- Work underway to complete soil sampling campaign along 18 km fault to identify anomalous silver, zinc, lead and copper between two recently announced near surface silver discoveries;
- Drill hole NC20-313 intersected 28.6m of 57 g/t silver including 16.5m of 94 g/t silver and NC19-306, located 6.8 km to the south, intersected 19m of 36.53 g/t silver, 0.52% lead and 0.38% zinc; and
- A robust drilling campaign to step-out from the two silver discoveries is planned to be completed immediately once soil sampling results are received and interpreted.
VANCOUVER, BC, July 23, 2020 /PRNewswire/ - Callinex Mines Inc. (the "Company" or "Callinex") (TSXV: CNX) (OTC: CLLXF) is pleased to announce it plans to commence a soil sampling campaign (the "Campaign") at its 100% owned Nash Creek Project (the "Project") located within the Bathurst Mining District of New Brunswick (See Figure 1).
The Campaign will focus on covering a large portion of the 18 km Black Point Arleau Brook Fault (the "Fault") that is spatially associated with two previously announced silver discoveries located 6.8 km apart along that same fault trend (See Figure 2 and Figure 3). Drill hole NC20-313 intersected 28.6m of 57 g/t silver at a vertical depth of 120m including 16.5m of 94 g/t silver and NC19-306 which intersected 19m of 36.53 g/t silver, 0.52% lead and 0.38% zinc at a starting depth of 34.0m (See News Releases dated June 15, 2020 and June 4, 2020).
Max Porterfield, President and CEO, stated, "We are eager to get back to work in the field as we advance the two widely spaced, near surface silver intercepts at our Nash Creek Project." Mr. Porterfield continued, "The silver discoveries at Nash Creek have come at a favorable time for the Company and its shareholders. The wind is behind our sails as a number of macroeconomic factors have propelled silver prices to multi-year highs that I believe are here to stay for the foreseeable future."
The Company plans to collect approximately 1,680 soil samples for analysis of base and precious metals at a 25 metre sample spacing along section lines spaced at 100 metre intervals over the 11 km trend that encompasses both silver discoveries (See Figure 2 and Figure 3). This type of sampling method will assist the Company in vectoring towards additional high grade near surface mineralization along the controlling fault structure associated with the silver mineralization discovered in drill holes NC20-313 and NC19-306.
Limited historic regional silver, lead and zinc soil sampling has been completed by previous explorers at the Nash Creek Project. This historic data along with the newly acquired Induced Polarization survey results were utilized to target the two recently announced silver discoveries. Systematically covering the wide area between both silver intercepts will provide a wealth of information and aid in a follow-up drilling campaign.
A follow-up drilling campaign will be planned to step-out from both silver intercepts as well as test any anomalous areas of interest identified by the new soil sampling campaign.
J.J. O'Donnell, P.Geo, a qualified person under National Instrument 43-101 and a Consulting Geologist for Callinex, has reviewed and approved the technical information in this news release.
About Callinex Mines Inc.
Callinex Mines Inc. (TSXV: CNX) (OTC: CLLXF) is advancing its portfolio of zinc rich deposits located in established Canadian mining jurisdictions. The portfolio is highlighted by its Nash Creek and Superjack deposits in the Bathurst Mining District of New Brunswick. A 2018 PEA outlined a mine plan that generates a strong economic return with a pre-tax IRR of 34.1% (25.2% post-tax) and NPV8% of $230 million ($128 million post-tax). The projects have significant exploration upside over a district-scale land package that encompasses several high-grade mineral occurrences along a 20km trend. Click here to view a video overview of the Nash Creek Project.
Callinex has a project portfolio that also includes projects within the Flin Flon Mining District of Manitoba that are located 25km to an operating processing facility that requires additional ore.
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 the proposed drill program and the timing and amount of expenditures. Except as required under applicable securities laws, Callinex does not assume the obligation to update any forward-looking statement.
SOURCE Callinex Mines Inc.