Callinex Mines Gears Up for Exploitation of Gold-Rich Point Leamington Deposit

Callinex Mines Inc. has ambitious plans to advance its 100% owned Point Leamington Deposit located in Newfoundland. This meaningful project hosts a volcanogenic massive sulphide (VMS) deposit that boasts significant mineralization of gold, copper, zinc, and silver, all set for expansion. The recent mineral resource estimate indicates an open pit-constrained mineral resource in the indicated category with 5.0 million tonnes grading 2.49 g/t AuEq, alongside an inferred category totaling 13.7 million tonnes at 2.24 g/t AuEq.

The project, easily accessible by road and trails and situated approximately 37 kilometers from Grand Falls-Windsor, benefits from proximity to the Newfoundland hydroelectric power grid, being just 20 kilometers away. Max Porterfield, President and CEO of Callinex Mines, emphasized the exceptional growth potential of the Point Leamington deposit, noting the recent surge in metal prices, particularly gold prices, has drastically increased its intrinsic value.

The strategic focus lies on an ambitious exploration campaign to expand the existing high-grade mineralization and explore newly defined high-priority targets within the broader land package. Plans are in motion to drill 5,000 meters to achieve these goals while further refining mineral recovery processes under the guidance of an experienced metallurgical team.

In addition to uncovering new deposits, the exploration campaign aims to collect representative samples for mineralogical studies and conduct metallurgical testwork. Notably, the previous drilling campaign from 2004 unveiled intersections with appreciable grades, including 4.37 g/t Au, 15.05% Zn, and 0.36% Cu.

“Given the considerable resources available in the deposit along with the supportive mining regulations in Newfoundland, we anticipate the expansion of not just the existing resources, but also the identification of new mineralization with each drilling opportunity,” said Porterfield.

The mineralization from the Point Leamington deposit presents a Kuroko-type VMS system hosted within Cambro-Ordovician age rocks, known for their mining potential historically, illustrated by the Buchans and Duck Pond Mines. The company also noted additional drilling opportunities to expand on historical borehole pulse electromagnetic data within largely untested areas surrounding the deposit.

Callinex is currently fortifying its exploration capabilities as they seek to optimize recovery methods for gold, copper, and zinc, ultimately aiming for a detailed economic evaluation of the deposit. The recent actions signal a robust and decisive strategic direction for maximizing returns on this valuable asset in one of Canada's richest mineral districts. As the company forges ahead, both investors and stakeholders are encouraged to monitor the progress of this promising venture.

In conclusion, Callinex Mines' exploration plans at the Point Leamington deposit symbolize an exciting phase of growth and opportunity as they leverage the favorable market conditions to capitalize on the abundant resources at hand. With a strong team and commitment to exploration, the future looks bright for the company and its strategic endeavors in advancing this important project.