Callinex Mines (CNX.V) has announces an update on its upcoming winter exploration program at the Pine Bay project. As you might remember from our earlier updates and reports, we consider Pine Bay to be one of the most interesting ‘nearology-plays’ in North America as the company is exploring in the shadow of HudBay Minerals’ (HBM.TO, HBM) 777 concentrator in Flin Flon, Manitoba.
We will mainly focus on the core that will be recovered from the Sourdough area at Pine Bay, as Callinex has recovered 2.4 meters of 2.2% CuEq inside an intercept of 7.4 meters at 1.68% CuEq which could be seen as an interesting discovery hole. The most interesting fact about this hole is that a borehole survey has indicated the intersected mineralization is in a corner of a much larger conductive plate, and Callinex is planning to drill a hole right through this plate, aiming to detect more high-grade VMS mineralization which could further strengthen the exploration thesis and confirm the geological model at Sourdough.
Moving over to the Pine Bay area, Callinex is planning to drill approximately eight holes there, of which four will be aimed at earlier drill targets commissioned by both Inmet Mining or Placer Dome. Two deep holes will be drilled to follow up on a large alteration which could very well be a down plunge continuation of the Pine Bay VMS System at depth.
Callinex Mines will be one of the very few base metal exploration companies that actually has planned a ‘real’ exploration program for the current winter season and we expect a lot of eyes will be on Callinex’ progress. We are expecting the first drill results to be released right before or during the PDAC-conference, which might create an additional buzz, should the company find more evidence of VMS-mineralization.