Callinex Mines Inc. announced that the Company is in the process of completing a magnetotelluric (MT) geophysical survey on the Company's 100% owned Pine Bay Project located in the Flin Flon Mining District of Manitoba (Pine Bay Project Plan View with Proposed MT Survey Lines). The survey is being completed to add to Callinex's robust geophysical data set and further aid exploration as Callinex focuses on expanding its numerous high-grade copper, gold, silver and zinc rich Volcanogenic Massive Sulphide (VMS) deposits at the Project. The Company is in the early stages of completing an MT survey across the Rainbow, Pine Bay, Descendent, Alchemist deposits and target area Odin.

MT is a geophysical tool that is used in mineral exploration to identify systems that produce conductive minerals such as copper, gold and silver and mapping of geologic structures and features such as faults and folds. The system is known to have a depth penetration from 50m to several kilometers below the surface. The survey is being conducted by Abitibi Geophysics in partnership with Zonge International and is planned to encompass up to 6 lined-km of ground across key areas of the corridor that host the numerous deposits at the Project.

The first line of MT survey data has been collected across the known Pine Bay deposit and will soon be processed by Abitibi. A number of factors, such as bodies of water and the hydroelectric powerline on-site, may impact the quality of the data because of how the survey data is collected. If the data collected is of good quality and able to be processed, the survey will be expanded over the other key areas of the Project.

All the deposits discovered to date at the Pine Bay Project have a very steep dip and plunge and sit along a number of tight folds. Of particular interest is mapping the structure at depth between the Pine Bay deposit and the emerging Descendent discovery where mineralized horizons/folds are interpreted to converge at depth. Deposits that sit at the nose of a fold can host significantly wider lenses of mineralization and with it the potential to add significant volume more quickly. The number of deposits at Pine Bay are located within the Baker Patton Felsic Complex, one of the largest and most highly altered accumulations of felsic rocks within the Flin Flon Greenstone Belt.

The new Descendent discovery is directly associated with a major alteration zone that's previously been identified at surface and spans 1,100m by 700m. Since the huge alteration zone seen at surface is structurally overturned, the exploration thesis is that the massive sulphides associated with this mineralizing event would be preserved at depth, which we are now intersecting with the Descendent discovery. Typically, there is a correlation between the size of an alteration zone and the size of the VMS deposit it is associated with.

The Company is completing the MT survey to help provide additional information about the depth, location and potential of the Descendent, Rainbow and other deposits at the Project. Looking forward, the Company remains focused on expanding the current resource base through additional step-out drilling with plans for an aggressive 2024 exploration campaign. Callinex is building upon an indicated mineral resource on the Rainbow deposit of 3.44 Mt grading 3.59% CuEq for 272.4 Mlb CuEq (238.3 Mlb Cu, 56.9 Mlb Zn, 37.6 koz Au, 692.8 koz Ag, 2.3 Mlb Pb), an inferred mineral resource on the Rainbow deposit of 1.28 Mt grading 2.95% CuEq containing 83.4 Mlb CuEq (72.1 Mlb Cu, 19.5 Mlb Zn, 11.1 koz Au, 222.2 Koz Ag, 0.8 Mlb Pb) and an inferred mineral resource at the Pine Bay deposit of 1.0 Mt grading 2.62% Cu containing 58.1 Mlb Cu.