Callinex Mines (TSXV:CNX; OTCQX:CLLXF) has created a wholly owned subsidiary, Osawi Gold Corp., to advance the company’s exploration activities in Manitoba. Specifically, efforts will be directed toward the Gossan Hill and Island Lake gold projects, both near Flin Flon.
Said Callinex president and CEO Max Porterfield, “By establishing a dedicated subsidiary for the company’s Manitoba gold projects, we aim to enhance focus on these promising gold properties while exploring strategic initiatives that will deliver significant value to our shareholders.”
The company is also exploring the Point Leamington volcanogenic massive sulphide (VMS) project in Newfoundland.
The Gossan Hill gold project covers 2,935 ha in the Flin Flon-Snow Lake Greenstone Belt. The property includes the former high-grade Gurney gold-silver mine. The Gurney mine produced 25,164 oz. of gold and 71,953 oz. of silver (1937-39). Since the mine closed, no further work was conducted at the historic mine.
The Gossan Hill deposit sits at the south end of a 5.0-km shear zone that Callinex has drilled. The best results came from holes GOS-33 (2.5 metres at 19.88 g/t gold and 5.15 g/t silver) and GOS-28 (23.8 metres at 4.60 g/t gold and 15.13 g/t silver).
The Island Lake gold project covers over 70 km of strike in the Island Lake Greenstone Belt and encompasses the high-grade Ministik (or High Rock) gold deposit. Callinex believes the project has both high-grade gold and other critical minerals potential.
The Ministik deposit was first staked in 1934, and exploration, underground development, and installation of a test mill were primarily completed in the 1980s. However, the property was never taken to large-scale production, although the mill operated intermittently until some time in 1997.
The historic “drill indicated reserves” from the Main vein included 166,439 oz. of gold with an in-situ grade of 13.37 g/t. A 165-tonne bulk sample grading 12.13 g/t gold over 3.7 metres was milled in 1988, achieving about 80% recovery of gold. A small 22-tonne surface sample was processed in 1997, and a recovery rate of 76% was achieved.
Read all the news releases from the company’s Manitoba projects on www.Callinex.ca.
