Callinex Mines reports new drill results at its copper property in Manitoba

Callinex Mines (TSXV: CNX; US-OTC: CCLXF) has reported new results from its drill campaign at the company’s Rainbow deposit in northern Manitoba, including wide intersections of high-grade copper.

The company announced that drill hole PBM-138 intersected an interval of 37 metres grading 6% copper, 0.35 gram gold per tonne and 6.13 grams silver per tonne, starting from 660 metres downhole. It also included two high-grade one-metre intervals, the first that returned 18.81% copper, 1.11 grams gold per tonne, 19.43 grams silver per tonne and 0.58% zinc from 671 metres downhole. The second one-metre interval, from 684 metres down, returned 18.3% copper, 0.35 gram gold per tonne, 16.24 grams silver per tonne and 0.18% zinc.

Another hole, PBM-133, intersected 7.71 metres grading 1.7% copper, 0.52 gram gold per tonne, 8.25 grams silver per tonne and 1.29% zinc from 506 metres downhole. The drillhole also intersected 3.21 metres grading 3.48% copper, 0.70 gram gold per tonne, 12.18 grams silver per tonne and 0.98% zinc from a depth of 510.5 metres. 

“There hasn’t been a discovery like this in the immediate area in a long time,” Max Porterfield, the company’s president and CEO, told The Northern Miner. “So that’s very exciting. Because from an exploration perspective, the horizon is really wide open.”

A drill rig at Callinex Mines’ Pine Bay project near Flin Flon, Manitoba. Credit: Callinex Mines.

The Rainbow copper, gold, silver and zinc deposit is part of the company’s Pine Bay project, a district scale land package wholly-owned by Callinex. Covering more than 6,000 hectares, Pine Bay is located in west-central Manitoba near the provincial border with Saskatchewan, 16 km east of the city of Flin Flon. The property is close to the hydroelectric power grid and has road access to Flin Flon, where Hudbay (TSX: HBM; NYSE: HBM) has processing facilities.

Since Callinex began its 2021 exploration program, 27 holes (including five wedges) have been drilled, and Porterfield says that the company has now completed almost 19,000 metres of a fully funded, 30,000-metre drill program. One rig is drilling at Rainbow to test the up-plunge extent of the deposit above 300 metres vertical depth, while a second rig is testing regional exploration targets to the north and along strike of the Rainbow deposit.

Porterfield believes these recent results continue to prove that the Rainbow deposit is growing in size and that Pine Bay has the potential to become a major producer in a safe jurisdiction, and at a time when the importance of copper continues to increase across the globe.

“We’ve always had a focus on finding a large, standalone [deposit],” he says. “But these discoveries, in general, they start small and grow. I mean, you don’t instantly build a mine off of one discovery hole. It takes many holes, and that’s what we’re in the process of doing. But we’ve worked very hard to get to this point, working our way into the right place at the right time.”

At presstime, Callinex was trading at $3.45 within a 52-week range of $2.09 and $6.50 per share. The company has about 13.1 million shares outstanding and a market capitalization of $45.3 million.