Callinex Mines Inc. is thrilled to announce the start of its fully funded 2024 exploration campaign at the 100% owned Pine Bay Project, situated within the Flin Flon Mining District of Manitoba. This extensive project, encompassing 11,859 hectares, benefits from a mineral lease, water, hydroelectric power, a historic shaft, and direct road access to an idle processing facility in Flin Flon, located just 16km away.
The exploration campaign kicks off with a 5,000m drilling program, focusing on several key target areas:
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Poseidon:
A 500m drill hole will test this target area, which is located 1,300 meters along strike to the north of the Rainbow deposit. The Poseidon target boasts a highly conductive body near the surface, indicating potential for a discovery similar to the Rainbow deposit. Previous surveys and limited drilling have revealed a favorable geological package with strong alteration and key VMS signature elements.*
Descendent:
Following the testing of Poseidon, the drill will move to the Descendent discovery, where a 350m step-out drill hole will be completed below and to the north of the discovery hole DSC-111. The Descendent discovery has yielded impressive copper equivalent grades, comparable to those found at the top of the nearby Rainbow deposit. The significant width of the massive sulphide intervals suggests a robust and long-lived system, potentially indicating a larger VMS system.*
Odin and Ra:
These two previously announced target areas will also be explored during the campaign.The Company’s President and CEO, Max Porterfield, expressed his excitement, stating, “We are excited to follow-up on our recent Descendent discovery and the target areas that our team has outlined. Each target area being drill tested has the potential to significantly expand upon the high-grade copper resource that’s defined at the Pine Bay Project.”
The exploration program is expected to provide valuable insights into the potential of the Pine Bay Project, further solidifying Callinex Mines’ position as a significant player in the base and precious metals sector.
Callinex Mines is advancing its portfolio of base and precious metals rich deposits located in established Canadian mining jurisdictions. The company’s focus is on its rapidly expanding Rainbow deposit at its VMS Pine Bay Project, located near existing infrastructure in the Flin Flon Mining District.
In addition to the exploration program, Callinex has granted 800,000 stock options to directors, officers, employees, and consultants. These options are exercisable at $1.25 per share and expire five years from the date of the grant.
The 2024 exploration campaign at the Pine Bay Project represents a significant step in Callinex Mines’ pursuit of expanding its copper resource and establishing itself as a leading player in the base and precious metals sector. The company’s commitment to exploration and development is evident in this comprehensive program, which will provide valuable data for future decisions and ultimately contribute to the company’s long-term success.
