Canada : Callinex Discovers New Zinc Zone and Intersects 2.7m of 6.2% Zn Eq. at Superjack Project.
Callinex Mines Inc. (the Company or Callinex) is pleased to announce that drill hole SJ17-90 has discovered a new zinc-rich volcanogenic massive sulphide (VMS) zone along what appears to be a third mineralized VMS horizon at the Superjack Project located in the Bathurst Mining District of New Brunswick (See Figure 1). Drill Hole SJ17-90 intersected 2.7m of massive sulphides grading 6.2% Zn Eq. (4.4% Zn, 0.9% Pb, 0.3% Cu and 17.5 g/t Ag) at a starting depth of 40.4m including 0.5m of 20.4% zinc (See Figure 2). A second drill hole, SJ17-88, was extended to intersect this new horizon approximately 100m below drill hole SJ17-90 and also intersected massive sulphide mineralization where assay results are pending. These are the only known holes to have been drilled across this newly recognized horizon.
Max Porterfield, President and CEO, stated, The discovery of a new near-surface zone confirmed by two of our first four drill holes underscores the exciting exploration potential of the Superjack Project. This new zone represents a compelling near-surface exploration opportunity and also confirms that several EM conductors, previously assumed to be formational, will need to be drill tested. These results, combined with recently released results from the nearby Nash Creek Project, clearly demonstrates the exploration upside within our project portfolio.
A subsequent borehole pulse electromagnetic (BPEM) survey completed on drill holes SJ17-90 and SJ17-88 identified multiple conductors including a 300m by 500m target associated with this new discovery (See Figure 2). Interestingly, massive sulphide mineralization appears sandwiched between conductive graphitic argillites. These conductors, along with many others, were identified by a 1992 horizontal loop electromagnetic (HLEM) survey but were never tested. Callinex is currently conducting a large deep penetrating pulse electromagentic (DPEM) survey in order to further evaluate several of the untested electromagnetic (EM) targets along strike from the newly discovered massive sulphide mineralization.
This new zone was intersected in hole SJ17-90 by drilling in an attempt to test a large gravity target at depth. The drill hole began to deviate and had to be abandoned at a downhole depth of 243m deep as it would not have intersected the primary gravity target, which remains untested. This new zone appears to indicate that tight isoclinal folding has occurred along the Nepisiguit Falls Formation, the primary host rocks for the Bathurst Mining District, rather than a syncline. The relationship of this new zone to the A, B and C zones is unclear based on limited drilling outside of the mineralized zones.
Drilling is ongoing at the Superjack Project where a six holes totaling 3,434m have been completed to date. Callinex anticipates that the drill rig will be moved to the Nash Creek Project in late-September before returning to the Superjack Project later in 2017.
Callinex is also announces that it has granted 150,000 stock options to its Chairman at a price of $0.38 per share. The purpose of the grant is to replace the Chairmans options that recently expired. The options are subject to certain vesting provisions and expire five years from the date of the grant.
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