As we already reported, Callinex Mines (US: CLLXF) received a $300,000 grant from the Manitoba Mineral Development Fund (overseen by the Manitoba Chamber of Commerce) to advance its mineral-rich Rainbow Discovery.
Along with this, 2020 offered a number of encouraging updates on Callinex’s progress in mineral exploration and discovery:
- The company intersected the Orange Zone of the Rainbow Discovery with 5.00m of 10.63% copper equivalent comprising of 8.79% copper, 1.38 grams per metric ton of gold, 24.02 grams per metric ton of silver and 1.79% zinc.
- Callinex also intersected the Yellow Zone with 5.40m of 4.43% copper equivalent comprising of 3.22% copper, 0.61 grams per metric ton of gold, 10.43 grams per metric ton of silver and 1.84% zinc.
- On top of all that, the company announced two silver discoveries: one drill hole intersecting 28.6m of 57 grams per metric ton of silver including 16.5m of 94 grams per metric ton of silver, and another drill hole intersecting 19m of 36.53 grams per metric ton of silver, as well as 0.52% lead and 0.38% zinc.
- Furthermore, Callinex identified numerous conductive drill targets along the 6.8 km trend between two discovery holes at the Nash Creek Project.
Callinex Mines just released its year-end shareholder letter from the company’s President and CEO Max Porterfield. I highly encourage you to read the full letter as it offers a visionary road map to the company’s future plans.
First, Mr. Porterfield acknowledged his team’s astounding successes over the past year as 2020 was filled with an abundance of discoveries across Callinex’s exploration portfolio. The CEO particularly highlighted the drilling campaign at Nash Creek, which resulted in the discovery of near-surface silver in two widely-spaced drill holes along the main controlling fault.
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Mr. Porterfield also underscored the advancement of the Rainbow Discovery at the Pine Bay Project, which offers a number of advantages:
- High-grade discovery made up of copper, gold, silver, and zinc
- Ideally located within a mineral lease, adjacent to a high-voltage power line
- Direct road access to processing facilities in the Flin Flon Mining District
- Discovery comes at a critical time for the town of Flin Flon, with the impending shutdown of the 777 mine and no new discovery to fill its void
- The high grades intersected in the two zones to date suggest the potential to extend the rich mining history of Flin Flon
Looking ahead to the new year, Mr. Porterfield and his team will continue to expand upon the discoveries the company has made in New Brunswick and Manitoba. At the Nash Creek Project, plans are underway to initiate a drilling campaign based on the results from a soon-to-be-announced soil sampling program – so stay tuned for that.
The highest priority for Callinex Mines will be to potentially continue to expand the Rainbow Discovery in Manitoba. Exploration at Pine Bay will continue to explore the mineralization to surface as well as test the multiple high-priority targets in close proximity the Rainbow Discovery.
Additionally, the company is working towards providing an update for the Pt. Leamington deposit located in the Buchans Mining District. This project hosts a significant near-surface gold, copper, and zinc deposit that’s a valuable asset to the company.
After an effective year for Callinex Mines, the CEO’s letter offers a glimpse into the company’s ambitious plans to advance its discoveries across Callinex’s robust, expansive mineral asset portfolio – all in the midst of a just-emerging multiple-year bull market for base and precious metals.
Chief Editor, CrushTheStreet.com
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The Company’s publications often pertain to gold and mining stocks, which discuss a direct relationship between the price of gold or silver and the stock price of a gold or silver mining stock. We discuss with respect to various issuers that there is a relationship between the price of gold or silver to the stock price of a gold or silver mining stock, i.e. that the higher the price of gold or silver, the higher the price of the stock. You should use extreme caution in adopting any such conclusions, because such statements do not account for any of the following factors:
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On October/06/2020, in connection with our agreement with Callinex Mines, we received USD $100,000, from Callinex Mines. Wallace Hill Partners LTD owns shares of the Callinex Mines purchased through private placements and warrant exercises. We contracted with Callinex Mines Inc to provide advertising services for a period of 12 months. We have been previously compensated for agreements with Callinex Mines that have since expired.