Callinex Mines has entered an option deal with Voyageur Mineral Explorers to acquire a 100% interest in the Alberts Lake Project as well as staked additional claims, expanding its Pine Bay Project in Manitoba’s Flin Flon Mining District.
The acquisition will increase the company’s exploration ground in a region known for its rich mineral deposits.
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To acquire the Alberts Lake Project, Callinex has to issue $75,000 (C$102,405) worth of common shares upon the acceptance by the TSX Venture Exchange and an additional $150,000 of common shares annually over the next four years.
Once Callinex secures full ownership, Voyageur will retain a 1.5% NSR royalty, with an option for Callinex to buy back 0.5% for $500,000.
The completion of this deal is contingent upon the approval of the TSX Venture Exchange.
The Alberts Lake Project spans more than 5,064 hectares (ha) directly north of the Pine Bay Project boundary and features several prospects with copper-zinc-gold-silver bearing VMS mineralisation, as well as vein-hosted gold-silver.
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By GlobalDataWith this addition, the Pine Bay Project will cover more than 11,859ha of highly prospective land, incorporating the Baker Patton Felsic Volcanic Complex and the Alberts Lake Felsic Volcanic Complex.
These complexes are noted for having the largest and most significantly altered surface-exposed felsic volcanic rocks in the Flin Flon region.
Leo Lake area, part of the land package, is recognised for its VMS mineralisation, which has been known for several decades.
The Alberts Lake Gold deposit, situated along the Alberts Lake shear zone north-west of Leo Lake, is characterised by quartz veins in a highly altered, sheared and pyritic gabbro.
Callinex has pointed out that the Amulet VMS deposit, located near the surface, has not been thoroughly explored at depth.
The majority of the exploration in the Amulet Lake area was conducted by Hudbay from 1945 to 1953, with 61 drill holes targeting various prospects.
Amulet Lake deposit is believed to be situated 3km north-east along strike from Callinex’s Rainbow Deposit, within the same felsic volcanic stratigraphy, indicating potential for significant mineral discoveries.
