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Callinex Mines Commences Diamond Drilling at the Nash Creek Zinc Project in New Brunswick, Canada
VANCOUVER, July 11, 2018 /CNW/ - Callinex Mines Inc. (the "Company" or "Callinex") (TSXV: CNX) (OTCQX: CLLXF) is pleased to announce that it has commenced diamo
About this update from Visionary Copper And Gold Mines Inc.
[{"type":"text","content":" VANCOUVER, July 11, 2018 /CNW/ - Callinex Mines Inc. (the \"Company\" or \"Callinex\") (TSXV: CNX) (OTCQX: CLLXF) is pleased to announce that it has commenced diamond drilling at the Company's 100% owned Nash Creek Zinc Project (the \"Project\") located in the Bathurst Mining District of New Brunswick, Canada (See Figures 1 and 2). The drilling campaign will consist of approximately 20 to 40 drill holes totaling 3,500 to 7,000m to test potential for satellite zinc-lead-silver deposits periphery to the Nash Creek Deposit. The company recently completed a Preliminary Economic Assessment (\"PEA\") which outlined a high-margin, open-pit mine plan that generates a pre-tax internal rate of return of 34.1% and Net Present Value at an 8% discount rate of $230 million (See News Release dated May 14, 2018). The current drill program is a clear opportunity to significantly enhance the project's economics with additional exploration that extends the mine life and/or allows for higher grade material to be scheduled earlier in the mine plan. There are six main target areas that surround the Nash Creek Deposit and include: Hayes South, Hayes North, Hickey East, NW Soil Anomaly, Hickey North and the Central Zone (See Figure 3). Drilling has commenced in the NW Soil Anomaly area and will generally proceed in a southern direction. A 60 line km ground induced polarization (\"IP\") survey will be completed at the Central Zone shortly to further delineate zinc-lead-silver mineralization and potential to discover new deposits. The IP program may be expanded up to 160 line km to cover high-priority target areas along a 20 km trend of mineral occurrences grading up to 19% Pb+Zn (See News Release dated August 21, 2017). A two-minute overview video for the Nash Creek Project can be viewed by clicking here. Cautionary Note on PEA. The PEA is preliminary in nature and it includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves. There is no certainty that the PEA will be realized. J.J. O'Donnell, P.Geo, a qualified person under National Instrument 43-101 and a Consulting Geologist for Callinex, has reviewed and approved the technical information in this news release. Figure 1: Map of the Bathurst Mining District ...