PR Newswire
VANCOUVER, Sept. 5, 2017
Highlights
VANCOUVER, Sept. 5, 2017 /PRNewswire/ - Callinex Mines Inc. (the "Company" or "Callinex") (TSX-V: CNX; OTCQX: CLLXF) is pleased to announce results from 14 drill holes, including ten that confirm the extension of the Nash Creek Deposit (the "Deposit") approximately 500m to the north at the Company's 100% owned Nash Creek Project located within the Bathurst Mining District of New Brunswick (See Figures 1 and 2). Results announced to date from Callinex's initial drilling campaign has successfully increased the strike length of the Deposit by approximately 35% as indicated by a total of 13 drill holes that all intersected significant mineralization (See Table 1 and Figures 3). The Deposit is open for expansion laterally to the north of drill hole NC-241 that intersected 10.6m grading 4.3% zinc equivalent ("Zn Eq.") (See Table 1 and Figure 3).
The southern 1.5km of the 2km long Nash Creek Deposit contains an indicated resource totaling 712 million pounds of Zn Eq. mineralization and an inferred resource totaling 88 million pounds of Zn Eq. mineralization (See Table 2). The Superjack Project located 100 km by highway to the southwest hosts an additional near-surface inferred resource totaling 328 million pounds of Zn Eq. mineralization in the Bathurst Mining Camp (See Table 2 and Figure 1).
Highlights from the northern extension of the Nash Creek Deposit include:
Max Porterfield, President and CEO, stated "We are looking forward to aggressively delineating additional zinc-rich mineralization in the Bathurst Mining District, particularly in advance of an upcoming PEA that will evaluate the economic potential of these deposits. The Nash Creek and Superjack zinc projects, which are directly connected by highway with access to power, represent a unique opportunity to build shareholder value considering their size, location and exploration potential."
Callinex plans to extend its ongoing drilling campaign in the Bathurst Mining District throughout 2017 to further expand the Nash Creek Deposit and conduct additional infill drilling as required to complete an updated resource estimate on the Project. A subsequent announcement will be made regarding the specifics of this program along with exploration plans for the nearby Superjack Project, where initial assays are expected this month.
The Company has also been evaluating proposals with engineering firms to complete a Preliminary Economic Assessment ("PEA") that is envisioned to include open pit mining and a standalone processing facility at the Nash Creek project with the nearby Superjack Project serving as a source of open-pit mineralization. The PEA will be scheduled for completion in Q1, 2018 and additional metallurgical testing at the Superjack Project is already underway. Additional updates will be provided once an engineering firm has been awarded the contract.
The Nash Creek Project is ideally situated approximately 1 km south of Provincial Highway 11 and has access to power supplied by a nearby 450 MW power station (See Figure 1 and 2). Additionally, the Project is located 100 km by road to Trevali's Caribou Mine and 25 km by road to Glencore's Belledune lead/silver smelter, which has direct railway access to Glencore's Canadian zinc smelting and refining operations.
The Nash Creek Project was recently expanded to include several high-grade mineral occurrences up to 19% Zn+Pb to the south of the Nash Creek Deposit and within a similar geological setting. The project area now covers over 40 sq. km within an underexplored volcanogenic massive sulphide belt.
Additionally, the Company has granted options to purchase 1,300,000 common shares to a consulting geologist and key member of the Company's technical team. The options are exercisable at a price of $0.33 per share for a period of five years from the grant date and are subject to certain vesting provisions.
Jason Levers, P.Geo, a qualified person under National Instrument 43-101 and a Staff Geologist for Callinex, has reviewed and approved the technical information in this news release.
Table 1: Nash Creek Drill Results(1)(2)(3) | |||||||
Nash Creek Deposit - Expansion Holes | |||||||
Drill Hole | From (m) | To (m) | Interval (m) | Zn Eq. (%) | Zn (%) | Pb (%) | Ag (g/t) |
NC17-224* | 77.0 | 91.8 | 14.8 | 3.63% | 2.56% | 0.37% | 32.68 |
including | 78.7 | 81.3 | 2.6 | 6.89% | 4.79% | 0.87% | 58.56 |
NC17-226* | 11.0 | 20.0 | 9.0 | 5.24% | 3.59% | 1.15% | 28.00 |
including | 16.9 | 19.3 | 2.4 | 12.64% | 8.96% | 2.65% | 59.19 |
and | 29.0 | 41.0 | 12.0 | 1.78% | 1.40% | 0.19% | 9.33 |
including | 31.0 | 33.0 | 2.0 | 4.52% | 3.80% | 0.36% | 17.63 |
and | 241.7 | 246.0 | 4.3 | 1.79% | 1.50% | 0.15% | 7.03 |
NC17-229 | 18.0 | 36.1 | 18.1 | 2.97% | 1.77% | 0.65% | 28.04 |
including | 19.1 | 30.8 | 11.7 | 4.00% | 2.44% Werbung Mehr Nachrichten zur Callinex Mines Aktie kostenlos abonnieren
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