Callinex Mines Inc. (TSXV: CNX) (OTC: CLLXF) released its high-grade copper maiden resource for its Pine Bay Project in Manitoba.
The company said on Monday that the project encompasses the Rainbow deposit, which contains valuable copper, zinc, gold and silver resources and has the potential for further expansion.
A maiden resource refers to the first estimate of mineral resources for a particular mining project. It is typically determined through geological exploration and data analysis, which includes drilling, sampling and other assessment methods. The maiden resource estimate provides an initial understanding of the potential quantity, grade, and distribution of minerals in a deposit.
“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,” said Max Porterfield, president and CEO.
“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.”
The mineral lease includes a mineral resource estimate for the Rainbow deposit and the Pine Bay deposit. The Rainbow deposit has an Indicated Mineral Resource of 3.44 million tonnes, with a copper equivalent grade of 3.59 per cent. This equates to 272.4 million pounds of copper equivalent, consisting of 238.3 million pounds of copper, 56.9 million pounds of zinc, 37.6 thousand ounces of gold, 692.8 thousand ounces of silver and 2.3 million pounds of lead.
The Inferred Mineral Resource for Rainbow is 1.28 million tonnes, with a copper equivalent grade of 2.95 per cent, amounting to 83.4 million pounds of copper equivalent. This includes 72.1 million pounds of copper, 19.5 million pounds of zinc, 11.1 thousand ounces of gold, 222.2 thousand ounces of silver and 0.8 million pounds of lead. The Pine Bay deposit has an Inferred Mineral Resource of 1.0 million tonnes, with a copper grade of 2.62 per cent, resulting in 58.1 million pounds of copper.
“The Pine Bay Project maiden resource has extraordinary copper grades and excellent tonnage in two deposits about 900m apart,” said Peter R. Jones, a member of Callinex’s technical team.
“The opportunity to further increase resource tonnage both in depth and from parallel structures is considerable. I look forward to the ongoing results from the well funded exploration program.”
Shares of Callinex Mining rose 19.1 per cent to $3.43 on Monday on the TSX Venture Exchange.
Pine Bay Project Block Models Projected to Surface. Callinex Mines Inc.
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Hudbay Minerals Inc. (TSX: HBM) (NYSE: HBM) and Murubeni Corporation signed a memorandum of understanding to establish the framework for a multiple-year exploration platform in search of new deposits close to Hudbay’s processing facilities in Flin Flon, Manitoba.
The signing of the Memorandum of Understanding marks the beginning of a potentially long-term partnership between Hudbay and Marubeni, according to Peter Kukielski, the president and CEO of Hudbay.
The goal of this partnership is to unlock value in the Flin Flon region. Kukielski emphasized that through this exploration partnership, Hudbay can combine its operational and exploration expertise with the financial strength of Marubeni to assess the potential of its extensive Flin Flon land package and potentially revitalize its inactive Flin Flon processing facilities.
Vizsla Copper Corp. (TSXV: VCU) (OTCQB: VCUFF) obtained ownership of the Copperview project in June. The project, spanning 37,466 hectares, was purchased from the private mining firm Mineworks Ventures Inc.
The Copperview project is considered promising for the presence of copper-gold mineralization related to porphyry deposits in the Aspen Grove area of south-central British Columbia.
The Copperview Project is located approximately 4 kilometers north of Kodiak Copper‘s (TSXV: KDK) Gate Zone discovery. Kodiak Copper’s exploration has yielded positive results, including a drill hole (MPD-20-04) with an intersection of 535.1 meters containing 0.49 per cent copper and 0.29 grams per tonne gold. Both projects, Copperview and Gate Zone, are situated on the same geological trend within the MPD property.
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