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Callinex starts drilling campaign at Nash Creek

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Global Mining Review,

Callinex Mines Inc. has announced that it has commenced diamond drilling at the company’s 100% owned Nash Creek Zinc project located in the Bathurst Mining District of New Brunswick, Canada. The drilling campaign will consist of approximately 20 - 40 drill holes totalling 3500 –-7000 m 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, opencast mine plan that generates a pre-tax internal rate of return of 34.1% and net present value at an 8% discount rate of US$230 million. The current drill programme 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. Drilling has commenced in the NW Soil Anomaly area and will generally proceed in a southern direction.

A 60 line km ground induced polarisation (IP) survey will be completed at the Central Zone shortly to further delineate zinc-lead-silver mineralisation and potential to discover new deposits. The IP programme 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.

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Canadian mining news