MMD Backing To Advance Recent Rainbow Discovery
Callinex Mines Inc. (TSXV: CNX) has received a C$300,000 grant from the Manitoba Mineral Development Fund (MMDF) to advance the recently announced Rainbow Discovery.
The Rainbow Discovery is composed of two high-grade copper, gold, silver and zinc zones at the Company’s Pine Bay Project, located 16 kms away from Flin Flon, Manitoba.
The most recent step-out hole drilled into the Rainbow Discovery, PBM-113, intersected 5.00m of 8.35% copper equivalent (CuEq) comprising of 8.08% Cu, 0.20 g/t Au, 10.55 g/t Ag and 0.13% Zn followed by 4.0m of 2.31% CuEq comprising of 2.21% Cu, 0.09 g/t Au, 2.28 g/t Ag and 0.04% Zn and interval of 9.06m of 3.72% CuEq comprising of 2.37% Cu, 0.70 g/t Au, 7.00 g/t Ag and 2.10% Zn.
“We are extremely excited about the Rainbow Discovery Callinex has made at their Pine Bay Project” said Manitoba Chamber of Commerce President and CEO, Chuck Davidson. “Northern Manitoba has been through a lot over the past few years. Callinex is a great partner and their team is extremely passionate about our province. We look forward to continuing to work with them on this exciting project that shows strong potential to bring jobs and prosperity to the Flin Flon area.”
The MMDF was launched by the Manitoba government in August 2020 with the specific goal of jump-starting mineral and economic development initiatives throughout the province. The MMDF aims to support new economic development opportunities that capitalise on existing assets across Manitoba.
Callinex President and CEO, Max Porterfield, said the generous grant from the Manitoba Mineral Development Fund is a strong endorsement for the Rainbow Discovery.
“We are pleased to see the Manitoba government shares our vision for the potential the Rainbow Discovery has to create long-term jobs for the community of Flin Flon and strengthen the provincial economy.”
The community of Flin Flon’s future remains uncertain due to the impending closure of Hudbay’s 777 mine that’s slated to shut down in the first quarter of 2022. The Rainbow Discovery has been made on Callinex’s mineral lease, less than 250m from a high-voltage powerline and 550m from a historic shaft with direct road access to processing facilities in Flin Flon.
Proceeds received from the grant will go directly to fund the ongoing drilling to test the size and extent of the Rainbow Discovery.
