Callinex Mines (TSXV:CNX; OTCQX:CLLXF) has received final results from the 2022 exploration campaign to expand and delineate the 100% owned, high-grade copper-gold-silver and zinc Rainbow deposit at Pine Bay.
The project is located less than 250 metres from a high-voltage hydroelectric powerline, 550 metres from a historic shaft with direct road access to processing facilities in Flin Flon, Manitoba.
Rainbow sits 850 metres and 1.4 km from the historic Pine Bay and newly discovered Alchemist deposits which are all located within the mineral lease.
Callinex completed 11,300 metres of drilling to expand and delineate Rainbow during the 2022 exploration campaign. Since Rainbow's initial discovery, the company has completed in excess of 42,000 metres of drilling across 82 drill holes (including 18 wedges). The drilling and corresponding assay results are properly spaced to publish a resource on the deposit.
The final drill results from the campaign are highlighted by drill hole PBM-180 which returned the best intersection to date in the Red zone with 10.4 metres of 3.97% copper-equivalent including 3.31% copper, 0.61 g/t gold, 10.31 g/t silver and 0.41% zinc.
Additionally, drill holes PBM-186-W1 and PBM-190 tested the extent of the Orange zone and returned 14.5 metres of 2.49% copper and 7.3 metres of 2.29% copper respectively.
The company says it anticipates that the resource estimate will be completed and published within Q2 of 2023.
"Our 2022 drilling campaign was successful in further defining our high-grade Rainbow deposit at the required drill spacing necessary to define a maiden 43-101 resource estimate," said Max Porterfield, president and CEO of Callinex.
"As we await the maiden resource, we look forward to continuing to aggressively advance Rainbow in our 2023 exploration campaign," Porterfield said.
For more information, visit www.Callinex.ca.
April 23, 2024
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