Callinex Mines Inc. (TSXV: CNX) (OTCQX: CLLXF) is advancing its portfolio of base and precious metals rich deposits located in established Canadian mining jurisdictions. The focus of the portfolio is highlighted by the rapidly expanding Rainbow and Alchemist deposits at its rich VMS Pine Bay Project located near existing infrastructure in the Flin Flon Mining District. The recent financing closed at $9.4million means the company is now fully funded and focused on expanding these high-grade deposits providing plenty near-term catalysts.
The second asset in the portfolio is the Nash Creek Project located in the VMS rich Bathurst Mining District of New Brunswick. A 2018 PEA generates a strong economic return with a pre-tax IRR of 34.1% (25.2% post-tax) and NPV8% of $230 million ($128 million post-tax) at $1.25 Zinc.
The third asset, 100% owned Point Leamington Deposit in Newfoundland, is located in one of the richest VMS and Gold Districts in Canada. Callinex prepared a pit constrained Indicated Mineral Resource of 5.0 Mt grading 2.5 g/t AuEq for 402 koz AuEq (145.7 koz gold, 60.0 Mlb copper, 153.5 Mlb zinc, 2.0 Moz silver, 1.5 Mlb lead), an pit constrained Inferred Mineral Resource of 13.7 Mt grading 2.24 g/t AuEq for 986.5 koz AuEq (354.8 koz gold, 110.2 Mlb copper, 527.3 Mlb zinc, 6.2 Moz silver, 7.0 Mlb lead) and an out-of-pit Inferred Mineral Resource of 1.7 Mt grading 3.06 g/t AuEq for 168.5 koz AuEq (65.4 koz gold, 13.3 Mlb copper, 102.9 Mlb zinc, 1.4 Moz Ag, 2.6 Mlb lead).
Cash: $1.3M (September 22)
Resource Capital Funds – 6%
Delbrook Capital Advisors – 4%
Management & Associates – 25%
Max Porterfield – President & CEO
Mr. Porterfield, located in Vancouver, is an executive with over a decade of experience within natural resources and financial markets. Previously, Mr. Porterfield managed investor relations for two well respected resource companies, Brazil Resources Inc. and Uranium Energy Corp. In addition, Mr. Porterfield was previously Vice-President of Institutional Services at U.S. Global Investors, a boutique investment management firm with a longstanding history of expertise in precious metals and natural resources. He is a graduate of Texas Tech University, with a bachelor’s degree in business administration.
We are looking to meet with investors who are interested in value opportunities within the base and precious metal space.
March 27, 2023 – Callinex Commences 2023 Exploration Campaign at the Pine Bay Project Located in the Flin Flon Mining District of Manitoba
March 6, 2023 – Callinex Announces Closing of Upsized $9.4 Million Financing
February 15, 2023 – Callinex Mines Inc. Announces Upsized $8.2 Million Private Placement
February 6, 2023 – Callinex Appoints Former HudBay CEO Peter R. Jones to Technical Team
January 30, 2023 – Callinex Announces 2023 Exploration Targets at the Pine Bay Project Located in the Flin Flon Mining District, MB
January 23, 2023 – Callinex Receives Final Drill Assays and Awaits Maiden Resource Estimate on Rainbow Deposit Located in the Flin Flon Mining District, MB
Long-term commodity prices are the most significant risk factor and as we are able to continue to expand existing deposits and make discoveries this is anticipated to lead to lower operating costs and a larger scale mining operation in the future.
Callinex has a strong exploration team with experience in discovery numerous world class polymetallic VMS deposits. We are focused on making discoveries to grow the existing deposits to economic scale as well as make new discoveries within close proximity to infrastructure where there is an immediate need for new feed.