| News Release || Friday, October 19, 2012 |
Callinex Drill Results Extend Mineralized Zone at Coles Creek-Troitsa
VANCOUVER -- Callinex Mines (TSX.V-CNX) (OTCQX-CLLXF) is pleased to announce that it has recently completed an exploration program at its wholly owned Coles - Troitsa property in Northern British Columbia, near Houston. Highlights include drill results from the Troitsa copper and molybdenum zone, as well as the discovery of a new molybdenite showing.
The program, consisting of drilling, prospecting, and an airborne geophysical survey, has further outlined the multi-phase porphyry system discovered by previous work on the property.
"These drill results suggest that the Troitsa property is the host of a sizeable mineralized copper and molybdenum porphyry system," commented JJ O Donnell, the Company's President and COO. "We have yet to find a limit to the mineralization, either at depth or on strike. Further drilling will better determine the economic significance of the mineralization intersected."
Callinex is also pleased to announce that the prospecting portion of the exploration program discovered a new molybdenite showing 420 metres south of the known mineralized zone, thus indicating even greater potential for extension. Clusters of rosette molybdenite crystals (5cm in diameter) within a pegmatitic vein are observed. A one-metre chip sample of the showing returned assays of 21.22% molybdenum and 0.008% copper.
In total, three drill holes were completed on the Troitsa property, for a total of 1,006 metres of core length. Drill hole TR12-09 successfully intersected a chargeability anomaly defined by the 3D-IP survey conducted by Callinex in 2011. The drill hole was collared 82 metres behind drill hole TR11-07, which intersected 82.06 metres grading 0.326% copper, including 20.32 metres grading 0.662% copper (please see Callinex's press release November 16, 2011).
TR12-09 encountered copper mineralization through its entire 264 metres of core length. The mineralization and geology encountered in the hole extends the classic calc-alkaline porphyry style deposit identified last year. Stockworks of quartz veinlets and veins are present along with closely spaced fractures and breccias containing pyrite and chalcopyrite with lesser molybdenite in an altered granodiorite host.
TR12-09 Intersections of interest include:
| || From || To || Core Length || Cu% || Mo% |
| || 15.85 || 280.80 || 264.95 || 0.156 || 0.004 |
| Incl. || 18.18 || 193.21 || 175.03 || 0.210 || 0.004 |
| Incl. || 5.58 || 153.65 || 78.07 || 0.301 || 0.003 |
| Incl. || 75.58 || 129.89 || 54.31 || 0.350 || 0.003 |
| Incl. || 110.47 || 129.89 || 19.42 || 0.651 || 0.004 |
Drill hole TR12-10 was drilled to test an anomaly isolated in the 2011 3D-IP survey, and to extend the mineralization intersected by TR11-07. The hole was collared 240 metres northwest of TR11-07, and drilled to a depth of 313 metres. The hole encountered near-surface mineralization and geology similar to that of drill hole TR11-07 and TR12-09.
TR12-10 Intersections of interest include:
| || From(m) || To(m) || Core Length(m) || Cu% || Mo% |
| || 3.02 || 255.81 || 252.79 || 0.200 || 0.004 |
| incl. || 76.40 || 225.81 || 149.41 || 0.260 || 0.003 |
| Incl || 117.70 || 195.81 || 78.11 || 0.369 || 0.003 |
| incl. || 150.63 || 173.81 || 23.18 || 0.862 || 0.002 |
Hole TR12-11, drilled to test a different 3DIP chargeability anomaly approximately 500 metres from that tested by TR11-07, TR12-09, and TR12-10, and encountered similar favorable porphyry geology, with shorter sections of copper and molybdenum mineralization.
TR12-11 Intersections of interest include:
| From || To || Core Length (m) || Cu% || Mo% |
| 10.97 || 14.97 || 4.00 || 0.159 || 0.004 |
| 60.90 || 64.90 || 4.00 || 0.144 || 0.001 |
| 94.90 || 96.90 || 2.00 || 0.271 || 0.001 |
Additional drilling was also conducted on the company's adjacent Coles Creek property. A total of 629 metres were drilled to test two separate geophysical and geochemical anomalies. Though favorable geology and alteration were intersected in drill holes, no significant mineralization was sampled from the two holes.
Callinex Mines maintained a QA/QC program at all stages of exploration. Drill core recovery was calculated, measured and recorded at the Coles Creek-Troitsa property before being cut and sampled. Samples were split in half, one half of each sample being kept for storage and the other half placed in a pre-labeled plastic bag, tagged with the sample number and recorded in the log. Callinex QA/QC samples were inserted into the group of samples and shipped to Acme Analytical Laboratories in Smithers, BC, where they were crushed, split, and pulverized to 250 g samples at 200 mesh. Pulp samples were then shipped to Acme Analytical Laboratories in Vancouver, BC for assaying. The lab employs internal quality control by assaying pulp duplicates and inserting quality control standards of predetermined values and a blank sample.
Callinex is a Canadian based mineral exploration company with projects in the Provinces of British Columbia and Manitoba, Canada. Callinex's exploration activities are designed to offer shareholders exposure to the discovery phase of the mining value cycle.
On Behalf of the Board of Directors,
All of Callinex's exploration programs are conducted under the direction of J.J. O'Donnell, P.Geo, a qualified person as defined by national instrument 43-101, who has reviewed and approved the contents of this release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release Some statements in this news release contain forward-looking information. These statements include, but are not limited to, statements with respect to future expenditures. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, among others, the ability to complete contemplated work programs and the timing and amount of expenditures. Callinex does not assume the obligation to update any forward-looking statement.