08:14 AM EDT, 05/22/2024 (MT Newswires) -- Callinex Mines Inc. ( CLLXF ) , which gained 3.7% yesterday, on Wednesday outlined its 2024 exploration targets at the 100% owned Pine Bay Project located within the Flin Flon Mining District of Manitoba.

A statement noted the project hosts the high-grade Rainbow and Pine Bay deposits and emerging discoveries including the most recent Descendent copper-gold-zinc-silver Volcanogenic Massive Sulphide discovery. The recently consolidated Project area encompasses 11,859 hectares (near 120 square km) and benefits from a mineral lease, water, hydroelectric power, historic shaft and direct road access to an idle processing facility in Flin Flon, MB, located 16km away.

Callinex said the focus of the 2024 exploration campaign, which remains within the core project area, is to step-out on the Descendent discovery and test three target areas. This year the company added it has outlined two "exciting" new target areas, Poseidon and Ra, identified by the recently completed magnetotelluric geophysical survey and supported by multiple geological, geophysical and geochemical data sets.

Max Porterfield, President and CEO, in Wednesday's statement aid, "The Descendent and three target areas outlined today have the potential to significantly expand the high-grade copper resource base that has been discovered and defined so far at the Pine Bay Project." He added: "This year's focus is to vector towards higher-grade mineralization at Descendent and continue step-out drilling to delineate the deposit as well as discover a new high-grade copper deposit closer to the surface."

JJ O'Donnell, Exploration Manager, added, "I believe results from the recent MT survey has added to Callinex's geological understanding (especially below lakes) and has certainly aided in defining new target areas, which will require follow up drilling. Testing these targets in 2024 will be very exciting based on our multidisciplinary approach which includes geology, geophysics, and geochemistry."