Callinex Mines (CNX.V) has released the results of an additional five drill holes from its winter drill program at the Pine Bay project near Flin Flon, Manitoba. We already discussed the first drill result in a previous blog post and report, and we’re very pleased to see 4 of the 5 new holes that have now been reported also contain significant copper mineralization. The intervals weren’t always very long, but there was one assay result that caught our eye.
The most notable intercept was discovered in hole 9, where the drill bit encountered almost 11 meters of 1.4% copper just 51 meters down hole. That’s an excellent result, considering the company was targeting a large gravity anomaly with this drill hole, as that anomaly was also indicated in the company’s surface and borehole electromagnetic survey. As not a lot of drilling has been conducted at and around the location of hole nine, Callinex will very likely prioritize this target for an additional round of drilling.
That’s also one of the reasons why the company will be raising C$1M, of which C$750,000 will be raised as a flow-through offering at C$0.30. The remaining C$250,000 will be raised as a hard-dollar round at C$0.30 with half a warrant priced at C$0.45 for a period of 2 years.