Callinex Mines Inc. (OTCMKTS:CLLXF) Sock Consolidates After The Recent Slump
Shares of Callinex Mines Inc. (OTCMKTS:CLLXF) closed with marginal gains on Friday. The stock has lost 14% in the past month
Market Stats
On Monday, CLLXF stock was up 0.30% to $1.81 with 23.4K shares, compared to its average volume of 9.80K shares. The stock has moved within a range of $1.8080 – 1.9000 after opening trading at $1.90.
Expansion of Rainbow Deposit to Surface and at Depth, Announced by Callinex Mines
Callinex Mines Inc. (OTCMKTS:CLLXF) has announced results from an extra 13 drill holes encompassing 5,490m of drilling from the 2021 exploration campaign to expand the high-grade copper, gold, silver and zinc Rainbow Deposit. The Rainbow is situated at the 100% owned Pine Bay Project within a mineral lease, less than 250m from a high-voltage hydroelectric power-line and 550m from a historic shaft with direct road access to processing facilities in Flin Flon, Manitoba. As of now, assay results from 7,540m of drilling from 17 drill holes completed in Q4 2021 are still pending.
Drill hole PBM-158 in the Yellow Zone, which is the deepest and most northern hole intersected to date at Rainbow, returned 5.0m of 1.56% copper equivalent (consisting of 1.45% copper, 0.07 g/t gold), 1.86 g/t silver, and 0.11% zinc. This hole is located 225m along strike to the North of discovery hole PBM-111, the most southerly hole to intersect the Rainbow at depth.
Callinex is all set to map high-priority targets located within the interpreted growth fault corridor which hosts Rainbow and five other deposits. Targets will also be outlined from the regional Induced Polarization survey that covers 5.5 km of the trend that hosts the Rainbow and Sourdough deposit to the south.
Most of the assays from the limited drilling to follow-up on silver discovered near surface at the Nash Creek Project located in the Bathurst Mining District, NB during the 2019/2020 exploration campaign, have been received, but none of them contain appreciable amounts of silver.
Key Quote
Jim Pickell, member of Callinex’s technical team, stated, “Given the intense geochemical alteration patterns and favourable geology at the deepest explored levels of the Rainbow VMS deposit, it is exciting that a newly defined strong borehole (PBM-158) geophysical anomaly is located immediately below those high-grade massive sulphides.”
Traders Corner
CLLXF stock is trading below the 20-Day and 50-Day Moving averages of $2.04 and $2.06 respectively. However, the stock is trading above the 200-Day moving average of $2.54.