Respected VMS Expert, Economic Geologist Dr. Stephen Piercey Joins Callinex’s Technical Team

Rhea-AI Summary

Callinex Mines (OTCQX: CLLXF) has appointed renowned VMS expert Dr. Stephen Piercey, P.Geo., to its technical team. Dr. Piercey, recipient of the prestigious D. R. Derry Medal, brings over 25 years of experience in volcanogenic massive sulphide deposits exploration.

The company's flagship Point Leamington Deposit in Newfoundland has an Indicated Mineral Resource of 5.0 Mt grading 2.5 g/t AuEq (402 koz AuEq) and an Inferred Resource of 13.7 Mt grading 2.24 g/t AuEq (986.5 koz AuEq). The company also holds the Rainbow deposit at its Pine Bay Project with an Indicated Resource of 3.44 Mt grading 3.59% CuEq (272.4 Mlb CuEq).

Positive

• Appointment of highly qualified VMS expert Dr. Piercey with 25+ years of experience
• Point Leamington Deposit contains significant resources totaling 1,557 koz AuEq across all categories
• Rainbow deposit holds substantial copper equivalent resources of 272.4 Mlb CuEq in Indicated category

Negative

• None.

Highlights:

• Dr. Stephen Piercey, P. Geo., is an exploration and economic geologist with over 25 years experience focused on VMS deposits; 
• He has received numerous awards for his work including the D. R. Derry Medal, the highest award bestowed by the Mineral Deposits Division of the Geological Association of Canada; and
• Will provide oversight in the next stages of exploration as the Company is set to utilize a modern integrated exploration approach to drive resource growth at the Pt. Leamington project. 
  

VANCOUVER, British Columbia, Aug. 14, 2025 (GLOBE NEWSWIRE) -- Callinex Mines Inc. (the “Company” or “Callinex”) (TSX-V: CNX; OTCQX: CLLXF) is pleased to announce that it has appointed Professional Geologist and exploration consultant, Stephen Piercey, PhD, P.Geo., FGC, to the Company’s technical team. Dr. Piercey is an award-winning geologist with over 25 years of experience focused on volcanogenic massive sulphide (“VMS”) deposits. Dr. Piercey has a deep understanding of VMS systems having worked in Canada’s most prolific VMS districts (e.g., Finlayson Lake district, Yukon; Ambler District, Alaska; Flin Flon - Manitoba), including extensive research and VMS consulting in the Newfoundland Appalachians (e.g., Buchans-Roberts Arm belt, Baie Verte belt, Tally Pond belt).

Max Porterfield, President & CEO of Callinex Mines stated, “We are pleased to welcome Dr. Piercey onto our team as we advance the Pt. Leamington Project. Steve’s in-depth experience exploring for and working on some of the most significant VMS deposits across Canada significantly bolsters our team’s focus in Newfoundland.” Mr. Porterfield added, “In his short time on the team, Dr. Piercey has already provided oversight on regional exploration opportunities, including key comparisons with other similar VMS discoveries and facilitated fast tracking mineralogical testing; as we unlock mineral processing of the Deposit.”

Dr. Stephen Piercey, commented, “I welcome the opportunity to collaborate with Callinex Mines on the Point Leamington Project. The Point Leamington deposit is one of the higher tonnage VMS deposits in the Newfoundland Appalachians that is not fully understood and has not been fully evaluated with modern integrated exploration approaches. A similar situation exists for the regional host rocks of the deposit, despite tectonostratigraphic similarities to many productive VMS districts globally. I look forward to supporting the team and providing regional- to deposit-scale contributions in the next stages of exploration and evaluation of this project.”

Dr. Piercey is a University Research Professor in the Department of Earth Sciences at Memorial University of Newfoundland, a Professional Geoscientist (P.Geo.) in Newfoundland and Labrador, Ontario, and British Columbia. He is a well respected VMS consultant and since 2008 has also been a consulting geologist with Piercey Geosciences Inc. (previously SJPGeoConsulting). He is a native of Newfoundland and Labrador and completed a B.Sc. (Hons) and M.Sc. degrees at Memorial University, and a PhD at the University of British Columbia.

Awards and honours

In 2023, Dr. Piercey received the Duncan R. Derry Medal, the highest award bestowed by the Mineral Deposits Division of the Geological Association of Canada, to an outstanding economic geologist who has made significant contributions to the science of economic geology in Canada.

Additionally, the Geological Association of Canada previously presented him with the W.W. Hutchinson Medal and the Mineral Deposits Division previously awarded him the William Harvey Gross and the Howard Street Robinson Medals. 

Previously, in 2017, he was named Geoscientist of the Year by the Canadian Institute of Mining, Metallurgy and Petroleum and received its Past President’s Memorial Award.

Dr. Piercey is a fellow of the Society of Economic Geologists (SEG), the Association of Applied Geochemists, the Geological Society of America and Geoscientists Canada.

