Before heavy snow could put a stop to drilling last year, Callinan Mines (CAA-V, CCNMF-O) discovered a new silver-zinc-lead system at its Coles Creek property near Houston, B.C.
The company was looking at a multi-phase porphyry system it had explored in 2006, finding the new zone to the southeast of the known zone.
Hole 9 on the porphyry system returned a 53-metre intersection grading 0.313% copper, 0.004% molybdenum and 0.021 gram gold per tonne starting from 317 metres depth.
From the new zone, hole 15 was drilled in a polymodal volcano-sedimentary breccia conglomerate, returning 86.2 metres grading 4.83 grams silver per tonne, 0.28% zinc and 0.072% lead from 120 metres.
A 37.5-metre intersection from hole 16 averaged 3.85 grams silver per tonne, 0.361% zinc and 0.073% lead from 50 metres depth.
Callinan drilled eight holes, for a total of more than 2,600 metres. Three of the holes returned no significant values and the company has yet to receive the results from two others.
Callinan plans to do more testing on the property to learn more about the new discovery.
The property covers more than 13 sq. km. The company says the geology is similar to that of mines in the area, such as the Huckleberry mine, 17 km north. Huckleberry — owned by Imperial Metals (III-T, IPMLF-O) and a consortium known as the Japan Group — produced 70.8 million lbs. copper and 306,000 lbs. molybdenum in 2006, with 2007 production expected at 60 million lbs. copper and 420,000 lbs. molybdenum.
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