Callinex Enhances Targets Along Trend of Silver Discoveries at the Nash Creek Project in the Bathurst Mining District, New Brunswick
Callinex Mines Inc. (the "Company" or "Callinex") (TSXV: CNX) (OTC: CLLXF) is pleased to announce results from reprocessing and interpretation of a regional 2006 airborne Versatile Time Domain Electromagnetic ("VTEM") geophysical survey at its 100% owned Nash Creek Project (the "Project") located within the Bathurst Mining District of New Brunswick (See Figure 1). In May 2020 the Company retained EarthEx Geophysical Solutions ("EarthEx") to complete a thorough interpretation of the VTEM data. In total, 367 line-km were reprocessed, imaged, mapped and interpreted that has yielded 20 targets which may be considered for further investigation.” data-reactid=”17″>VANCOUVER, BC, Aug. 4, 2020 /CNW/ – Callinex Mines Inc. (the “Company” or “Callinex”) (TSXV: CNX) (OTC: CLLXF) is pleased to announce results from reprocessing and interpretation of a regional 2006 airborne Versatile Time Domain Electromagnetic (“VTEM”) geophysical survey at its 100% owned Nash Creek Project (the “Project”) located within the Bathurst Mining District of New Brunswick (See Figure 1). In May 2020 the Company retained EarthEx Geophysical Solutions (“EarthEx”) to complete a thorough interpretation of the VTEM data. In total, 367 line-km were reprocessed, imaged, mapped and interpreted that has yielded 20 targets which may be considered for further investigation.
See Figure 2 and Figure 3).The Company believes that the stronger anomalies to the south have the potential to represent more sulphide mineralization that was discovered in NC20-313. In addition to the silver discovered in NC20-313, drill hole NC19-306 intersected 19m of 36.53 g/t silver, 0.52% lead and 0.38% zinc at a starting depth of 34.0m (See News Releases dated June 15, 2020 and June 4, 2020). ” data-reactid=”22″>The work by EarthEx has identified numerous conductive targets along the 6.8 km trend between Callinex’s discovery holes NC20-313 and NC19-306. Drill hole NC20-313, which intersected 28.6m of 57 g/t silver at a vertical depth of 120m including 16.5m of 94 g/t silver, was drilled 350m to the north of the weakest of the four conductive anomalies identified in the VTEM data (See Figure 2 and Figure 3).The Company believes that the stronger anomalies to the south have the potential to represent more sulphide mineralization that was discovered in NC20-313. In addition to the silver discovered in NC20-313, drill hole NC19-306 intersected 19m of 36.53 g/t silver, 0.52% lead and 0.38% zinc at a starting depth of 34.0m (See News Releases dated June 15, 2020 and June 4, 2020).
See Figure 4 and Figure 5). Once the soil sampling program is completed, the Company plans on initiating a robust drilling campaign to systematically test the extent of these two silver discoveries (See News Releases dated July 23, 2020). ” data-reactid=”23″>The Company is encouraged by the recently reprocessed VTEM data results, along with Induced Polarization data, and results from the ongoing soil sampling program will assist in vectoring towards higher grade silver mineralization in future drilling campaigns (See Figure 4 and Figure 5). Once the soil sampling program is completed, the Company plans on initiating a robust drilling campaign to systematically test the extent of these two silver discoveries (See News Releases dated July 23, 2020).
See News Release dated May 14, 2018).” data-reactid=”24″>In May 2018 a Preliminary Economic Assessment (“PEA”) published on the Company’s New Brunswick project portfolio outlined a high-margin, open-pit mine plan that generates a pre-tax internal rate of return of 34.1% and Net Present Value at an 8% discount rate of $230 million (See News Release dated May 14, 2018).
There is a clear opportunity to significantly enhance the Project’s economics with additional exploration that extends the mine life and/or allows for higher grade material to be scheduled earlier in the mine plan. The results from the two widely spaced silver discoveries puts the Company on a path to realize this opportunity through additional exploration.
J.J. O’Donnell, P.Geo, a qualified person under National Instrument 43-101 and a Consulting Geologist for Callinex, has reviewed and approved the technical information in this news release.
Figure 1: Bathurst Regional Overview” data-reactid=”28″>Figure 1: Bathurst Regional Overview
Figure 2: Nash Creek Project Shaded Magnetics with Regional VTEM Conductors” data-reactid=”29″>Figure 2: Nash Creek Project Shaded Magnetics with Regional VTEM Conductors
Figure 3: Nash Creek Project Shaded Magnetics with Regional VTEM Conductors Close-up” data-reactid=”30″>Figure 3: Nash Creek Project Shaded Magnetics with Regional VTEM Conductors Close-up
Figure 4: Nash Creek Project IP Resistivity Low with Regional VTEM Conductors” data-reactid=”31″>Figure 4: Nash Creek Project IP Resistivity Low with Regional VTEM Conductors
Figure 5: Nash Creek Project Soil Sampling Grid with Regional VTEM Conductors” data-reactid=”32″>Figure 5: Nash Creek Project Soil Sampling Grid with Regional VTEM Conductors
Click here to view a video overview of the Nash Creek Project.” data-reactid=”34″>Callinex Mines Inc. (TSXV: CNX) (OTC: CLLXF) is advancing its portfolio of zinc rich deposits located in established Canadian mining jurisdictions. The portfolio is highlighted by its Nash Creek and Superjack deposits in the Bathurst Mining District of New Brunswick. A 2018 PEA outlined a mine plan that generates a strong economic return with a pre-tax IRR of 34.1% (25.2% post-tax) and NPV8% of $230 million ($128 million post-tax). The projects have significant exploration upside over a district-scale land package that encompasses several high-grade mineral occurrences along a 20km trend. Click here to view a video overview of the Nash Creek Project.
Manitoba that are located 25km to an operating processing facility that requires additional ore.
http://www.prnewswire.com/news-releases/callinex-enhances-targets-along-trend-of-silver-discoveries-at-the-nash-creek-project-in-the-bathurst-mining-district-new-brunswick-301105644.html” data-reactid=”53″>View original content:http://www.prnewswire.com/news-releases/callinex-enhances-targets-along-trend-of-silver-discoveries-at-the-nash-creek-project-in-the-bathurst-mining-district-new-brunswick-301105644.html
SOURCE Callinex Mines Inc.
http://www.newswire.ca/en/releases/archive/August2020/04/c2370.html” data-reactid=”74″>View original content: http://www.newswire.ca/en/releases/archive/August2020/04/c2370.html
