Callinex Mines Stock Price, News & Analysis

Callinex Mines Inc. (TSXV: CNX, OTCQX: CLLXF) has launched its 2023 drilling campaign at the Pine Bay Project, located near Flin Flon, Manitoba. The fully funded phase one aims to drill up to 10,000 meters, focusing on the Rainbow Deposit and other targets. Two rigs are deployed, with one testing depth extensions of the Rainbow zone and the second exploring a conductive anomaly. Initial drilling is expected to take 3.5 months, followed by a further phase based on results. Additionally, the company granted 280,000 stock options at a price of $3.15 per share. J.J. O'Donnell, Exploration Manager, oversees the technical aspects of this release.

Callinex Mines Inc. has appointed Peter R. Jones, a seasoned mining engineer with over 50 years of experience, to its Technical Team. His notable past includes leading the development of major mines like the 777 mine and the Lalor mine within the Flin Flon Greenstone Belt. This strategic hire aims to advance the company's projects, particularly the Pine Bay project. Presidents Max Porterfield emphasized Jones's leadership as crucial for the company at this pivotal time. Jones has previously transformed HudBay into a recognized international mining company, reinforcing confidence in Callinex's growth prospects.

Callinex Mines (OTCQX: CLLXF) outlined its 2023 exploration targets for the Pine Bay Project in Manitoba, featuring high-grade deposits such as Rainbow and Alchemist. Key highlights include identification of high-priority exploration targets and promising BPEM anomalies. The Rainbow deposit remains open for expansion, with recent drilling revealing significant copper equivalent intersections, such as PBM-158's 5.0m of 1.56% CuEq. The company aims to advance towards a maiden resource estimate at Rainbow while expanding mineralization at Odin and enhancing the high-grade resource potential on the Cabin Horizon.

Callinex Mines Inc. (OTCQX: CLLXF) has responded to an OTC Markets request regarding recent promotional activities linked to its stock. On January 23, 2023, promotional emails by Wealth Global Group (WGG) surfaced, which the Company believes did not materially impact trading. The Company recently reported high-grade copper assays from its Pine Bay Project, awaiting a maiden resource estimate. Callinex clarified its relationship with WGG, stating no compensation was paid for the marketing materials. Furthermore, it confirmed no recent insider trading activities, except for the exercise of stock options at an average price of $2.84.

Callinex Mines has announced the completion of its 2022 drilling campaign at the high-grade Rainbow deposit, achieving over 42,000m of drilling across 82 holes since its discovery in 2020. The final results revealed significant intersections, including 10.40m of 3.97% Copper Equivalent in drill hole PBM-180. The company is eagerly awaiting a maiden NI 43-101 resource estimate expected in Q2 2023. The Rainbow deposit is notable for its potential for further expansion and its proximity to existing infrastructure, highlighting its strategic location for future development.

Callinex Mines Inc. (OTCQX: CLLXF) has issued its year-end letter to shareholders, expressing gratitude for their support and outlining the company’s achievements and future plans. In 2022, the company focused on the Rainbow Deposit, completing over 42,000 meters of drilling, which sets the stage for a maiden resource estimate. The company discovered the Alchemist Deposit and plans to explore additional targets at the Pine Bay Project. Callinex anticipates significant growth in 2023, driven by rising global demand for base metals amid a tight market and geopolitical changes.