Dr. Piercey has published over 80 peer-reviewed papers, 15 book chapters, 53 government reports, six geological maps and field guidebooks, 25 short course notes and 212 abstracts.

Qualified Person
The technical information contained in this news release has been reviewed and approved by Aaryn Hutchins, P. Geo, a qualified person under NI 43-101. Ms. Hutchins is a consultant of the Company and is independent of the Company. Historical information was verified from geological reports filed with the government by previous operators.

About Callinex Mines Inc.

Callinex Mines Inc. (TSXV: CNX) (OTCQX: CLLXF) is advancing its portfolio of base and precious metals rich deposits located in established Canadian mining jurisdictions. The focus of the portfolio is highlighted by the 100% owned Point Leamington Deposit in Newfoundland, located in one of the richest VMS and Gold Districts in Canada. Callinex prepared a pit constrained Indicated Mineral Resource of 5.0 Mt grading 2.5 g/t AuEq for 402 koz AuEq (145.7 koz gold, 60.0 Mlb copper, 153.5 Mlb zinc, 2.0 Moz silver, 1.5 Mlb lead), a pit constrained Inferred Mineral Resource of 13.7 Mt grading 2.24 g/t AuEq for 986.5 koz AuEq (354.8 koz gold, 110.2 Mlb copper, 527.3 Mlb zinc, 6.2 Moz silver, 7.0 Mlb lead) and an out-of-pit Inferred Mineral Resource of 1.7 Mt grading 3.06 g/t AuEq for 168.5 koz AuEq (65.4 koz gold, 13.3 Mlb copper, 102.9 Mlb zinc, 1.4 Moz Ag, 2.6 Mlb lead) (see news release dated October 25, 2021). Additionally the Company is permitting the Rainbow deposit at its rich VMS Pine Bay Project located near existing infrastructure in the Flin Flon Mining District. Callinex prepared an indicated mineral resource on the Rainbow deposit of 3.44 Mt grading 3.59% CuEq for 272.4 Mlb CuEq (238.3 Mlb Cu, 56.9 Mlb Zn, 37.6 koz Au, 692.8 koz Ag, 2.3 Mlb Pb), an inferred mineral resource on the Rainbow deposit of 1.28 Mt grading 2.95% CuEq containing 83.4 Mlb CuEq (72.1 Mlb Cu, 19.5 Mlb Zn, 11.1 koz Au, 222.2 Koz Ag, 0.8 Mlb Pb) and an inferred mineral resource at the Pine Bay deposit of 1.0 Mt grading 2.62% Cu containing 58.1 Mlb Cu (see news release dated July 10, 2023). Additionally, the portfolio includes the Nash Creek Project located in the VMS rich Bathurst Mining District of New Brunswick. A 2018 PEA generates a strong economic return with a pre-tax IRR of 34.1% (25.2% post-tax) and NPV8% of $230 million ($128 million post-tax) at $1.25 Zinc (see news release dated May 14, 2018). 

For additional information, please contact:

Callinex Mines Inc.

Max Porterfield, President and Chief Executive Officer

Phone: (604) 605-0885

E-mail: info@callinex.ca

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 the proposed drill program and the timing and amount of expenditures. Except as required under applicable securities laws, Callinex does not assume the obligation to update any forward-looking statement.

FAQ

Who is Dr. Stephen Piercey and why is his appointment significant for CLLXF?

Dr. Piercey is an award-winning economic geologist with over 25 years of VMS deposit expertise. His appointment is significant as he received the prestigious D.R. Derry Medal and has extensive experience in Canada's major VMS districts, which will be valuable for advancing Callinex's Point Leamington Project.

What are the current mineral resources at Callinex's Point Leamington Deposit?

The Point Leamington Deposit has a pit-constrained Indicated Resource of 5.0 Mt at 2.5 g/t AuEq (402 koz AuEq) and an Inferred Resource of 13.7 Mt at 2.24 g/t AuEq (986.5 koz AuEq), plus an additional out-of-pit Inferred Resource.

What is the resource estimate for Callinex's Rainbow deposit?

The Rainbow deposit has an Indicated Resource of 3.44 Mt grading 3.59% CuEq for 272.4 Mlb CuEq and an Inferred Resource of 1.28 Mt grading 2.95% CuEq for 83.4 Mlb CuEq.

What are Dr. Piercey's key achievements and credentials?

Dr. Piercey received the Duncan R. Derry Medal, the highest award from GAC's Mineral Deposits Division, is a University Research Professor at Memorial University, and has published over 80 peer-reviewed papers. He's also a fellow of several prestigious geological societies.

What is Callinex's Nash Creek Project's economic potential?

According to a 2018 PEA, the Nash Creek Project shows a pre-tax IRR of 34.1% and NPV8% of $230 million at $1.25 Zinc price.