Representatives for Callinex say the company has found another deposit at its Pine Bay property near Flin Flon.
In an announcement made Sept. 7, the company revealed what has been named the Alchemist deposit, a new volcanogenic massive sulphide (VMS) deposit not far from its existing Rainbow deposit on the Pine Bay site. Callinex staff believe that the Alchemist deposit will include high-grade copper, zinc, gold and silver and say that it is located about 1.4 kilometres west of the Rainbow deposit.
The company has already begun drilling into the Alchemist area, revealing that the last hole to intersect the area found 4.4 metres of 4.02 per cent copper equivalent, with 1.6 per cent copper, 5.14 per cent zinc, .4 grams per ton of gold and 21.78 grams per ton of silver.
“We are thrilled with the initial results from the Alchemist, the newest discovery at our Pine Bay project,” said Callinex president and CEO Max Porterfield in the company-issued statement.
“The Alchemist deposit comes with the potential for significant resource growth for the company, its shareholders and the community of Flin Flon.”
The company is also doing exploratory drilling at what has been called Target Area Odin, located not far south of the Rainbow deposit between it and Alchemist.
“It is encouraging to note many of the same strong geological, geochemical and geophysical patterns noted in the upper portions of the Rainbow VMS deposit also occur within the upper parts of the newly discovered Alchemist and Odin exploration target areas,” said Callinex technical team member Jim Pickell.
“If these same patterns hold true at depth in the Alchemist and Odin areas, it seems logical to assume analogous, thick, high-grade copper intersections could also be found at depth below each of them, as in the Rainbow area.”
Based out of Vancouver, Callinex has been working for the past several years on its Pine Bay project site, located about 16 kilometres straight east of Flin Flon not far from the North Star Road.