Callinex Announces 2023 Exploration Targets at the Pine Bay Project Located in the Flin Flon Mining District, MB

• The Company has identified high priority exploration targets at depth on the Rainbow deposit where it remains open for expansion;
• Modeling of BPEM data at Alchemist indicates numerous anomalies for follow up drilling;
• High-grade gold and silver mineralization provides optimism at target area Odin; and
• Opportunity to build a high-grade copper/gold resource on the Cabin Horizon.

VANCOUVER, Jan. 30, 2023 - Callinex Mines Inc. (the "Company" or "Callinex") (TSXV: CNX) (OTCQX: CLLXF) is pleased to outline its 2023 exploration targets at the 100% owned Pine Bay Project (the "Project") located within the Flin Flon Mining District of Manitoba. The Project hosts the emerging high-grade Rainbow, newly discovered Alchemist, and historic Pine Bay deposits within a mineral lease, less than 250m from a high-voltage hydroelectric power-line, 550m from a historic shaft with direct road access to Flin Flon, MB. The focus of the 2023 exploration campaign, within the main growth fault corridor, is to continue to expand the high-grade Rainbow deposit ahead of its upcoming maiden resource estimate, step-out on the Alchemist, follow-up on target area Odin and high-grade copper and gold on the Cabin horizon.

Max Porterfield, President and CEO, stated, "We are very excited to outline exploration target areas along the main growth fault corridor that hosts the seven known deposits to date. Each target area outlined has the potential to significantly expand the high-grade copper resource base that has been discovered and defined so far at Pine Bay." Mr. Porterfield continued, "This year's focus is to discover new high-grade mineralization in tandem with advancing our flagship Rainbow deposit, which is pending a maiden resource estimate."

JJ O'Donnell, Exploration Manager, commented, "With the proposed drilling program I am excited to advance the project closer to a production decision with the completion of a maiden geologic resource calculation at Rainbow, as well as the potential to add further resources at Alchemist, Odin, and Cabin. This year will be an important milestone for the Callinex's Pine Bay Project"

The Company has outlined two exploration target areas at depth on the Rainbow that have the potential to expand the size of the deposit both laterally and vertically.

The Company plans to test the potential for the Orange and Yellow zones to continue at depth beyond the known deposit area. The last deep hole at Rainbow, drill hole PBM-158, was the deepest and most northern hole, which intersected the Yellow zone and returned 5.0m of 1.56% copper equivalent ("CuEq") (consisting of 1.45% copper ("Cu"), 0.07 g/t gold ("Au"), 1.86 g/t silver ("Ag") and 0.11% zinc ("Zn")). PBM-158 is located 225m along strike to the north of discovery hole PBM-111, the most southerly hole to intersect the Rainbow at depth (Rainbow Deposit Long Section).

A subsequent borehole electromagnetic ("BPEM") survey completed and modeled from PBM-158 indicates significant potential for Rainbow to continue at depth which is also supported by intense sericite and chlorite alteration that is strongest in the deepest holes drilled into the deposit (See news release dated January 31, 2022).

Based on the results from PBM-158, a complete review of geology and BPEM data from the deepest holes at Rainbow was conducted. In particular, survey data from drill hole PBM-136 indicates a strong off-hole response, modeled to be 120m by 400m at ~1000m down hole, coincides with mineralization associated with the Orange zone (4.0m of 0.65% CuEq)(See news release dated September 7, 2021).

Alan Vowles, a distinguished member of Callinex's technical team opined, "The off-hole anomaly between PBM-136 and PBM-158 bodes well for the downdip potential at the Rainbow. It'll be exciting to see how things unfold at depth for Rainbow as well as the other exciting exploration targets our team has outlined at Pine Bay."

Additionally, assay and lithogeochemical results have highlighted the potential for new lenses at depth. Increased sulphide mineralization intersected early in the deepest holes into Rainbow suggests a potential for new stacked VMS lenses to emerge at depth (Rainbow Cross Section). Many of the major VMS systems are made up of numerous lenses/zones of base and precious metals rich mineralization.

