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Callinex shares jump 9% after new find in Manitoba

Shares of Callinex Mines rose 9% after the company announced the discovery of a new Volcanogenic Massive Sulphide zone at the Pine Bay Project in Manitoba, Canada

But what is in the truck? Manitoba results in 4 weeks

Shares of Callinex Mines (CVE:CNX) rose 9% after the company found a new Volcanogenic Massive Sulphide (VMS) zone at the Pine Bay project in Manitoba, Canada.

Located near HudBay's 777 Mine and processing facilities in Flin Flon, the VMS Zone was found around 450m east of the Pine Bay deposit and historic underground workings.

Drill hole PBM-008 hit massive sulphides with significant chalcopyrite mineralisation, a copper-bearing mineral, over a four meter width at a vertical depth of 313m and a subsequent zone with sphalerite stringers, a zinc-bearing mineral.

Canadian Callinex Mines is sending the core samples to the laboratory and expects analytical results within four weeks.

To date, four holes totaling around 2,967m have been completed as part of the previously outlined 7,300m-worth 2016 winter drilling campaign. The company expects that drilling will begin in the Sourdough area to follow-up on the discovery from the summer 2015 drilling programme once the ice thaws.

Callinex shares were up 9.1% at C$0.30.

Quick facts: Conporec Inc

Price: 0.68 CAD

Market: TSX-V
Market Cap: $7.25 m

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