Max Porterfield, President and CEO of Callinex Mines (TSXV:CNX), spoke to Brieanna McCutcheon at PDAC 2022 conference.
Porterfield noted that a top challenge the company faced was the shutdown at 777 Mine at Flin Flon, Manitoba, a mine that had operated for one hundred years, which put the community in jeopardy because it depends on mining.
He explained that his vision upon taking over as CEO of Callinex was job creation through discovery. That objective was realized in 2020 at the peak of the pandemic with the discovery of Rainbow Deposit at Pine Bay Project.
It is one of the highest grade copper discoveries in the world. The drilling at Rainbow is well financed and the company is hoping to make new discoveries at targets this year.
In April, due to high demand, the company increased the size of its previously announced non-brokered private placement from $4.22 million to $6.24 million for the purposes of funding the ongoing drill campaign at the Rainbow Deposit, Pine Bay, Manitoba.
Also in April, Callinex commenced its 2022 drilling campaign at its Pine Bay Project located 16 kilometres from Flin Flon, Manitoba.
The fully funded 20,000-metre drilling campaign would focus on continuing to delineate the high-grade copper Rainbow Deposit and test recently identified regional exploration targets.
The company is testing five different target areas, all of which could be another Rainbow target.
He believes that the future outlook is bright due to lack of investment in base metal space over the previous decade, government policies, including updating infrastructure, electric vehicle friendly.
All this is expected to create new demand, which may lead to a supply challenge, as base metals may not be able to meet future demand.
Callinex Mines Inc. prides itself on its reputation as a leading junior zinc stock because it counts on a strong foundation built upon a proven technical team, zinc-rich deposits in established Canadian mining jurisdictions, and an established base of institutional shareholders.