Callinex outlines summer-fall exploration program
Friday, Jul 06, 2012
VANCOUVER, July 5, 2012 /CNW/ - Callinex Mines (CNX-TSX.V) (CLLXF - OTCQX) is pleased to announce an exploration campaign in the Canadian provinces of British Columbia and Manitoba, to begin shortly.
The Company's technical and operations teams have designed a program that will create the potential for new Canadian mineral discoveries on three separate properties within the next six months. Additionally, the company plans to continue the expansion of the mineralization at the Gossan Hill project. The Sneath Lake, Coles Creek-Troitsa, Moak Lake, and Gossan Hill Projects will be drill-tested before the year's end, pending the approval of work permits.
Callinex is currently well capitalized to complete the outlined programs. It is the Company's intention to give its shareholders multiple points of exposure to the potential for a primary discovery of a world-class deposit in Canada, through the strategic and targeted exploration program described below.
Callinex's Sneath Lake property is a copper-zinc-gold prospect in Manitoba's Snow Lake mining camp. A recent ground-based geophysical survey (Deep Pulse E-M), conducted by Callinex, has defined several deep targets that remain untested. The Deep Pulse E-M survey is the same technique used to discover the 14 million tonne Lalor Lake deposit, scheduled to begin gold and zinc production in late 2012, located five kilometres Northwest of Callinex's Sneath Lake Property. The Sneath Lake property is located in the prolific VMS Chisel Basin Sequence, which has hosted seven producing mines, including Lalor Lake, since
Coles Creek - Troitsa
The Company will also undergo both an airborne survey and drilling program at their wholly owned Coles Creek-Troitsa property in Northern British Columbia.
The program is designed to follow up on targets generated during a 2011
At the Troitsa prospect, 2011 drilling intersected copper mineralization grading 0.326% copper over 82.06 meters, with traces of molybdenum (see company news release November 16, 2011). The mineralized intersection at Troitsa is in porphyry-style rocks, similar to the nearby Huckleberry Mine and to the recent discovery at Goldreach's Seel West deposit. Drilling at Troitsa will test IP anomalies representing potential extensions of mineralization defined in 2011 drill program.
At the adjacent Coles Creek property, the Company will be drill testing two attractive geochemical anomalies. The two anomalies were discovered by MMI surveys and strongly correlate to IP geophysical anomalies. The anomalies are located east of DDH Cole 48, which assayed 36.9 g/t silver over 97 meters (see company news release November 25, 2011) .
SOURCE Callinex Mines Inc.