Callinex Outlines Summer-Fall Exploration Program
VANCOUVER, July 5, 2012 /PRNewswire/ - Callinex Mines (CNX-TSX.V) (CLLXF - OTCQX) is pleased to announce an exploration campaign in the Canadian provinces of British Columbia and Manitoba, to begin shortly.
The Company's technical and operations teams have designed a program that will create the potential for new Canadian mineral discoveries on three separate properties within the next six months. Additionally, the company plans to continue the expansion of the mineralization at the Gossan Hill project. The Sneath Lake, Coles Creek-Troitsa, Moak Lake, and Gossan Hill Projects will be drill-tested before the year's end, pending the approval of work permits.
Callinex is currently well capitalized to complete the outlined programs. It is the Company's intention to give its shareholders multiple points of exposure to the potential for a primary discovery of a world-class deposit in Canada, through the strategic and targeted exploration program described below.
Callinex's Sneath Lake property is a copper-zinc-gold prospect in Manitoba's Snow Lake mining camp. A recent ground-based geophysical survey (Deep Pulse E-M), conducted by Callinex, has defined several deep targets that remain untested. The Deep Pulse E-M survey is the same technique used to discover the 14 million tonne Lalor Lake deposit, scheduled to begin gold and zinc production in late 2012, located five kilometres Northwest of Callinex's Sneath Lake Property. The Sneath Lake property is located in the prolific VMS Chisel Basin Sequence, which has hosted seven producing mines, including Lalor Lake, since the 1950s.
Coles Creek - Troitsa
The Company will also undergo both an airborne survey and drilling program at their wholly owned Coles Creek-Troitsa property in Northern British Columbia. The program is designed to follow up on targets generated during a 2011 exploration campaign.
At the Troitsa prospect, 2011 drilling intersected copper mineralization grading 0.326% copper over 82.06 meters, with traces of molybdenum (see company news release November 16, 2011). The mineralized intersection at Troitsa is in porphyry-style rocks, similar to the nearby Huckleberry Mine and to the recent discovery at Goldreach's Seel West deposit. Drilling at Troitsa will test IP anomalies representing potential extensions of mineralization defined in 2011 drill program.
At the adjacent Coles Creek property, the Company will be drill testing two attractive geochemical anomalies. The two anomalies were discovered by MMI surveys and strongly correlate to IP geophysical anomalies. The anomalies are located east of DDH Cole 48, which assayed 36.9 g/t silver over 97 meters (see company news release November 25, 2011) .
The Company is currently designing a drilling program for the Moak Lake Nickel property, located in Northern Manitoba's Thompson Nickel Belt. The Moak Lake property is approximately 30 kilometers North of the main Thompson deposit, and just three kilometers from the Moak Lake nickel deposit, a historical resource of 45 million tonnes of nickel-sulphide style ore grading 0.7% nickel, according to the Geological Survey of Canada.
Moak Lake claims were previous explored in the 1960s by Inco, which intersected Ultramafic Peridotites that commonly host the Nickel deposits in the region. Callinex plans to drill test three VTEM/Magnetometer anomalies on the claims which were defined during a 2007 survey and are considered untested.
A recent winter exploration program at Callinex's 100% owned Gossan Hill gold property in Northern Manitoba near Cranberry Portage, further outlined a 1.8 kilometer structure containing gold-bearing mineralization over various widths. More drilling is required, and Callinex intends to mobilize drills after freeze-up (likely in November or December). Drilling will be designed to build on the 2012 winter drill program results, which included 8.90 metres (core width) of 3.02 g/t gold and 8.88 g/t silver in DDH GOS 43.(see company news release April 16, 2012).
The Flin Flon Claims
Callinex has recently completed a 700 line kilometer airborne survey on its Flin Flon claims in Northern Manitoba. The 3,798 hectare claim block is located in the prolific Flin Flon Greenstone Belt, near the producing 777 mine, and the formerly producing Westarm and Schist Lake mines. Geophysical and magnetic targets isolated by the VTEM survey are to be evaluated, along with a compilation of historical work and results, in an effort to define VMS-style targets.
The recently optioned and strategically located ground has been identified by the Company as a potential host of deep VMS-style mineralization. The properties are accessible by road, and near existing mining and ore processing infrastructure, as well as a hydroelectric power source.
Company President J.J. O'Donnell elaborated on the company's objectives: "This program has been designed to target areas that have potential for world-class discoveries. We've laid the groundwork by establishing targets through geology, geophysics and geochemistry, and we're looking forward to drill testing."
On Behalf of the Board of Directors,
President and COO
All of Callinex's exploration programs are conducted under the direction of J.J. O'Donnell, P.Geo, a qualified person as defined by national instrument 43-101, who has reviewed and approved the contents of this release.
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.
SOURCE Callinex Mines Inc.
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