Rainbow Deposit Update In The Flin Flon Mining District

VANCOUVER - Callinex Mines Inc. reported additional drill results from the ongoing 30,000m drilling campaign to expand the high-grade copper, gold, silver and zinc Rainbow Deposit. The Rainbow is located at the 100% owned Pine Bay Project within a mineral lease, less than 250m from a high-voltage hydroelectric power-line and 550m from a historic shaft with direct road access to processing facilities in Flin Flon, MB.

The Yellow and Orange zones appear to be converging in drill hole PBM-129-W2 which intersected a broad mineralized interval that returned 67.0m of 2.89% copper equivalent ("CuEq") consisting of 2.73% copper ("Cu"), 0.13 g/t gold ("Au"), 3.46 g/t silver ("Ag"), 0.12% zinc ("Zn"). The Orange Zone returned 13.00m of 9.19% CuEq consisting of 8.75% Cu, 0.39 g/t Au, 11.59 g/t Ag, 0.19% Zn including a higher grade interval of 2.50m that returned 18.23% CuEq comprised of 17.60% Cu, 0.49 g/t Au, 24.81 g/t Ag and 0.24% Zn. The Orange Zone was preceded by an intersection in the Yellow Zone which returned 6.50m of 5.04% CuEq consisting of 4.71% Cu, 0.21 Au, 4.63 Ag and 0.40% Zn. PBM-129-W2 is located 60m along strike to the south of PBM-113-W1 and 67m vertically above PBM-129-W1.  

Max Porterfield, President and CEO, said, "The drill results announced represent the two widest intersections to date at the Rainbow Deposit. These wider intersections are typical of the pinching and swelling in Volcanogenic Massive Sulphide lenses as seen in the Orange and Yellow Zones. Drilling over the summer will continue to focus on building a high-grade copper resource at the Pine Bay Project."

PBM-131 intersected the Orange Zone with 20.53m of 3.21% CuEq (2.58% Cu, 0.22 g/t Au, 6.63 g/t Ag and 1.11% Zn) including 7.84m of 5.74% CuEq (5.50% Cu, 0.21 g/t Au, 7.17 g/t Ag and 0.11% Zn) and 14.75m of 3.64% CuEq (2.83% Cu, 0.23 g/t Au, 8.24 g/t Ag and 1.51% Zn). Drill hole PBM-131 is 62m vertically above PBM-113-W2 and 95m vertically below PBM-118.

There are currently two rigs operating to expand the Rainbow closer to surface and at depth. Since the Company resumed drilling in mid-February, 19 holes (including 2 wedges) have been announced for a total of 11,323 meters out of a fully funded 30,000 meter budgeted drill program. Callinex will continue to provide results on an ongoing basis for the duration of the 2021 drilling campaign.