VANCOUVER, Dec. 4, 2012 /PRNewswire/ - Callinex Mines (TSX.V-CNX) (OTCQX-CLLXF) has begun drilling on its Sneath Lake claims in the Snow Lake region of Northern Manitoba, and is currently mobilizing a second drill to its Moak Lake Project in Thompson, Manitoba.
The Sneath Lake Project is a 1,400 hectare claim block is located 6 kms away from HudBay Minerals Inc.'s Lalor Lake Mine, which began production in 2012. Three deep targets have been defined by Callinex, using a high energy Deep Penetrating Electro Magnetic Survey (DPEM) which is able to define anomalies at depths greater than 500 metres. HudBay Minerals Inc. ("HudBay") has reported that its Lalor Lake Mine contains mineral reserves of more than 14 million tonnes of 0.6% Copper, 6.96% Zinc, 1.86g/t Gold, and 23.55g/t Ag (reference is made to HudBay's press release, dated April 02,2012 entitled "Hudbay Announces Increases in Metals Reserves and Resources"). .The mineralization at Lalor was originally encountered at a depth greater than 500 metres, utilizing the DPEM system (reference is made to HudBay's press release dated March 20,2007 entitled "HudBay's First Lalor Lake Drill Hole Intersects Zinc"). Although much drilling has been conducted at Sneath Lake, no drilling is known to have extended below 500 metres in depth, and Callinex's Deep Pulse EM survey is the first known to have been used on the claims.
Moak LakeThe company is also in receipt of drilling permits for their Moak Lake program in the Thompson Region of Manitoba. The 425 hectare Moak Lake claim is located 30 kms north of the town of Thompson and 75 kms east of Nelson House, Mb. The area has been explored for nickel since the 1950s with varying degrees of success. An examination of public assessment records filed with the Manitoba government has shown that geological formations prospective for nickel sulphides exist at the Moak Lake claims. Through interpretation of an airborne electromagnetic survey (conducted by the company), Callinex' exploration team has defined four drill targets, which will be tested as part of this year's program. The company will also perform geophysical surveys, both on surface and borehole based, to further define targets. Changes to Board of Directors
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV