Callinex Mines Making Waves with High-Grade Copper-Gold-Zinc Discovery in Manitoba’s Flin Flon District

• Callinex Mines is actively drilling at their Pine Bay project in Manitoba. They recently made a new high-grade VMS discovery called The Descendant with 27 meters of massive sulfides.
• The Descendant discovery Hole was at 1314 meters depth, deeper than the original Flin Flon 777 mine discovery hole. Callinex believes the mineralization plunges deeper and have planned a new 1600m parent hole 200m below the discovery.
• Drilling is ongoing, with another 5000 meters planned exclusively at The Descendant. The company aims to delineate a large high-grade copper-rich VMS system at depth over the coming months.
• The Pine Bay project encompasses a very large alteration system indicating potential for a major VMS deposit. Numerous past explorers have focused on this area going back over 100 years.
• Callinex is fully funded for the current drill campaign with around $4 million cash. They will look to raise additional capital in the new year as they follow up on results from The Descendant.

About Callinex Mines

Callinex Mines Inc. is a Vancouver-based exploration company focused on discovering high-grade polymetallic deposits in established Canadian mining jurisdictions. The company has been exploring its flagship Pine Bay Project located in the prolific Flin Flon mining district of Manitoba since 2014. The project hosts Indicated Resources of 13.8Mt at 3.2% CuEq and Inferred Resources of 12.8Mt at 2.9% CuEq. Callinex is led by President and CEO Max Porterfield, a mining executive with 15 years of experience.

Interview with Max Porterfield, President & CEO of Callinex Mines Inc.

Recent Exploration Success at Pine Bay Project

Callinex is hot on the trail of a significant new discovery at its Pine Bay Project called The Descendant, located along the past-producing Cabin Trend. Drilling in June 2022 intersected a broad 67m interval averaging 1.7% CuEq including a very high-grade 27m section at 2.8% CuEq.

The mineralization consists of four stacked lenses of copper-zinc-gold-silver volcanogenic massive sulphide (VMS) separated by late cross-cutting dykes. Assays returned consistently high grades between 0.7 g/t to 0.9 g/t Au along with silver, indicating the discovery hole tested the upper fringe of a large mineralized system.

Notably, the hole bottomed at 1,314m downhole, making it one of the deepest ever drilled in the Flin Flon district. All major VMS discoveries in the region have occurred at considerable depths between 700m to over 1,300m. The results validate Callinex’s thesis that a major deposit exists beneath the Cabin Trend.

Ongoing Drill Program and Next Steps

An expanded 13,500m drill campaign is underway focused on delineating The Descendant discovery through step-out drilling. A deep 1,600m parent hole is being collared 200m down-plunge of the discovery intercept to test the continuity of mineralization at depth.

Several wedge holes will subsequently be drilled off this parent hole. Callinex sees strong potential for the sulphide lenses to coalesce into one thicker zone at depth based on folding patterns seen elsewhere. The company aims to prove up a significant volume of mineralization that could support a standalone underground mining operation.

Drilling will continue into the fall with assays pending based on lab turnaround times. Callinex is fully funded for the drill program with a recently replenished C$4.1 million treasury.

Long Term Potential

The highlight hole at The Descendant validates over a century of exploration work around the Cabin Trend. Historic drilling by Placer Dome in the 1990s outlined a 30Mt target that was never followed up on. Callinex has breathed new life into this area based on modern interpretations of the deposit models.

The company sees multi-million-tonne potential at The Descendant and possible connectivity 600m away to the sizeable Rainbow Zone deposit (4.5Mt). Both target areas are open at depth and could be accessed from existing underground infrastructure.

Proving up a sizable new deposit would be a game-changer for revitalizing mining operations in the Flin Flon district. Callinex is one of the most active explorers in the area and leading a resurgence based on new geological insights. The company offers investors tremendous blue-sky upside if drilling continues to hit the mark.

Conclusion

With a major drill program underway and assays pending, Callinex Mines is poised to generate substantial news flow and potentially stock-moving discoveries over the coming months. The initial intercept points to a large VMS system being uncovered at Pine Bay after lying dormant for decades. Callinex has the team, cash and targets to drive significant value creation if exploration efforts stay on track. Risk-tolerant investors may consider building a position ahead of pending drill results.