News Release
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Tuesday,
August 26, 2008
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Nickel Mineralization Discovered at Phillips Project
VANCOUVER -- Diamond drilling on Callinan Mines Limited's (CAA.V) Phillips
Lake property near Thompson, Manitoba
has discovered nickel bearing sulphide zones.
Assays on core from the 2007 winter drill program have returned significant
nickel values as shown on the table below. Widths of mineralization ranging
from 2.3m to 29.4m were intercepted in three holes completed during the
program. Samples containing pentlandite
mineralization within the larger widths graded as high as 2.98% Ni. Additional
assays are currently being carried out on the zones containing nickel values
to test for associated platinum group metal values. All zones remain open at
depth and on strike.
Testing of one anomaly returned a near solid
sulphide intercept which assayed 1.35% Ni over 2.3 m at 175 meters of vertical
depth. Previous operators did not detect this nickel mineralization.
Additional anomalies remain to be tested. The mineralization occurs in a serpentinized peridotite
similar to that which hosts the nickel deposits along the Thompson Nickel
belt.
The Company plans to carry out detailed ground pulse electromagnetic
surveying (inside and outside the transmitter loop) in the coming winter
season to define the targets and prepare for an extended drill program. Further
drilling will be required to determine the true widths of the intercepts
reported below.
Hole (Angle)
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From (m)
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To (m)
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Width (m)
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Nickel Assay
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CAP 6 (-65�)
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143.00
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147.85
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4.85
|
0.445%
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|
197.55
|
203.90
|
6.35
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0.695%
|
|
238.80
|
256.50
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17.70
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0.448%
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CAP 7 (90�)
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131.90
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146.10
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14.20
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0.364%
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173.90
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176.20
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2.30
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1.352%
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CAP 13 (-70�)
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105.15
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125.50
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20.35
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0.433%
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153.60
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166.00
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12.40
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0.564%
|
|
174.40
|
203.80
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29.4
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0.351%
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Holes Cap 6 and Cap 7 were drilled from the same
collar location. Cap 13 was collared 250m north of Cap 6 and 7. Callinan Mines maintains a quality-control program using
best industry practices consistent with National Instrument 43-101. The
program is under the supervision of P.J Deveaux,
who is a qualified person as defined by National Instrument 43-101. All
technical information is obtained and reported within a formal quality
assurance and quality control (QA/QC) program. Sampling was conducted at a
Company facility in Snow Lake,
Manitoba , with two 50/50 per cent splits prepared for each
interval. Core was then shipped by freight to Acme Analytical Laboratories in
Vancouver, BC for assay. Sample preparation and Aqua Regia digestion ICP-ES analysis were carried out at
Acme's Vancouver
facility.
About Callinan Mines
Callinan Mines is an aggressive Canadian exploration
company. The Company's ongoing exploration for base and precious metals is
well funded by a Net Profits and Royalty Interest in the 777 mine in Flin Flon, Manitoba.
On Behalf of the Board of Directors,
Mike Muzylowski
President and CEO
The Phillips
Lake Project is being
conducted under the direction of Pat DeVeaux, P.Geo, a qualified person as
defined by national instrument 43-101 who has reviewed and approved the
contents of this news announcement.
The TSX Venture Exchange has not reviewed, and does
not accept responsibility for the adequacy or accuracy of this news
announcement. The forward-looking information contained in this
press release is made as of the date of this press release and, except as
required by applicable law, the Company does not undertake any obligation to
update publicly or to revise any of the included forward-looking information,
whether as a result of new information, future events or otherwise. By its
very nature, such forward-looking information requires the Company to make
assumptions that may not materialize or that may not be accurate. This
forward-looking information is subject to known and unknown risks and
uncertainties and other factors, which may cause actual results, levels of
activity and achievements to differ materially from those expressed or
implied by such information.
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