Callinex Mines is expediting core samples for lab analysis after discovering a new volcanogenic massive sulphide (VMS) zone at its Pine Bay Project near Flin Flon, the company announced Wednesday.
In a news release, Callinex said drilling encountered the VMS zone about 450 metres east of the project’s Pine Bay deposit, an area that has generated optimism within the company.
Callinex said one drill hole intersected massive sulphides with “significant” chalcopyrite mineralization, a copper-bearing mineral, over a four-metre width at a vertical depth of 313 metres.
A subsequent zone with sphalerite stringers, a zinc-bearing mineral, was also intersected, the company said.
An electromagnetic survey completed on the same hole showed a “highly conductive body,” Callinex said.
The company said it expects to receive assay lab results from the drill hole core samples by March 9.
Wallstreet.org and other websites reported that Callinex’s stock surged nine per cent on Wednesday afternoon following the announcement of the VMS zone.
Callinex said that to date, four holes totalling about 2,967 metres have been completed as part of a previously announced 7,300-metre winter drilling campaign at the Pine Bay Project.
The project has two distinct areas with VMS mineralization, the northern Pine Bay area and the southern Sourdough area, the company said.
The Pine Bay Project is located 16 km east of Flin Flon.
