Highlights:

• PBM-118 intersected 7.77m of 5.55% copper equivalent comprising of 3.30% copper, 0.72 g/t gold, 7.48 g/t silver and 4.42% zinc;
• PBM-121 intersected 7.55m of 5.01% CuEq consisting of 4.13% copper, 0.64 g/t gold, 11.08 g/t silver and 0.90% zinc;
• Intersection in PBM-121 is located 405m below surface and a 257m step-out above the most recent high-grade intersection announced at the Rainbow Deposit; and
• Surface IP and EM surveys currently underway to cover 3.2 kms of trend that hosts the Rainbow Deposit and Centennial Mine.

Callinex Mines Inc. (TSX-V: CNX) (OTC: CLLXF) is pleased to announce that it has more than doubled the vertical extent of the Rainbow Deposit by extending the high-grade copper, gold, silver and zinc deposit 257m closer to surface. The Rainbow is located at the 100% owned Pine Bay Project within a mineral lease, less than 250m from a high-voltage hydroelectric power-line and 550m from a historic shaft with direct road access to processing facilities in Flin Flon, MB (Pine Bay Plan View).

Drill hole PBM-121 intersected 7.55m of 5.01% copper eq consisting of 4.13% copper, 0.64 g/t gold, 11.08 g/t silver and 0.90% zinc (Rainbow Long Section). The high-grade intersection in PBM-121 is located 257m vertically above PBM-113-W2, the last reported intersection in the Rainbow, and 101m vertically above PBM-118 (Rainbow Cross Section). Drill hole PBM-118 intersected 7.77m of 5.55% CuEq comprising of 3.30% copper, 0.72 g/t gold, 7.48 g/t silver and 4.42% zinc at a vertical depth of 505m.

Max Porterfield, President and CEO, stated, “We are excited to see the Rainbow expand closer to surface with the high-grade copper intersections announced today.” Mr. Porterfield continued, “The Rainbow Deposit has the potential to be accessible by a ramp which in turn would translate to a more attractive development plan.”

The Company has now defined the vertical extent of the Rainbow to the 405 meter level (ml) from the 662 ml that had been drilled prior to the 2021 drilling campaign. The previous step-out hole drilled into the Rainbow, PBM-113-W2, (Orange Zone) intersected 5.70m of 4.72% CuEq (3.57% Cu, 0.54 g/t Au, 21.41 g/t Ag and 1.56% Zn) (See News Release Dated January 21, 2021).

Currently, two rigs continue operating to expand the Rainbow closer to surface and at depth. Since the Company resumed drilling in mid February, 9 holes have been completed (3 holes abandoned) for a total of 7,600 meters out of a 30,000 meter budgeted drill program. Callinex will continue to provide results on an ongoing basis for the duration of the 2021 drilling campaign.

In addition, the Company has commenced two deep penetrating geophysical surveys along the trend that hosts the Rainbow and Sourdough deposits as well as the past producing Centennial Mine (Pine Bay Geophyiscal Grids). An induced polarization (“IP”) survey is being completed by Abitibi Geophysics using their proprietary OreVision IP system, which can reveal targets at four times the depth of conventional IP. The Rainbow Deposit was discovered by utilizing the OreVision IP system as a critical vectoring tool. The objective of the survey is to detect pyrite-rich mineralization that may host high-grade copper and zinc up to depths of 580m along the favorable volcanogenic massive sulphide (“VMS”) trend that hosts the known deposits. The 24 km IP Survey, currently underway, will span a linear 3.2 km north-south trend with line widths up to 1.4 km at 150m spacing.

Koop Geotechnical is in the process of completing a 13.4 line km deep penetrating surface pulse electromagnetic survey (“SPEM”) that will cover an additional 10 km of the Rainbow trend to the south.

The Company also announces that it has extended the expiry date of 170,000 stock options from August 8, 2021 to August 8, 2026.  The options continue to be exercisable at a price of $3.80 per share.

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 2021 Drilling Rainbow Discovery at the Pine Bay Project

Figure 3: Pine Bay Long Section Looking West with 2021 Drilling

Figure 4: Pine Bay Cross Section Looking North with 2021 Drilling

Figure 5: Pine Bay 2021 Surface IP and EM Grids

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. 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).

Pine Bay Project Rainbow Deposit Plan View with Drill Hole Location and Traces (CNW Group/Callinex Mines Inc.)

Pine Bay Project Rainbow Deposit Long Section (CNW Group/Callinex Mines Inc.)

Pine Bay Project Rainbow Deposit Cross Section (CNW Group/Callinex Mines Inc.)

Pine Bay Project Grids and Geophysical Coverage (CNW Group/Callinex Mines Inc.)