Callinex Mines starts drilling at Sneath Lake
2012-12-04 11:51 ET - News Release
Mr. J.J. O'Donnell reports
CALLINEX BEGINS WINTER DRILL PROGRAM IN MANITOBA, ANNOUNCES CHANGES TO BOARD OF DIRECTORS
Callinex Mines Inc. has begun drilling on its Sneath Lake claims in the Snow Lake region of Northern Manitoba, and is currently mobilizing a second drill to its Moak Lake project in Thompson, Man.
The Sneath Lake project is a 1,400-hectare claim block and is located six kilometres away from HudBay Minerals Inc.'s Lalor Lake mine, which began production in 2012. Three deep targets have been defined by Callinex, using a high-energy deep penetrating electromagnetic survey (DPEM) which is able to define anomalies at depths greater than 500 metres. HudBay Minerals Inc. has reported that its Lalor Lake mine contains mineral reserves of more than 14 million tonnes of 0.6 per cent copper, 6.96 per cent zinc, 1.86 grams per tonne (g/t) gold, and 23.55 g/t silver (Ag)(reference is made to HudBay's press release, dated April 2, 2012, entitled "Hudbay announces increases in metals reserves and resources"). The mineralization at Lalor was originally encountered at a depth greater than 500 metres, utilizing the DPEM system (reference is made to HudBay's press release dated March 20, 2007, entitled "HudBay's first Lalor Lake drill hole intersects zinc"). Although much drilling has been conducted at Sneath Lake, no drilling is known to have extended below 500 metres in depth, and Callinex's deep pulse EM survey is the first known to have been used on the claims.
The company is also in receipt of drilling permits for their Moak Lake program in the Thompson region of Manitoba. The 425-hectare Moak Lake claim is located 30 kilometres north of the town of Thompson and 75 kilometres east of Nelson House, Man. The area has been explored for nickel since the 1950s with varying degrees of success. An examination of public assessment records filed with the Manitoba government has shown that geological formations prospective for nickel sulphides exist at the Moak Lake claims. Through interpretation of an airborne electromagnetic survey (conducted by the company), Callinex's exploration team has defined four drill targets, which will be tested as part of the program this year. The company will also perform geophysical surveys, both on surface and borehole based, to further define targets.
Changes to board of directors
The company is pleased to announce that president and chief of operations J.J. O'Donnell will take on the role of chief executive officer from Anna Stylianides at the beginning of 2013. Management and the board of directors are confident that Mr. O'Donnell's experience in the Flin Flon/Snow Lake VMS belt and familiarity with all aspects of the mining business make him the very best choice to lead Callinex going forward.
Additionally, Frank Dembinsky, Brian Irwin and Ms. Stylianides have left the board of directors. The company thanks them for their years of loyal service and wishes them well.
We seek Safe Harbor.
Some pigs have left the trough, hooray, hooray, good work, Callenex, don't think these board members contributed much anyway. Good Luck, bt.