VANCOUVER, Nov. 16, 2011 /PRNewswire/ - Callinex Mines (TSX.V-CNX) is pleased to announce the receipt of assay results from its recently completed drill program at the Troitsa Property in Northern British Columbia near Houston. The most significant intersection to date has been encountered in hole TR11-7. The intersection measures 82.06 meters in core length and grades 0.326 % copper, 0.015 g/t gold, and 1.943 g/t silver, including 20.32 meters grading 0.662% copper, 0.032 g/t gold and 4.003 g/t silver. The hole was collared in mineralization.
All eight diamond drill holes from the Troitsa program exhibited visible copper mineralization in the form of chalcopyrite and boronite. The program was conducted, in part, to test the extent of mineralization encountered in a 2010 channel sample, conducted over the "Main" Troitsa showing. The channel sample averaged 0.282% copper of the full 121 meter sample. The program also tested a geochemical anomaly defined in the 2010 program, 700 meters north of the main showing, and an IP anomaly 300 meters north of the Main showing.
The table below outlines the most significant intercepts from the 8 hole program at the Troitsa Property.
|FROM||To||metres||Au g/t||Ag g/t||Cu %||Mo %|
Widths represent core widths in meters. True widths are unknown.
The geology at the Troitsa Property is dominated by a granodiorite porphyry plug 1 km in diameter, its top having been eroded by glaciation, exposing an area visibly mineralized with chalcopyrite (the "Main showing"). Channel sampling in the 2010 program confirmed significant copper content in the Main showing, leading to further drill testing in 2011.
J.J. O'Donnell, Vice President of Exploration, Callinex Mines Inc., stated: "These drilling results are highly encouraging as they exhibit mineralization and alteration processes which are typical of the area's copper porphyry deposits. The initial program shows the copper mineralization to be extensive and in quantities to warrant further work on the property."
Diamond drilling on the adjacent Coles Creek property, previously shown to host significant silver, lead, zinc and gold mineralization, also encountered mineralization. Assays from eleven drill holes are being processed, and the company plans to publish assay results upon receipt.
Core samples were sawed on site immediately after being logged by the field geologist. One half of each sample was catalogued, bagged and sent to Acme Laboratories in Smithers, British Columbia, where they were recorded, crushed, split and pulverized. Samples were then shipped to Vancouver British Columbia, where they were processed by a multi-element assay by Aqua Regia digestion and Ultratrace ICP-MS analysis, and Fire Assay Au by ICP-ES. Samples that were anomalous and above the detection levels of the previous analytical process were then sent for re-assay. The re-assay is warranted for representative well-mineralized samples and uses the Group 7AR Multi-Element Assay, and Lead collection fire assay 30G fusion-Gravity finish procedure. The process of analysis includes a company approved QA/QC protocol, including a pulp duplicate to monitor analytical precision and a reagent blank to measure background levels. The remaining half of the core is stored on site.
About Callinex Mines Inc.:
Callinex Mines was listed on the TSX Venture Exchange in July of 2011 pursuant to a spin-out transaction. The company consists of the former exploration division of what is now Callinan Royalties. The company is dedicated to the exploration and development of mineral properties in Canada.
On Behalf of the Board of Directors,
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.
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.