Dec 22 2015
Callinex Mines Inc. is pleased to announce it has received permits for the upcoming winter drilling campaign at the Company's 100% owned Pine Bay and Flin Flon projects, located near HudBay's 777 mine and processing facilities in Flin Flon, Manitoba. It is anticipated that the winter drilling program will commence in mid-January and consist of approximately 6,000m to 7,500m.
A primary objective of the 2016 campaign is to follow up on the discovery made during the 2015 exploration campaign at the Sourdough Bay area of the Pine Bay Project. Additionally, a number of drill holes are planned with the objective to identify additional high-grade VMS mineralization rich in copper, zinc, gold and silver that have potential to be associated with a large deposit. The Company plans to test eight target areas at the Pine Bay Project as part of the previously announced 10,000m drilling campaign for 2016.
Additionally, the Company has granted a total of 1,600,000 stock options to officers, directors, consultants and employees of Callinex. The options were granted for a period of 5 years, expiring on December 18, 2020, and each stock option will allow the holder to purchase a common share of Callinex at an exercise price of $0.33.