.jpg;w=960)
Callinex Mines has released the company's first indicated and inferred resource estimates for its Pine Bay project site east of Flin Flon.
The company released the results July 10, covering its deposits around the far northern shore of Lake Athapapuskow. The estimate shows, according to a company-issued statement, an indicated mineral resource at the Rainbow deposit of 3.44 Mt at 3.59 per cent copper equivalent with 272.4 million pounds of copper equivalent. The announcement also includes an inferred mineral resource of 1.28 Mt at 2.95 per cent copper equivalent, along with an inferred mineral resource of around 1 Mt at 2.62 per cent copper equivalent for the Pine Bay deposit.
Company officials trumpeted the results, saying they hoped to push the project ahead and move toward developing a full and functional mine in the area. The company’s next steps are to carry out further drilling on the Rainbow deposit, along with drilling at the company’s Alchemist and Odin deposits, located not far from Rainbow. The company also plans for exploring the Cabin deposit, another nearby area of interest.
“We are thrilled to be announcing a high-grade copper maiden mineral resource estimate at the Pine Bay project,” said Callinex president and CEO Max Porterfield.
“With this maiden mineral resource estimate complete, we will now focus on continuing our aggressive drilling program at depth and along the trend that hosts the deposits at Pine Bay. Completion of the maiden resource is also a key milestone and critical step in our goal to develop the project for the benefit of all stakeholders and the surrounding communities.”
Callinex technical team member Peter Jones, a former CEO of Hudbay, was also optimistic about the company’s findings.
“The Pine Bay project maiden resource has extraordinary copper grades and excellent tonnage in two deposits about 900 metres apart. The opportunity to further increase resource tonnage both in depth and from parallel structures is considerable,” Jones said.
“I look forward to the ongoing results from the well funded exploration program.”
Callinex’s Pine Bay project is located about 15 kilometres due east of Flin Flon, not far from the existing North Star Road. The company owns a mineral lease and almost 80 claims in the area, covering about 6,800 hectares in total.
Earlier this year, the company announced it would continue drilling at several sites around Pine Bay, including the Rainbow deposit and at other areas of interest. Company representatives also completed a private placement to raise money for that exploration in March, picking up $9.4 million. The company hired former Hudbay CEO Jones as part of its technical team in February.
