Callinex Intersects 5m of 8.35% CuEq and 9m of 3.72% CuEq with 145m Step-out from the Rainbow Discovery in the Flin Flon Mining District, MB

Highlights:

• PBM-113 intersected 5.00m of 8.35% copper equivalent (CuEq) comprising of 8.08% copper, 0.20 g/t gold, 10.55 g/t silver and 0.13% zinc;
• PBM-113 intersected a second interval of 4.0m of 2.31% CuEq comprising of 2.21% copper, 0.09 g/t gold, 2.28 g/t silver and 0.04% zinc;
• PBM-113 intersected a third interval of 9.06m of 3.72% CuEq comprising of 2.37% copper, 0.70 g/t gold, 7.00 g/t silver and 2.10% zinc;
• Interpretation of new Borehole Pulse Electromagnetic survey suggests mineralization comes within 350m of surface; and
• Two rigs are currently drilling to expand the discovery along strike and to surface.

VANCOUVER, Nov. 16, 2020 - Callinex Mines Inc. (the "Company" or "Callinex") (TSXV: CNX) (OTC: CLLXF) is pleased to provide results from the ongoing drilling campaign to expand the Rainbow Discovery at the 100% owned Pine Bay Project located in the Flin Flon Mining District of Manitoba (See Figure 1). The Rainbow Discovery has been made on Callinex's mineral lease, less than 250m from a high-voltage power-line and 550m from a historic shaft with direct road access to processing facilities in Flin Flon, MB (See Figure 2).

Drill hole PBM-113 intersected the following three high-grade intersections 145m away (along strike and above) from the discovery hole PBM-111 (See Figure 3):

• Orange Zone returned:
• • 5.00m of 8.35% copper equivalent (CuEq) comprising of 8.08% copper, 0.20 g/t gold, 10.55 g/t silver and 0.13% zinc including 3.00m of 12.13% copper, 0.27 g/t gold, 15.62 g/t silver and 0.18% zinc; an
  • 4.00m of 2.31% CuEq including 2.21% copper, 0.09 g/t gold, 2.28 g/t silver and 0.04% zinc.
• Yellow Zone returned 9.06m of 3.72% CuEq comprising of 2.37% copper, 0.70 g/t gold, 7.00 g/t silver and 2.10% zinc including 3.75m of 4.15% copper, 1.20 g/t gold, 11.87 g/t silver and 4.19% zinc.

The Rainbow discovery hole, PBM-111, intersected 2.96 metres of 4.43% CuEq comprising of 3.09% copper, 0.75 g/t gold, 13.35 g/t silver, 1.88% zinc (Yellow Zone) and a second interval of 4.31 metres of 4.32% CuEq comprising of 4.12% copper, 0.22 g/t gold, 2.21 g/t silver, 0.06% zinc (Orange Zone) (See News Release Dated September 9, 2020). The mineralization intersected in drill hole PBM-113 intersected significantly wider intervals and higher grades of both base and precious metals.

Drill Hole PBM-112 intersected the Rainbow Horizon 345m vertically above PBM-111 and went over the presumed plunge line when it crossed the Rainbow horizon (Orange Zone). A subsequent Borehole Pulse Electromagnetic survey ("BPEM") survey completed on PBM-112 confirms this interpretation and suggests the Rainbow Discovery possibly comes within 350m of surface based on the modeled data.

Two additional drill holes, PBM-113-W1 and PBM-114, have been completed with assays pending. Currently, two rigs are drilling step-out holes as the Company delineates the Rainbow Discovery. Drill hole PBM-115 is currently being drilled to test ~75m along strike to the north of PBM-113. Additionally, a second wedge, PBM-113-W2, has been started off PBM-113 to intersect ~60M vertically above PBM-113-W1. The two drill rigs will continue to operate to delineate the Rainbow Discovery until mid-December for a brief holiday break and resume drilling in early January 2021.

Table 1: Pine Bay Drill Results

Notes(1)(2)(3)(4):

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.

Figure 1: Flin Flon Mining District Region Overview
Figure 2: Plan View of the Rainbow Discovery at the Pine Bay Project
Figure 3: Pine Bay Long Section Looking West with 2020 Drilling

QA / QC Protocols
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

About Callinex Mines Inc.
Callinex Mines Inc. (TSXV: CNX) (OTC: CLLXF) is advancing its portfolio of base and precious metals rich deposits located in established Canadian mining jurisdictions. The portfolio is highlighted by the rapidly expanding Rainbow Discovery at its Pine Bay Project located near existing infrastructure in the Flin Flon Mining District. Additionally, Callinex has emerging near-surface silver discoveries at its Nash Creek Project located in the Bathurst Mining District of New Brunswick. A 2018 PEA on the Company's Bathurst projects outlined a mine plan that 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).

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.