Callinex Mines Inc. (CLLXF: OTCQX International) | Neuron Property

OTC

Neuron Property

Apr 25, 2014

OTC Disclosure News Service

Vancouver, BC, Canada

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Grades of up to 60.38% Carbon Graphite Confirmed At
Callinex? Neuron Property

VANCOUVER ? Callinex Mines Inc. (CNX-TSX.V)
( CLLXF ? OTCQX) is pleased to announce that the third diamond drill hole of
their recently completed campaign at their Neuron graphite property has
intersected the highest grade of graphite mineralization to date, over minable
widths.

Assays have confirmed that diamond drill
hole NEU003 contains a 4.10 meter section grading 60.38% carbon graphite, which
is part of a larger 56.00 meter intersection grading 5.91% carbon graphite.

The mineralized zone in NEU003 begins only
17.20 meters below surface, consisting of disseminated to solid mineralization
in various concentrations, to a depth of 117.5 meters. The hole was drilled 20
metres from recently reported diamond drill holes NEU001 NEU002, oriented
at 102? and dipping at -70?. With the benefit of this intersection, Callinex?
exploration team will be able to model the strike and dip of the rich graphitic
intervals, and better delineate the orientation of the horizon.

Company Chairman and CEO Mike Muzylowski expressed
satisfaction with the continuing emergence of this structure: ?What we have
uncovered here at Neuron appears to be unique. The high carbon content, coupled
with large flake size is exactly what we had hoped for when we staked this
area. The mineralization appears to be shallow and gently dipping.?

The Neuron Property is located in Northern
Manitoba near Thompson. A hydro-electric dam operated by the Manitoba
Government is on the company?s mineral tenure, and 220 kV power lines run the
length of the 43,000 hectare property. As previously reported, preliminary
analysis of the project?s mineralogy by SGS labs determined that the
mineralization occurs in coarse polycrystalline aggregates and layers, forming
fine to coarse flakes ranging from 100 ?m (micrometres) to 2 millimetres.
Results from tests designed to suitably determine the liberation characteristics
of the material are forthcoming.

Table 1 illustrates the most significant
sections of NEU003.

 

 

 

 




The drilling program was carried-out from
late February to early April and consisted of 12 drill holes totaling 2,226
metres. Drilling successfully identified graphite mineralization in 10 of 12
drill holes. The zone of mineralization remains open along strike and down dip.
The graphite mineralization textures vary from stringer to near solid.
Mineralization occurs near surface in quartz-biotite schist. 

Logging and sampling of the core has
recently been completed at a company facility, and samples are being shipped to
SGS labs in Lakefield, Ontario for assay and mineralogy work. Assays from
additional drill holes and results from metallurgical work are forthcoming.

Callinex Mines maintained a QA/QC program
at all stages of exploration. Drill core recovery was calculated, measured and
recorded at the Neuron property before being cut and sampled. Samples were
sawed in half, one half of each sample being kept for storage and the other
half placed in a pre-labeled plastic bag, tagged with the sample number and
recorded in the log. Callinex QA/QC samples were inserted into the group of
samples and shipped to SGS labs in Lakefield, ON, where they were crushed,
split, pulverized to 250 g samples at 200 mesh and then assayed.  The lab employs internal quality control by
assaying pulp duplicates and inserting quality control standards of
predetermined values and a blank sample.

About the Neuron property:

The 43,000 hectare Neuron graphite
exploration property was acquired by staking in 2013. A search of Manitoba
government archives confirmed company Chairman and CEO Mike Muzylowski?s
knowledge of historic nickel exploration programs in the area that had
encountered high-grade graphite incidentally. Following staking, the company
conducted a 1,800 kilometer airborne survey which identified multiple drill
targets (see company press release Jan 08, 2014).  This recent drilling program has tested the
first two such targets. Eight targets remain un-tested.

About Callinex?

Callinex is a Canadian mineral exploration
company with projects in the Provinces of British Colombia and Manitoba,
Canada. The company?s exploration activities are designed to offer shareholders
exposure to the discovery phase of the mining value cycle.

 

On Behalf of the Board of Directors,

 

Mike Muzylowski

Chairman and CEO

 

For further information, please contact:

 

Braden Maccke

Investor Relations

+1 (877) 228-5210

 

The
technical information in this release was reviewed and verified by JJ
O’Donnell, a qualified person as defined by National Instrument 43-101. Neither
the TSX Venture Exchange nor its Regulation Services Provider (as that term is
defined in the policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release. Some statements in this news release
contain forward-looking information. These statements include, but are not
limited to, statements with respect to future expenditures. These statements
address future events and conditions and, as such, involve known and unknown
risks, uncertainties and other factors which may cause the actual results,
performance or achievements to be materially different from any future results,
performance or achievements expressed or implied by the statements. Such factors
include, among others, the ability to complete contemplated work programs and
the timing and amount of expenditures. Callinex does not assume the obligation
to update any forward-looking statement.

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