Callinex Mines Inc. announced that it has commenced its 2023 drilling campaign (the "Campaign") at its Pine Bay Project (the "Project") located 16km from Flin Flon, MB. Phase one of the fully funded campaign is budgeted for up to 10,000 meters of drilling that will focus on testing the Rainbow Deposit (the "Rainbow") at depth as well as follow-up on the effortlessly discovery, the Odin target area and test other recently identified exploration targets. Two rigs have commenced drilling to test Rainbow at depth at the Project.

One drill is testing the potential for the Orange and Yellow zones to continue at depth beyond the known deposit area (Rainbow Long Section). A second drill rig is testing the source of a conductive borehole pulse electromagnetic anomaly off of Rainbow discovery hole PBM-111 that indicates the Orange and Yellow zones may continue to the south and vertically above. Upon completion of initial drilling at Rainbow, two holes will be drilled to step-out vertically above and below the abundance is a steeply dipping/plunging system as similarly defined at the Rainbow, as the current geology suggests.

Additionally, drilling will be completed to test target area Odin based on refined targeting provided by recently received BPEM survey data and lithogeochemical results. The first phase of the 2023 exploration campaign is anticipated to take 3.5 months followed by processing and assaying of drill core. Upon completion of phase one of the 2023 exploration campaign, a fully funded 10,000m phase two will commence this fall based upon results.