Low metal prices aren’t dampening Max Porterfield’s outlook.
The president and CEO of Callinex Mines, an exploration company focused on the Flin Flon region, sounded a hopeful tone in a letter to shareholders issued Thursday.
“We are optimistic about the outlook for copper and zinc as today’s prices are below the average cash cost of production and as a result near-term supply deficits are projected,” wrote Porterfield.
He said Callinex still believes its “focus on high-grade polymetallic deposits within established mining jurisdictions is a strategy for success.”
Callinex achieved several objectives this past year, Porterfield wrote, most notably raising over $4.5 million to fund exploration programs.
“These proceeds allowed Callinex to complete two successful drilling campaigns that each intersected high-grade VMS mineralization at our Pine Bay Project,” he wrote, referring to a deposit near Flin Flon.
Porterfield noted that this past year also saw Callinex earn a full interest in its Flin Flon Project and the Sourdough area of the Pine Bay Project.
“We will continue to assess accretive acquisition opportunities to strengthen our project portfolio where we can add value with our world-class technical team and ability to access capital,” he wrote.
“With the foundation built in 2015, we are eager to continue working towards achieving our objectives in 2016 and beyond.”
Porterfield touted the ongoing drilling campaign at Pine Bay, adding that the Vancouver-based Callinex “will remain well capitalized upon its completion.”
“I am excited to be drill testing high-quality targets that have the potential to represent significant VMS deposits,” he wrote.
“Heading into the New Year, Callinex remains one of North America’s leading mineral exploration companies due to its quality project portfolio located within established mining jurisdictions, world-renowned technical team and supportive shareholder base.”