Additionally, BPEM data off of Rainbow discovery hole PBM-111 indicates that the Orange and Yellow zones may continue to the south and vertically above. A 55m by 200m anomaly has been modeled to the south of PBM-111 and directly associated with the 2.96m of 4.43% CuEq including 3.09% Cu, 0.75g/t Au, 13.35g/t Ag and 1.88% Zn in the Yellow zone (See news release dated September 9, 2020). Since the discovery hole, the Company focused on the strongest BPEM response that represents the Orange zone, which comes closest to the surface. A highly conductive body located closer to the surface such as the Orange zone can overshadow other deeper anomalies that may represent lenses of VMS mineralization.

To date, Alchemist shows a strike of at least 140m between drillhole intersections, currently defined to an extent of 500-800m below surface and open above, below, and northerly. By comparison, the Rainbow's Orange zone has a strike of 140m. It should be noted that deposits in the Flin Flon Greenstone Belt, like Rainbow, typically have a plunge extent on average between 5-8 times the strike of the deposit.

Drill hole ALC-114, the last hole drilled into the Alchemist to date, intersected 4.40m of 4.02% CuEq including 1.60% copper ("Cu"), 5.14% zinc ("Zn"), 0.40 g/t gold ("Au") and 21.78 g/t silver ("Ag"). Discovery hole ALC-111 intersected 1.78% CuEq (0.90% Cu, 1.76% Zn, 0.22 g/t Au and 7.05 g/t Ag) while testing a large highly-conductive 600m by 400m BPEM anomaly located within the center of the mapped millrock at Millrock Mountain (See news release dated March 10, 2022).

Modeling of the BPEM data at the various holes at Alchemist has produced a large number of anomalies due to the sheer volume of conductive mineralization that has been intersected in drilling. There have been eight anomalies modeled from the surveyed holes at Alchemist with five of them interpreted to be located on the horizon that hosts the deposit (Alchemist Long Section with BPEM Anomalies).

Follow-up drilling will focus on stepping out vertically above and below the deposit with the assumption that Alchemist is a steeply dipping/plunging system as similarly defined at the Rainbow deposit, as the current geology suggests.

Additionally, the Company drilled two widely spaced holes 200m and 400m to the north of the nearest hole to intersect the Alchemist and test the Alchemist horizon in holes ALC-116 and PBM-191. Callinex plans to review assay and lithogeochemical results that are pending and completed BPEM surveys prior to following up in this area to the north of Alchemist.

Target area Odin is located directly in between the Alchemist and Rainbow deposits where the growth fault corridor intersects the Centennial Mine Horizon, which hosts the Sourdough deposit and past producing Centennial mine further to the south.

The Company completed drill hole PBM-191 to follow-up on a anomaly modeled from BPEM survey data on drill hole PBM-182, which previously intersected a favorable rock package made of up dominantly altered felsic tuff/flows, with alteration (chlorite/sericite) normally seen with the Rainbow deposit (See news release dated September 19, 2022).

Drill hole PBM-191 intersected one of the highest precious metals intervals to date at the Project with 0.52m of 5.32g/t Au, 56.67g/t Ag with trace copper and zinc and interpreted to be on the Odin horizon. The mineralization is hosted in a chlorite schist with 12% Pyrite, trace chalcopyrite, and silica flooding. Elevated precious metals, silver in particular, are a strong vectoring tool towards massive sulphides within VMS systems (Pine Bay Project Plan View).

Drill hole PBM-192 was a widely spaced exploration hole 250m to the south of PBM-191 to test the projected Odin horizon. Geology included the same favorable felsic volcanic assemblages and alteration (including chlorite schists) seen in PBM-191, along strike and to the north at depth.

The Company is currently awaiting lithogeochemical results as well as a BPEM survey to be completed on drill hole PBM-192. In the meantime, the Company's team has tentatively proposed follow-up drill targeting based upon the geology intersected in the Odin target area and existing geophysical data sets (Induced Polarization and VTEM). The proposed follow-up at Odin will be further refined once a BPEM survey is completed on PBM-192 and analyzed with the lithogeochemical results.

