11:02 AM EDT, 04/29/2025 (MT Newswires) -- Callinex Mines ( CLLXF ) at last look was up more than 6% on Tuesday after saying it plans to advance its Point Leamington Deposit, in Newfoundland, which hosts a volcanogenic massive sulphide deposit, containing significant gold, copper, zinc and silver mineralization and is "open for expansion".

"Given the significant rise in metal prices, in particular gold, the intrinsic value of the Point Leamington deposit has risen dramatically overall and in relation to other deposits Callinex possesses," said Callinex Mines ( CLLXF ) Chief Executive Max Porterfield. "We plan to aggressively advance this Project with an exploration campaign to expand the known resource and discover new deposits on the broader land package in tandem with mineralogical and metallurgical test work."

Among highlights, Callinex cited Open Pit-Constrained Mineral Resource Estimate in Indicated category of 5.0 Mt of 2.49 g/t AuEq and Inferred category of 13.7 Mt of 2.24 g/t AuEq; and Out-of-Pit Mineral Resource Estimate in Inferred category of 1.7 Mt grading 3.06 g/t AuEq, which is open for expansion.

It also noted the last exploration drilling campaign in 2004 intersection, at depth 4.67m of 4.37 g/t Au, 15.05% Zn, 57.88 g/t Ag and 0.36% Cu; and said a new metallurgical team "will confirm recovery of copper and zinc and will refine an economic path to recover gold".

The company added it intends to complete an exploration campaign to grow the high-grade mineralization, test newly defined high priority targets and collect samples to complete mineralogical studies and metallurgical testwork.

Shares of the company were last seen up 6.1% at $0.87 on the TSX Venture Exchange.

Price: 0.87, Change: +0.05, Percent Change: +6.10