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Thursday, December 09, 2010
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Exploration Update on Troitsa,
Coles Creek and Gossan Hill Programs
VANCOUVER -- Callinan Mines (TSX.V-CAA) is pleased to provide an
update on its ongoing exploration activities.
Troitsa Property
The company has recently received assays of surface samples and grab samples obtained during the exploration program
conducted this summer on the recently optioned Troitsa
property in Northern British Columbia near Houston. Assays from the samples
taken successfully confirmed the presence of copper, gold, silver and
molybdenum mineralization associated with a granodiorite
porphyry intrusion. Grab samples with gold values as high as 7 g/mt were taken from the intrusive rock, the average grade
being 0.3 g/mt of gold. Silver values as high as
230 g/mt were also recovered, with the average
grade being 20 g/mt. Molybdenum values in grab
samples ranged from 0.08% to 0.2% with the average grade being 0.03%.
Zinc, silver and lead mineralization was also present in the volcanic rocks
that surround the intrusion. Samples taken from up to 1.3 km surrounding the granodiorite porphyry returned assays averaging 0.3%
lead, 0.4% zinc, and 37 g/mt silver. High silver
and zinc values were 230 g/mt and 1%, respectively.
The Troitsa Option, located to the west of and
adjacent to Callinan's wholly owned Coles Creek
Property, was acquired by option in June of 2010. The property consists of 17
mineral claims totaling 4,746 hectares, and is known to host several zones of
mineralization. Drilling conducted by previous operators, prior to NI 43-101
standards, shows values of 1.02% Cu over a true width of 21.3m including
1.49% Cu over 12.2m.
Callinan's technical team is interpreting these
results as confirmation of the great potential that was identified at Troitsa prior to optioning the property. A drilling
program is being outlined and will likely be implemented in the summer 2011
exploration season.
Coles Creek
Samples from the drilling program conducted on the adjacent Coles Creek property, are still being assayed and evaluated. The
program consisted of 20 diamond drill holes in a sulphide-bearing
volcano-sedimentary structure. One such hole, COLE 28, intersected a 21.25
meter section grading 3.368 g/mt gold, 15.33 g/mt silver, 2.04% zinc and 0.15% lead. Assays from 6 drill
holes are still being analyzed.
Gossan Hill
The first hole completed on Callinan's Gossan Hill Project, located near the community of
Cranberry Portage, MB., intersected 3.71g/mt gold and 33.33g/mt silver
over a core length of 5.43 metres, at a depth of
49.82 meters, continuing to a depth of 55.25 meters. A second intersection
averaged 2.69g/mt gold and 39.64 g/mt silver over 2.09 metres at a
depth of 61.93 meters, continuing to a depth of 64.02 meters. To date, 14
holes have been completed for a total of 2,004 metres.
Assays from the remaining 13 diamond drill holes have yet to be received.
Drilling has concentrated on the central Gossan
Hill Showing, which is one of four historical showings on the property. A 5
kilometer linear trending silicified shear zone has been identified from
reports filed from previous operators. Drilling will resume in early January,
once wet areas have frozen, improving access.
Callinan Mines maintained a QA/QC program at all
stages of exploration. Drill core recovery was calculated, measured and
recorded at the Gossan Hill Property before being
cut and sampled. Samples were split in half, one half being kept for storage
and the other half placed in pre-labeled plastic bags, tagged with the sample
number and recorded in the log. Callinan QA/QC
samples (blanks and standards) were inserted into the group of samples, then shipped to Acme Analytical Laboratories in Vancouver,
BC, where they were crushed, split, pulverized and sieved into approximately
15 g samples at 200 mesh. Samples were then assayed by Aqua Regia digestion ICP-MS analysis (53 elements). The lab
employs internal quality control by assaying pulp duplicates and inserting
quality control standards of predetermined values and a blank sample.
On Behalf of the Board of Directors,
Mike Muzylowski
Mike Muzylowski
All of Callinan's exploration programs are
conducted under the direction of Pat Deveaux, P.Geo, a qualified person as defined by national
instrument 43-101, who has reviewed and approved the contents 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 private placements and the timing and
amount of expenditures. Callinan does not assume
the obligation to update any forward-looking statement.
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