Interview with Max Porterfield, President & CEO of Callinex Mines Inc.
 
Our previous interview: https://www.cruxinvestor.com/posts/callinex-mines-tsxvcnx-technical-analysis-due-diligence-4008

Recording date: 20th December 2023

Callinex Mines (TSXV: CNX) has made significant progress during 2023 advancing its 100% owned Pine Bay copper-zinc-gold-silver project located in the Flin Flon Mining District in Manitoba.

Through disciplined exploration drilling this year, Callinex has continued expanding higher-grade resources, especially at its recent Rainbow discovery, while also discovering new zones of mineralization. Rainbow encompasses three steeply dipping lenses which start just 100m below surface. An updated resource estimate in July outlined 3.44M tons indicated grading at 3.59% CuEq, positioning Rainbow as one of the highest grade undeveloped copper projects in Canada. Meanwhile early indications point to a strong exploration upside remaining along trend and at depth.

Equally exciting, new drill results announced in September highlighted a significant new discovery called Descendant (named after early regional explorers). Four zones of high-grade copper-zinc-gold-silver sulphides were encountered spanning an interval of ~350 meters vertical depth. With mineralization open in all directions, this large system shows early similarities to some of the world’s premier VMS deposits. Assays from several step-out holes are anticipated in early 2024, which will provide initial clues on the potential scale emerging at Descendant.

Between resource expansion underway at Rainbow and the new discovery potential unlocked at Descendant, CEO Max Porterfield sees a clear line of sight to double Callinex’s global resource inventory from the current 6M ton baseline over the next 12-18 months. 

Callinex is funded for its near-term exploration campaign with a strengthened cash position. The company has attracted necessary capital raises from long-term supportive shareholders in each of the past cycles when entering new discovery phases. Even amidst the challenging junior mining equity backdrop during 2022, key technical catalysts drove Callinex 65% higher in early 2022 before drifting back to the current $1.80 share price. With two potential mines already significantly de-risked and copper supply/demand fundamentals continuing to tighten globally, the company expects tailwinds from a constructive base metals pricing environment as exploration progresses into 2024.

In summary, Callinex Mines provides investors uniquely leveraged exposure amongst junior miners to what many expect will be a prolonged copper bull market. Near-term upside exists from both continued exploration success as well as discoveries being re-rated higher by the market as copper deficit conditions persist. With a strengthened technical team confident they’re onto a very large system at Descendant based on early drilling and supporting geophysical surveys, Callinex shows potential as key catalysts hit over the coming 6-12 months.

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