Callinex Announces Major Increase in the Nash Creek Deposit and Updated Resource Estimate

VANCOUVER, April 16, 2018

• Independent NI 43-101 mineral resource estimate has outlined a major increase in contained zinc, lead and silver at the Company's 100% owned Nash Creek Project;
  
  
• Indicated zinc equivalent pounds have increased by 74%, to 963 million pounds, and inferred zinc equivalent pounds have increased by 385%, to 407 million pounds; and
  
  
• Callinex expects to publish a maiden Preliminary Economic Assessment next month that will demonstrate the potential economic viability of a conceptual open pit mine.

VANCOUVER, April 16, 2018 /PRNewswire/ - Callinex Mines Inc. (the "Company" or "Callinex") (TSX-V: CNX; OTCQX: CLLXF) is pleased to announce that an updated independent National Instrument 43-101 ("NI 43-101") mineral resource estimate has outlined a major increase in contained zinc, lead and silver mineralization within Indicated and Inferred categories at the Company's 100% owned Nash Creek Project located within the Bathurst Mining District of New Brunswick (See Figures 1 and 2). The Company's initial exploration program in 2017 has materially expanded the near-surface deposit and led to an increase in Indicated zinc equivalent ("Zn Eq.) pounds by 74%, to 963 million pounds, and Inferred zinc equivalent pounds have increased by 385%, to 407 million pounds (See Tables 1 and 2), based on CIM Terms and Definitions. Callinex expects to publish a maiden Preliminary Economic Assessment next month that will demonstrate the potential economic viability of a conceptual open pit mine at the Nash Creek and Superjack projects.

The current mineral resource now hosts an Indicated mineral resource totaling 13.6 Mt averaging 3.2% Zn Eq. (2.7% Zn, 0.6% Pb and 17.8 g/t Ag) containing 963 million pounds of zinc equivalent mineralization and an Inferred mineral resource totaling 5.9 Mt averaging 3.1% Zn Eq. (2.7% Zn, 0.5% Pb and 14.0 g/t Ag) containing 407 million pounds of zinc equivalent mineralization.

Max Porterfield, President and CEO, stated, "These results confirm our belief that the Nash Creek Project represents a compelling exploration and development opportunity given extensive near surface zinc mineralization coupled with the excellent nearby infrastructure. Furthermore, the initial success from our 2017 drilling campaign demonstrates the potential to rapidly expand the Nash Creek zinc deposit, which remains open in multiple directions."

The Nash Creek Deposit is a base metal sulphide deposit hosted within the Early Devonian Dalhousie Group volcanics and volcaniclastic bedrock units.  It is comprised of two main zones called the Hickey Zone, located to the north and the Hayes Zone, located to the south.  Mineralization occurs at surface in the Hayes Zone and extends for approximately 2.1 km along strike, where mineralization consists of sub-horizontal mineralization which is interpreted as a series of vertically stacked horizons within the Hickey Zone. The majority of Zn+Pb+Ag mineral resources within both the Hayes and Hickey zones are located with 250m from surface (See Figure 3).

The current resource estimate is based on a total of 279 drill holes totalling 37,421m.  Results from the Company's 2017 exploration drilling campaign, which consisted of 59 drill holes totalling 10,586m, were included within the mineral resource estimate (effective March 21, 2018). The 2017 drill holes were drilled vertically at approximately 75m spacing and focused primarily on expanding the Hickey Zone to the north. Details and highlights of the drilling campaign can be found in various press releases from July 19^th 2017 to April 4^th 2018.

The larger Nash Creek Project covers several high-grade zinc occurrences over a 20 km long trend within the same geologic setting that hosts the Nash Creek Deposit. This highly prospective land package has had very little exploration work completed and represents an exciting opportunity to discover additional zinc-rich deposits in future exploration campaigns.