Callinex Mines (TSXV: CNX) (OTC: CLLXF) has estimated an initial high-grade copper resource for its 100% owned Pine Bay project in Manitoba, comprising contiguous mineral claims and leases covering 6,795 hectares of the Flin Flon mining district.
The deposits at the Pine Bay project are volcanogenic massive sulphides, which contain significant copper, zinc, gold and silver that the Flin Flon mining district is well known for.
The main discovery is the Rainbow deposit, which contains an indicated resource of 3.44 million tonnes at 3.59% copper equivalent (CuEq), containing 238.3 million lb. copper, 56.9 million lb. zinc, 37,600 oz. gold, 692,800 oz. silver and 2.3 million lb. lead, plus an inferred resource of 1.28 million tonnes at 2.95% CuEq containing 72.1 million lb. copper, 19.5 million lb. zinc, 11,100 oz. gold, 222,200 oz. silver and 800,000 lb. lead.
The Rainbow deposit remains open for expansion in addition to the nearby Pine Bay deposit, which contains an inferred mineral resource of 1.0 million tonnes at 2.62% copper containing 58.1 million lb. copper.
Shares of Callinex Mines surged by 28.8% as of 11:45 a.m. EDT Monday following the resource estimate, giving the company a market capitalization of approximately $55 million.
