A junior miner has announced a fully funded 2015 exploration program focusing on its Pine Bay and Flin Flon projects near Flin Flon.
Callinex Mines says the objectives of the two-phase drilling campaign are to confirm, expand and discover high-grade copper- and zinc-rich massive sulfide mineralization.
“[This] announcement is a significant milestone towards our renewed focus on discovering and developing economic VMS [volcanogenic massive sulfide] deposits near Flin Flon,” said Max Porterfield, president and CEO of the Vancouver-based company. “I am excited by the opportunities ahead to advance our projects and provide shareholders with exposure to potential for new discoveries.”
The exploration program is well underway with ongoing interpretation of existing geological and geophysical data, and plans for additional ground geophysics on prospective targets, Callinex said.
Phase one of the drilling campaign is expected to commence by mid-March. It will consist of about 2,000 metres and will be focused on expanding high-grade mineralization at Pine Bay.
The second phase of exploration is planned to commence this summer and will include additional geophysics and some 2,000 metres of drilling with an objective to follow up on initial results and test additional prospective geophysical targets hosted within favourable geology.
Callinex said it recently compiled and re-evaluated historic data on the Pine Bay and Flin Flon projects in support of its exploration program.
The Pine Bay Project is located 16 km east of Flin Flon and, according to Callinex, hosts four high-grade VMS deposits.
The project is at an advanced permitting stage and includes a 212-metre vertical shaft with 760 metres of underground workings nearby historic resources, the company said.
Previous operators reported historic resource estimates totalling 1.62 million tons at a grade of 2.81 per cent copper equivalent; however, this is a historic estimate and has not been verified by Callinex and should not be relied upon.
In 2011, Callinex completed a small drilling program to test the down-dip extension of the Pine Bay deposit. The company said subsequent geophysical surveys identified a high-priority target area located near the Pine Bay deposit.
The company anticipates providing further details at or before the start of each drilling phase.
Callinex describes its focus as being on “discovering the next VMS mine within Manitoba’s prolific Flin Flon mining district.”
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of information supplied by Callinex.
