Rainbow Deposit Vertical Extent Doubled
Callinex Mines Inc. (TSXV: CNX) has more than doubled the vertical extent of the Rainbow Deposit by extending the high-grade copper, gold, silver and zinc deposit 257m closer to surface.
The Rainbow is located at the 100% owned Pine Bay Project within a mineral lease, less than 250m from a high-voltage hydroelectric power-line and 550m from a historic shaft with direct road access to processing facilities in Flin Flon Mining District in Canada.
Drill hole PBM-121 intersected 7.55m of 5.01% copper eq consisting of 4.13% copper, 0.64 g/t gold, 11.08 g/t silver and 0.90% zinc (Rainbow Long Section).
President and CEO, Max Porterfield, said the high-grade intersection in PBM-121 is located 257m vertically above PBM-113-W2, the last reported intersection in the Rainbow, and 101m vertically above PBM-118 (Rainbow Cross Section). Drill hole PBM-118 intersected 7.77m of 5.55% CuEq comprising of 3.30% copper, 0.72 g/t gold, 7.48 g/t silver and 4.42% zinc at a vertical depth of 505m.
“We are excited to see the Rainbow expand closer to surface with the high-grade copper intersections announced today,” Mr Porterfield said.
“The Rainbow Deposit has the potential to be accessible by a ramp which in turn would translate to a more attractive development plan.”
Mr Porterfield said the company has now defined the vertical extent of the Rainbow to the 405 meter level (ml) from the 662 ml that had been drilled prior to the 2021 drilling campaign. The previous step-out hole drilled into the Rainbow, PBM-113-W2, (Orange Zone) intersected 5.70m of 4.72% CuEq (3.57% Cu, 0.54 g/t Au, 21.41 g/t Ag and 1.56% Zn)
Currently, two rigs continue operating to expand the Rainbow closer to surface and at depth.
Since the company resumed drilling in mid February, nine holes have been completed (three holes abandoned) for a total of 7,600m out of a 30,000m budgeted drill programme.
The company has also commenced two deep penetrating geophysical surveys along the trend that hosts the Rainbow and Sourdough deposits as well as the past producing Centennial Mine (Pine Bay Geophyiscal Grids).
An induced polarization (IP) survey is being completed by Abitibi Geophysics using their proprietary OreVision IP system, which can reveal targets at four times the depth of conventional IP. The Rainbow Deposit was discovered by utilising the OreVision IP system as a critical vectoring tool.
The objective of the survey is to detect pyrite-rich mineralisation that may host high-grade copper and zinc up to depths of 580m along the favourable volcanogenic massive sulphide (VMS) trend that hosts the known deposits. The 24 km IP Survey, currently underway, will span a linear 3.2 km north-south trend with line widths up to 1.4 km at 150m spacing.
Koop Geotechnical is in the process of completing a 13.4 line km deep penetrating surface pulse electromagnetic survey (SPEM) that will cover an additional 10 km of the Rainbow trend to the south.
