Callinex Mines Inc. 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. 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). 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. 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.