Callinex Mines Inc. (TSXV: CNX) (OTC: CLLXF) has unveiled an Updated Mineral Resource Estimate at the company’s 100% owned Point Leamington Deposit, Newfoundland.
The Project hosts a VMS deposit with significant gold, copper and zinc mineralisation that is open for expansion.
The Deposit is located within a mineral lease and accessible by road and trails approximately 37km from the city of Grand-Falls Windsor and 20km from the clean hydroelectric provincial power grid. The Mineral Resource Estimate was prepared by P&E Mining Consultants Inc. (P&E) for Callinex.
The Point Leamington Mineral Resource Estimate consists of a pit constrained Indicated Mineral Resource of 5.0 Mt grading 2.5 g/t gold equivalent (AuEq) for 402 koz AuEq (145.7 koz gold (Au), 60.0 Mlb copper (Cu), 153.5 Mlb zinc (Zn), 2.0 Moz silver (Ag”, 1.5 Mlb lead (Pb)), an pit constrained Inferred Mineral Resource of 13.7 Mt grading 2.24 g/t AuEq for 986.5 koz AuEq (354.8 koz Au, 110.2 Mlb Cu, 527.3 Mlb Zn, 6.2 Moz Ag, 7.0 Mlb Pb) and an out-of-pit Inferred Mineral Resource of 1.7 Mt grading 3.06 g/t AuEq for 168.5 koz AuEq (65.4 koz Au, 13.3 Mlb Cu, 102.9 Mlb Zn, 1.4 Moz Ag, 2.6 Mlb Pb).
President and CEO, Max Porterfield, said yhe Point Leamington Mineral Resource Estimate with an Inferred Mineral Resource of over 1.1 million gold equivalent ounces coupled with an Indicated Mineral Resource of over 400 thousand gold equivalent ounces is significant in that Callinex has now demonstrated a large, near surface deposit in the heart of Newfoundland.
‘We plan to aggressively advance this project by completing additional metallurgical test work in tandem with exploration. This project fits in nicely with our attractive Canadian portfolio, as we continue to unlock substantial value for our shareholders.”
Exploration
There is an opportunity to significantly expand a higher-grade portion of the Deposit with additional drilling at depth. The most recent hole drilled in 2004, PL04-077, intersected 4.67m grading 4.37 g/t Au, 15.05% Zn, 57.88 g/t Ag and 0.36% Cu. and PL-056 which intersected 4.51m 2.27 g/t Au, 8.84% Zn, 81.66 g/t Ag and 0.61% Cu are the two deepest holes to intersect the Deposit. Drill holes PL04-077 and PL-056 are located 150 metres apart with no cut-off holes below the 435 metre level
The Project also has potential to host additional tonnage along strike from the Point Leamington Deposit. Drill hole PL04-073, drilled during the most recent exploration campaign, intersected 3.9m grading 5.18% Zn, 1.65 g/t Au, 33.1 g/t Ag and 0.27% Cu.
The company is currently reprocessing historic borehole pulse Electromagnetic data surrounding the largely untested area and additional drilling may be completed in the future.
The Point Leamington Deposit style of mineralization, alteration, and host rocks suggests that it is a Kuroko-type VMS deposit hosted in Cambro-Ordovician age rocks, which are similar to the past producing Buchans and Duck Pond Mines in the area. The massive sulphides occur at a transitional period between altered felsic volcanics (dominantly flows, breccias, and pyroclastic) and a sedimentary / mafic volcanic sequence. As a result of reviewing historical regional data, the Company believes that there is significant opportunity to discover additional deposits with further exploration efforts.
For further information please visit: https://callinex.ca/
