VANCOUVER, July 5, 2012 /PRNewswire/ - Callinex Mines
(CNX-TSX.V) (CLLXF - OTCQX) is pleased to announce an exploration
campaign in the Canadian provinces of British Columbia and Manitoba, to begin shortly.
The Company's technical and operations teams have designed a
program that will create the potential for new Canadian mineral
discoveries on three separate properties within the next six
months. Additionally, the company plans to continue the expansion
of the mineralization at the Gossan Hill project. The Sneath Lake,
Coles Creek-Troitsa, Moak Lake, and Gossan Hill Projects will be
drill-tested before the year's end, pending the approval of work
permits.
Callinex is currently well capitalized to complete the outlined
programs. It is the Company's intention to give its shareholders
multiple points of exposure to the potential for a primary
discovery of a world-class deposit in Canada, through the strategic and targeted
exploration program described below.
Sneath Lake
Callinex's Sneath Lake property is a copper-zinc-gold prospect
in Manitoba's Snow Lake mining camp. A recent ground-based
geophysical survey (Deep Pulse E-M), conducted by Callinex, has
defined several deep targets that remain untested. The Deep Pulse
E-M survey is the same technique used to discover the 14 million
tonne Lalor Lake deposit, scheduled
to begin gold and zinc production in late 2012, located five
kilometres Northwest of Callinex's Sneath Lake Property. The Sneath
Lake property is located in the prolific VMS Chisel Basin Sequence,
which has hosted seven producing mines, including Lalor Lake, since the 1950s.
Coles Creek - Troitsa
The Company will also undergo both an airborne survey and
drilling program at their wholly owned Coles Creek-Troitsa property
in Northern British Columbia. The
program is designed to follow up on targets generated during a 2011
exploration campaign.
At the Troitsa prospect, 2011 drilling intersected copper
mineralization grading 0.326% copper over 82.06 meters, with traces
of molybdenum (see company news release November 16, 2011). The mineralized intersection
at Troitsa is in porphyry-style rocks, similar to the nearby
Huckleberry Mine and to the recent discovery at Goldreach's Seel
West deposit. Drilling at Troitsa will test IP anomalies
representing potential extensions of mineralization defined in 2011
drill program.
At the adjacent Coles Creek property, the Company will be drill
testing two attractive geochemical anomalies. The two
anomalies were discovered by MMI surveys and strongly correlate to
IP geophysical anomalies. The anomalies are located east of
DDH Cole 48, which assayed 36.9 g/t silver over 97 meters (see
company news release November 25,
2011) .
Moak Lake
The Company is currently designing a drilling program for the
Moak Lake Nickel property, located in Northern Manitoba's Thompson Nickel Belt. The
Moak Lake property is approximately 30 kilometers North of the main
Thompson deposit, and just three
kilometers from the Moak Lake nickel deposit, a historical resource
of 45 million tonnes of nickel-sulphide style ore grading 0.7%
nickel, according to the Geological Survey of Canada.
Moak Lake claims were previous explored in the 1960s by Inco,
which intersected Ultramafic Peridotites that commonly host the
Nickel deposits in the region. Callinex plans to drill test three
VTEM/Magnetometer anomalies on the claims which were defined during
a 2007 survey and are considered untested.
Gossan Hill
A recent winter exploration program at Callinex's 100% owned
Gossan Hill gold property in Northern
Manitoba near Cranberry
Portage, further outlined a 1.8 kilometer structure
containing gold-bearing mineralization over various widths. More
drilling is required, and Callinex intends to mobilize drills after
freeze-up (likely in November or December). Drilling will be
designed to build on the 2012 winter drill program results, which
included 8.90 metres (core width) of 3.02 g/t gold and 8.88 g/t
silver in DDH GOS 43.(see company news release April 16, 2012).
The Flin Flon Claims
Callinex has recently completed a 700 line kilometer airborne
survey on its Flin Flon claims in
Northern Manitoba. The 3,798
hectare claim block is located in the prolific Flin Flon Greenstone
Belt, near the producing 777 mine, and the formerly producing
Westarm and Schist Lake mines.
Geophysical and magnetic targets isolated by the VTEM survey are to
be evaluated, along with a compilation of historical work and
results, in an effort to define VMS-style targets.
The recently optioned and strategically located ground has been
identified by the Company as a potential host of deep VMS-style
mineralization. The properties are accessible by road, and near
existing mining and ore processing infrastructure, as well as a
hydroelectric power source.
Company President J.J. O'Donnell
elaborated on the company's objectives: "This program has been
designed to target areas that have potential for world-class
discoveries. We've laid the groundwork by establishing targets
through geology, geophysics and geochemistry, and we're looking
forward to drill testing."
On Behalf of the Board of Directors,
J.J. O'Donnell
J.J. O'Donnell
President and COO
All of Callinex's exploration programs are conducted under
the direction of J.J. O'Donnell,
P.Geo, a qualified person as defined by national instrument 43-101,
who has reviewed and approved the contents of this release.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Some statements in this news release contain forward-looking
information. These statements include, but are not limited to,
statements with respect to future expenditures. These statements
address future events and conditions and, as such, involve known
and unknown risks, uncertainties and other factors which may cause
the actual results, performance or achievements to be materially
different from any future results, performance or achievements
expressed or implied by the statements. Such factors include, among
others, the ability to complete contemplated work programs and the
timing and amount of expenditures. Callinex does not assume the
obligation to update any forward-looking statement.
SOURCE Callinex Mines Inc.
