MANITOBA – Vancouver-based Callinex Mines has drilled 10.6 metres grading 1.4% Cu at its Pine Bay project near Flin Flon. The find was made only 50.8 metres below surface and included 3.6 metres of 2.0% Cu.
Plan map of drill holes and VMS horizons at Pine Bay.
Four of the five recent drill holes intersected copper mineralization in the newly interpreted Lower VMS that occurs parallel to and about 200 metres below the west-facing and steeply overturned Upper VMS horizon. Assays from six more holes are pending.
The Pine Bay property is located 15 km east of Hudbay’s 777 mine near Flin Flon. Historic work outlined four deposits at Pine Bay, the largest of which, called Pine Bay, has a 200-metre vertical shaft and underground workings from previous exploration activities.
Callinex plans to finance further exploration at Pine Bay by raising up to $1 million through a private placement. The company will issue 2.5 million flow-through shares at $0.30 each, plus 833,333 non-flow-through units at the same price.
Sign up for news releases from Callinex at www.Callinex.ca.