Gold loses some luster after Trump’s decisive win
Gold’s slide is a marked turnaround for a commodity that had surged by more than 30% in the year leading up to the US vote.
Callinex Mines has released assay results for hole PBM-113-W1, which returned high-grade copper in a step-out hole focused on expanding the Rainbow discovery, first announced on September 9, within the company’s Pine Bay project in the Flin Flon district.
The drillhole hit two intervals of mineralization – the Orange and Yellow zones. The first assayed 5 metres of 10.63% copper-equivalent (including 8.79% copper, 1.38 g/t gold, 24.02 g/t silver and 1.79% zinc) while the second returned 5.4 metres of 4.43% copper-equivalent (including 3.22% copper, 0.61 g/t gold, 10.43 g/t silver and 1.84% zinc).
Hole PBM-113-W1 was drilled as a 65-metre step-out, and intercepted the Rainbow Horizon above hole PBM-113. This prior hole, with assays released earlier this week, returned three high-grade intersections. This includes two intervals from the Orange zone and one from the Yellow zone – 5 metres of 8.35% copper-equivalent; 4 metres of 2.31% copper-equivalent; and 9.1 metres of 3.72% copper-equivalent.
September’s discovery hole hit two separate copper-gold-silver-zinc intervals, with borehole geophysics suggesting potential for the two zones to merge to the north.
“The exceptional high-grade drill results announced to date make Rainbow a bonafide discovery within the Flin Flon Mining District,” CEO Max Porterfield said in a release.
“Our technical team has been credited with the discovery of three of the four largest mines ever discovered in the Flin Flon Greenstone Belt. Together, we believe the Rainbow Discovery has the potential to extend Flin Flon’s rich mining history.”
The Rainbow discovery is within 250 metres of a high-voltage power line and 550 metres from a historic shaft with road access to processing facilities in Flin Flon.
Two rigs are working on step-out holes to delineate the Rainbow discovery.
Midday Wednesday, Callinex’s stock was up 7.5% on the TSXV. The company has a C$38 million market capitalization.
(This article first appeared in the Canadian Mining Journal)