Callinex's first discovery in late-2016 at the project was at depth below the historic Cabin deposit which intersected 10.3m grading 6.0% Zn, 1.8 g/t Au, 60.4 g/t Ag, 0.7% Cu and 0.4% Pb in drill hole 284-3-93-DPN (See news release dated October 18, 2016). Subsequently, a series of widely-spaced drill holes were completed to test the Cabin VMS Horizon that hosts the mineralization. Drill hole PBM-024, one of the last holes completed in the vicinity, intersected 2.6m of 3.4% CuEq.

Since the discovery of Rainbow and now Alchemist, our team has a deeper understanding of how the VMS deposits sit along the stacked horizons located within the main controlling growth fault corridor at the Project. The Company has refined an exploration target area to be drill tested on the Cabin Horizon to follow-up on the high-grade intersections in drill holes 284-3-93-DPN and PBM-008 (Cabin Horizon Long Section).

The high-grade intervals at the Cabin Horizon are associated with a major alteration zone that's previously been identified at surface and spans 1,100m by 700m as supported by lithogeochemical data. Since the huge alteration zone seen at surface is believed to be structurally overturned, the exploration thesis is that the massive sulphides associated with this fluid mineralizing event would be preserved at depth. Typically, there is a correlation between the size of an alteration zone and the size of the VMS deposit it is associated with.

The exploration model for large VMS deposits within the Flin Flon Greenstone Belt, such as the Lalor and 777 deposits, includes having several smaller deposits in close proximity to a large alteration system within a major felsic volcanic centre.

The Company plans to advance and drill test the outlined target areas as part of the 2023 exploration campaign which will also include additional infill drilling at Rainbow.

Table 1: Pine Bay Exploration Drill Results

J.J. O'Donnell, P.Geo, a qualified person under National Instrument 43-101, has reviewed and approved the technical information in this news release.

Individual samples were labeled, placed in plastic sample bags, and sealed. Groups of samples were then placed in security sealed bags and shipped directly to SGS lab in Vancouver, BC for analysis. Samples were weighed then crushed to 75% passing 2mm and pulverized to 85% passing 75 microns in order to produce a 250g pulverized split. 35 elements including copper, zinc, lead and silver assays were determined by Aqua Regia digestion with a combination of ICP-MS and ICP-AES finish, with over limits rerun using an ore grade analysis (two acid digest ICP-AES). Gold was analyzed by fire assay. Specific gravity (sg) measured for each sample using the pycnometer and water and air method. QA/QC included the insertion and continual monitoring of numerous standards, blanks, and duplicates

Callinex Mines Inc. (TSXV: CNX) (OTCQX: CLLXF) is advancing its portfolio of base and precious metals rich deposits located in established Canadian mining jurisdictions. The focus of the portfolio is highlighted by the rapidly expanding Rainbow and Alchemist deposits at its rich VMS Pine Bay Project located near existing infrastructure in the Flin Flon Mining District. The second asset in the portfolio is the Nash Creek Project located in the VMS rich Bathurst Mining District of New Brunswick. A 2018 PEA generates a strong economic return with a pre-tax IRR of 34.1% (25.2% post-tax) and NPV8% of $230 million ($128 million post-tax) at $1.25 Zinc. The third asset, 100% owned Point Leamington Deposit in Newfoundland, is located in one of the richest VMS and Gold Districts in Canada. Callinex prepared a pit constrained Indicated Mineral Resource of 5.0 Mt grading 2.5 g/t AuEq for 402 koz AuEq (145.7 koz gold, 60.0 Mlb copper, 153.5 Mlb zinc, 2.0 Moz silver, 1.5 Mlb lead), an pit constrained Inferred Mineral Resource of 13.7 Mt grading 2.24 g/t AuEq for 986.5 koz AuEq (354.8 koz gold, 110.2 Mlb copper, 527.3 Mlb zinc, 6.2 Moz silver, 7.0 Mlb lead) and an out-of-pit Inferred Mineral Resource of 1.7 Mt grading 3.06 g/t AuEq for 168.5 koz AuEq (65.4 koz gold, 13.3 Mlb copper, 102.9 Mlb zinc, 1.4 Moz Ag, 2.6 Mlb lead).

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 the proposed drill program and the timing and amount of expenditures. Except as required under applicable securities laws, Callinex does not assume the obligation to update any forward-looking statement.

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SOURCE Callinex Mines Inc.