Callinex Mines (CNX.V) has announced its exploration plans for a 2016 drill campaign. The company seems to have increased the confidence in its land package as the current exploration program calls for a 10,000 meter drill program to be conducted.
And deservedly so. As you might remember, Callinex discovered new zones with VMS mineralization and obviously wants to follow up on these results because the discovery hole of this new zone (7.4 meters at almost 1.6% copper-equivalent). The discovery hole is now expected to be at the corner of a larger mineralized ore body that seems to be continuing towards the south. If the current drill program (of which 2,000 meters will be directed to follow up on this discovery hole) could indeed confirm the existence of a larger orebody, then all bets are off because that would be exactly what Callinex has been looking for all the time.
We expect the company to be able to release a steady news flow over the next few months and will be watching the drill results with great interest. We consider Callinex Mines to be one of the best ‘nearology’ plays in the world and with in excess of C$3M in cash it has plenty of fire power to test its geological models this winter.
Disclosure: The author holds a long position in Callinex Mines. Callinex is a sponsor of the website. Please see our disclaimer for current positions.