold Inc. (“Newmarket”) Other highlights include: • Callinex has agreed to acquire 100% ownership of the …
Callinex Mines Inc. (TSX VENTURE:CNX)(OTCQX:CLLXF) announced that a binding Purchase Agreement has been signed to acquire 100% ownership of the Point Leamington Zn-Au-Ag-Cu Volcanogenic Massive Sulphide (VMS) deposit (the “Project”) located in north-central Newfoundland, Canada (see Figure 1) from Newmarket Gold Inc. (“Newmarket”)
Other highlights include:
• Callinex has agreed to acquire 100% ownership of the Point Leamington Project from Newmarket Gold Inc.;
• The Project hosts an Inferred resource of 14.1Mt grading 6.2% Zn Eq., that starts at surface and extends to a vertical depth of 350m, where high-grade mineralization is open for expansion; and
• The last exploration drilling campaign expanded a high-grade zinc-gold zone and intersected 4.67m of 15.05% Zn, 4.37 g/tAu, 57.88 g/t Ag and 0.36% Cu down-plunge from the mineral resource.
As quoted in the PR
Max Porterfield, President & CEO of Callinex, stated, “We are pleased to acquire the advanced-stage Point Leamington deposit, which contains a sizeable, near-surface zinc and gold rich mineral resource located within a leading Canadian mining jurisdiction.” Mr. Porterfield continued, “We believe this transaction will increase Callinex’s exposure to rising metal prices and compliments our exploration activities near Flin Flon, Manitoba. Our technical team will continue to evaluate acquisition opportunities within established Canadian mining jurisdictions.”