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Callinex Mines Inc. reports mineral exploration developments across Canadian copper, gold and volcanogenic massive sulphide projects. Recent company updates center on the Pt. Leamington Project in central Newfoundland, including exploration planning, drill-target generation, deposit expansion work and technical oversight for a copper-gold-zinc-silver VMS system.
News also covers the formation of Osawi Gold Corp. as a wholly owned subsidiary for the Manitoba gold portfolio, including the Gossan Hill and Island Lake gold projects. Other recurring themes include board and technical-team appointments, community and First Nations engagement initiatives, corporate identity updates and private-placement financing activity tied to the company’s exploration strategy.
Callinex Mines Inc. (TSXV: CNX) (OTCQX: CLLXF) has closed an option agreement with Voyageur Mineral Explorers Corp. to acquire a 100% interest in the Alberts Lake Project in Manitoba. The agreement involves share issuances totaling $650,000 over four years, with the option to pay in cash instead. Upon acquisition, Voyageur will receive a 1.5% net smelter return royalty, of which 0.5% can be repurchased for $500,000.
The deal includes considerations for existing rights and royalties on portions of the claims. Callinex's portfolio also includes the Rainbow deposit at the Pine Bay Project in the Flin Flon Mining District, the Nash Creek Project in New Brunswick, and the Point Leamington Deposit in Newfoundland, all located in established Canadian mining jurisdictions.
Callinex Mines (TSXV: CNX) (OTCQX: CLLXF) has closed an oversubscribed private placement financing of $2,094,409, exceeding the original target by $594,409. The financing includes:
1) 753,412 hard dollar units at $1.25 per unit, raising $941,765
2) 543,700 Manitoba flow-through units at $2.12 per unit, raising $1,152,644
Each unit includes one common share and half a warrant, exercisable at $2.00 for two years. The flow-through funds will be used for Canadian exploration expenses at the Pine Bay Project, Manitoba. Hard dollar proceeds will support working capital and general corporate purposes. An insider participated, subscribing for 20,000 hard dollar units.
Callinex Mines (OTCQX: CLLXF) has announced a non-brokered private placement to raise up to $1.5 million. The funds will support a drilling campaign at their Pine Bay Project. The offering includes 400,000 hard dollar units (HD Units) at C$1.25 per unit, totaling up to C$500,000, and 471,698 Manitoba flow-through units (FT Units) at C$2.12 per unit, totaling up to C$1,000,000. Each HD Unit includes one common share and a half warrant, exercisable at C$2.00 per share within two years. FT Units consist of one flow-through share and a half warrant. Proceeds from FT Units will fund eligible Canadian exploration expenses, with all expenditures renounced to subscribers by December 31, 2024. The offering is subject to TSX Venture Exchange approval.
Callinex Mines has announced receiving a $250,000 grant from the Manitoba Mineral Development Fund (MMDF) to advance the Pine Bay Project. This grant will fund key items to support permitting and future mine development. Since 2020, Callinex has received over $1 million in grants from MMDF for high-grade copper discoveries at Pine Bay.
On July 10, 2023, Callinex announced a maiden mineral resource estimate for the Rainbow deposit, indicating 3.44 Mt at 3.59% copper equivalent and an inferred mineral resource of 1.28 Mt at 2.95% copper equivalent. The Pine Bay deposit has an inferred mineral resource of 1.0 Mt at 2.62% copper.
The MMDF aims to jump-start mineral and economic development initiatives in Manitoba. Callinex has also engaged Joseph Gray for investor relations, agreeing to pay $5,000 per month for three months.
Callinex Mines has announced its 2024 exploration targets at the Pine Bay Project in the Flin Flon Mining District, Manitoba. The focus is on high-grade copper VMS mineralization at the Descendent deposit with step-out drilling planned. Two new target areas, Poseidon and Ra, identified through geophysical surveys, could host significant near-surface discoveries. The Descendent deposit has shown promising grades, with recent drill holes returning up to 2.30% CuEq. The project benefits from a mineral lease and access to infrastructure. Additional targets include Odin and newly acquired areas in the Alberts Lake Project.
Callinex Mines has expanded its Pine Bay Project in Manitoba by acquiring the Alberts Lake Project and additional claims, totaling over 11,859 hectares of highly prospective exploration land. This consolidation encompasses significant felsic volcanic rock packages known for hosting historic copper, gold, zinc, and silver VMS deposits.
The Alberts Lake Project and associated lands include several prospects with VMS and vein-hosted mineralization. Notable discoveries and resources comprise the Leo Lake Copper VMS deposit, the Alberts Lake Gold deposit, and the Amulet VMS deposit, all with historical drilling results indicating substantial mineralization.
Under the terms of the agreement, Callinex will issue shares worth $675,000 over four years to Voyageur Mineral Explorers. The transaction is pending TSX Venture Exchange approval.
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