Business
Callinex Mines Issues Year-End Letter to Shareholders
VANCOUVER, Jan. 16, 2020 /CNW/ - Callinex Mines Inc. ("Callinex") (TSXV: CNX) (OTC: CLLXF) is pleased to provide its year-end letter to shareholders from Presid
About this update from Visionary Copper And Gold Mines Inc.
[{"type":"text","content":" VANCOUVER, Jan. 16, 2020 /CNW/ - Callinex Mines Inc. (\"Callinex\") (TSXV: CNX) (OTC: CLLXF) is pleased to provide its year-end letter to shareholders from President and CEO, Max Porterfield: Dear Shareholders, On behalf of the Callinex team, I want to thank you for your support over the past year as we move forward into 2020. The hard work by our team throughout 2019 was culminated by the commencement of two ongoing drilling campaigns at our Nash Creek and Superjack projects in the Bathurst Mining District of New Brunswick and at our Pine Bay Project in the Flin Flon Mining District of Manitoba. Although 2019 was a difficult year for the base metals market, we used it as an opportunity to consolidate the capital structure and strengthen the balance sheet in mid-2019 by completing a flow-through financing near the end of the year. With these two corporate events, Callinex has sufficient funds and a favourable share structure to carry out its exploration campaigns that are currently underway. We are confident that the work completed on the corporate and technical aspects of our business puts us in a position to perform well in an improved mining market in 2020 and beyond. In tandem with these corporate endeavours, we retooled the exploration strategy across our portfolio to define and drill test compelling targets. In particular, at our Pine Bay Project we have utilized a new approach to assist in a much-needed discovery for the City of Flin Flon with the impending closure of HudBay's 777 mine in April of 2022. In early 2019, Callinex commenced a deep penetrating Induced Polarization (\"IP\") survey at its Pine Bay Project. The purpose of this IP survey was to detect pyrite-rich mineralization that may host high-grade copper, zinc, gold and silver up to depths of 580m along three favourable volcanogenic massive sulphide (\"VMS\") horizons. Along with this survey, Callinex completed a re-interpretation of existing Deep Penetrating Electromagnetics (DPEM) geophysical survey data, physical rock properties testing and a compilation of historic drill data. These collective efforts generated four key target areas that have the potential to host base and precious metals-rich VMS deposits. In the Bathurst Mining District of New Brunswick, our exploration efforts continue with up to 20 planned drill holes at our Nash Creek and Super...