Callinex Mines (TSXV:CNX)
Market cap: $10 million
Cash estimate: $0.6 million
Project: Pine Bay
Country: Manitoba, Canada
Ownership: 100 percent
Historical resources: 1.13 MT @ 2.76% Cu
Project status: Resource confirmation
Callinex Mines announced initial results from its Phase I drilling program on its 100% owned Pine Bay project in Manitoba. The volcanogenic massive sulphide (VMS) deposit is located 16 kilometres to the east of the 100 million tonne Flin Flon mining camp. The Pine Bay project was discovered in the 1960's and was advanced to feasibility stage in 1970. The property is subject to a 1% Net Smelter Royalty and a 5.12% Net Profits Royalty. Highlights from the current confirmation drilling include 44.2 metres grading 3.9% Cu, 0.1 g/t Au and 2.9 g/t Ag starting from a depth of 45.5 metres. The Company has compiled and digitized the historical database which includes over 700 drill holes. The Company is currently conducting a ground geophysical program to assist in targeting the Phase II drill campaign. The results of the geophysical survey correlate well with the historical resource. The project has a historical (non- NI 43-101 compliant) resource completed by the Cerro-Mining Guggenheim joint venture in 1970 outlining 1.13 million tonnes grading 2.76% Cu. The next phase of drilling is expected to start this summer and will include 10 holes for a total of approximately 2,500 metres. In 2011, Callinan split into two entities with Callinan Royalties (TSX:CAA) holding a 4% NSR on Hudbay Minerals (TSX:HBM) producing 777 Mines in Flin Flon, Manitoba. On April 29, 2015, shareholders of Callinan Royalties agreed to a plan of arrangement that will see Altius Minerals acquire Callinan Royalties, thus combining their royalty interests.
Discovery history: Historical resource and feasibility studies completed in 1970.
Current drilling: 44.2 metres @ 3.9% Cu including; 18.1 metres @ 5.4% Cu