Callinex Mines (CNX.V) has increased its cash position to approximately C$10M after seeing an inflow of C$2.4M related to the accelerated expiration of its warrants. The company wanted to reduce its total before releasing more assay results and starting its 2017 drill program.
In the near term, all eyes will be on the assays from the second deep hole, as that drill has now been completed and the core samples have been sent off to the lab. This specific hole was aimed to test the Pine Bay VMS horizon, which is located to the northwest of the Cabin Zone VMS horizon, which is where Callinex made its new discovery last year. The assay results will tell Callinex a lot more about whether or not the Cabin Zone and Pine Bay Horizons should be considered as two different (stacked) zones, or as one large horizon (which is how previous operator Placer Dome interpreted the system).
Holes 17 and 18 have been completed as well, which were aiming to test the down-dip extension of the 2016 discovery. Hole 18 was drilled 115 meters along strike to the northeast of hole 17 which was planned to intercept the Cabin horizon 300 meters below the discovery hole.
Interesting times indeed, and before the end of the month we will have a much better understanding of the Pine Bay project!
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The author has a long position in Callinex Mines. Callinex Mines is a sponsor of the website. Please read the disclaimer
