New Rainbow Find Made At Pine Bay Project
Callinex Mines Inc. (TSXV: CNX) has announced the Rainbow discovery comprising two high-grade copper, gold, silver and zinc lenses at the company’s Pine Bay Project, located 16 km away from Flin Flon, Manitoba.
The Rainbow discovery hole, PBM-111, intersected 2.96m of 3.09% copper, 0.75 g/t gold, 13.35 g/t silver, 1.88% zinc and a second interval of 4.31m of 4.12% copper, 0.22 g/t gold, 2.21 g/t silver, 0.06% zinc.
The Rainbow discovery has been made on Callinex’s mineral lease, less than 500m from a high-voltage power-line and 800m from a historic shaft with direct road access to processing facilities in Flin Flon.
President and CEO, Max Porterfield, that based on assay results obtained from drillhole PBM-111 and a newly completed Borehole Pulse ElectroMagnetic (BPEM) survey, the company has mobilised a drill to commence a second hole to test a highly conductive off-hole anomaly defined to the north of drill hole PBM-111.
“The two high-grade copper, gold, silver and zinc lenses discovered, coupled with subsequent borehole survey results, suggest we are at the early stages of a substantial discovery in Manitoba,” Mr Porterfield said.
“The community of Flin Flon has been through a storm with a great deal of uncertainty about its future with the impending shutdown of the 777 mine. We believe the Rainbow discovery has the potential to provide a bright future for Flin Flon and our shareholders.”
The Rainbow discovery was made by testing a previously identified BPEM anomaly known as Anomaly A, a highly conductive 260m by 600m anomaly.
Anomaly A is located at the intersection of a known mine horizon and probable paleofault.
Callinex’s Pine Bay Project encompasses the majority of the Baker Patton Complex (BPC), the largest exposed felsic (rhyolitic) volcanic accumulation in the Flin Flon portion of the Flin Flon-Snow Lake Greenstone Belt. This is especially important since the majority of the VMS deposits occurring within the Flin Flon Belt of Saskatchewan and Manitoba are almost always hosted by rhyolitic flows and volcaniclastic rocks within predominantly mafic terranes.