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Sneath Lake

Project Update

Project Overview

Callinex's Sneath Lake property consists of 9 claims, totaling 1430 hectares in the Chisel Basin area, 6 kms south of Snow Lake, Manitoba. The area has seen significant exploration for base metals since the 1940's. Historical drill holes on the property have shown to contain the favorable geology and alteration which may hosts VMS deposit. Callinex completed a Deep Penetrating Electromagnetic Magnetic Survey (DPEM) during the 2011/2012 exploration season which defined 3 targets that require further drilling. The exploration model for the area consists of defining deeper targets, using new technology, in proven favorable geology.

In 2012, HudBay Minerals commenced production on the Lalor Lake Mine - a 14 million tonne VMS deposit containing mineral reserves of more than 14 million tonnes of 0.6% copper, 6.96% zinc, 1.86 g/t gold and 23.55 g/t silver. The mineralization at Lalor was originally encountered at a depth greater than 500 metres, utilizing the same DPEM system used by Callinex to source drill targets at Sneath Lake.

Callinex believes the area has potential to host an economic Zinc / Copper Operation which can be beneficial to all stakeholders, (including local communities, government, and Callinex shareholders).



Exploration History

A chronological history of known work is as follows:

1954-1992: Hudson Bay Exploration conducted exploration programs over the area now covered by the SNE claims. Ground geophysical surveys were carried out consisting of horizontal loop EM, magnetometer and Turam survey. Approximately 35 diamond drill holes were drilled to test the geophysical and geological targets. No major significant mineralization was reported.

1998-1999: Callinan Mines Limited conducted a limited program of grid refurbishing, surface pulse EM, borehole PEM and diamond drilling.

1999-2000: Winter season, Callinan Mines Limited conducted a time domain helicopter airborne electromagnetic and magnetic survey over the project area. This survey located a new target; a ground pulse EM survey pinpointed the anomaly which was tested by diamond drill hole CBM-1. It intersected a narrow (0.35m) section of near solid sulphides (pyrite-pyrrhotite), followed by 0.71m of disseminated sulphides. Visible copper and zinc values up to 1070ppm copper and 2540ppm zinc were obtained. Follow up drilling was recommended.

2001: Diamond drill hole CBM2 was drilled. It was designed to test the sulphide mineralization along the strike from hole CBM1. The hole intersected quartz-phyric rhyolite from 63.7m to 70.1m, containing pyrite and pyrrhotite. Only low values for copper and zinc were obtained.

2006: Four diamond drill holes, SNE 1 to SNE 4 located on claim SNE 03528, were completed for a total of 756.6m. Other work consisted of cutting and refurbishing lines for a surface pulse EM survey conducted by Crone Geophysics.

2007: During the period of January 2 and February 22, 2007, 217.6 line km's of VTEM survey were flown over the Sneath Lake properties. The VTEM confirmed all previously known airborne and surface anomalies.

2008: During the period of November 5, 2007 and January 16, 2008, a total of 6 holes, Downhole pulse EM survey was also conducted by Crone Geophysics.

2012: During the period of January to March, a total of 82 kms of grid lines cut and Koop geophysics conducted a DPEM survey.

Three drill targets were outlined, and drilling began in December of 2012.