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🚨 DON'T MISS 🚨 High Grade Copper + Gold & Silver -- HELPS Historic Town & Earth -- Callinex Mines · SILVER / GOLD / $UFD: Surviving Global Economic Shifts | RONS BASEMENT

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  Demand for copper is projected to skyrocket in the coming
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  decades. Today, we're fortunate to be
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  joined by Max Porterfield. He's the CEO of Calinex Mines.
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  They are in the process of discovering and developing high
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  grade copper deposits in Canada. Max, welcome to Ron's basement.
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  Hi, Ron. I'm really excited to be here.
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  Thanks for having me. Yeah.
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  So your your company is a very interesting story.
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  I know that, you know, kind of the district that you're
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  exploring in has quite a history with Copper, but what you're
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  finding that's new is quite impressive as well.
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  Yeah, we were exploring an area that's got over 100 year
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  production history, 32 mines. That's really what makes up
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  these you know districts as you mentioned a very high grade
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  polymetallic deposits that are rich in base metals, copper and
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  zinc and also carry gold and silver as byproducts which is
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  why you that you've seen such a long steady production profile
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  out of the Flun Flun district we're exploring in is because of
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  that that metals content and spread and and we're we're
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  finding more of the same which is great because they're very
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  rich in metals these deposit styles which is why we've
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  selected them in in terms of our company's focus to explore and
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  develop. So, so you're you're exploring
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  and developing in a town called Flynn Flon.
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  It does have like you said 100 year history.
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  It's in Canada. We're going to dive into the
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  success you've had with exploration, but in terms of
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  finding copper and you're finding some gold and silver as
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  well, I understand. But in terms of finding it in
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  that location, what are the advantages that you would say to
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  to to being in a established mining district in Canada?
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  Well, rule of law is very, very important because you don't want
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  to go out and take all the risks to find something and then have
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  uncertainty of whether you own it or not And being able to
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  actually produce and extract it out of the ground because
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  ultimately that's when you you get the real value creation is
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  through the discovery and then you realize that value through
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  producing it for however long the mine life is.
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  So in, in terms of focusing on proximity, infrastructure is a
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  key focal point of our company and that really is, is to reduce
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  your exploration risk in many ways.
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  You're in a known jurisdiction, so you're a proven area
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  geologist, proven that it's hosted numerous mines.
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  I mentioned in our area 32 mines.
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  And aside from that you're gonna have much lower upfront capital
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  costs. So one of the biggest costs to
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  taking a a mine or developing a mine is your upfront
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  infrastructure cost and getting people out there power out
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  there, Rd. access water out there.
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  And it can have big, big CapEx. You know, a lot of these
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  deposits that are, you know, remote when they're discovered,
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  then it's just the beginning outside the discovery and
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  drilling it out is then how you gonna build it and how you gonna
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  raise the capital to build it 'cause, you know, CapEx can be
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  over a billion dollars in in, in many of these instances.
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  And so you can reduce that by being close to where all the
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  people are, the skilled workforce who are power already
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  sitting because the mines have already been producing there.
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  And in in our instance, there's a lot of water with the lakes.
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  So again, it reduces your upfront capital costs.
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  And on the exploration side of things, we're also able to
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  explore at much lower exploration costs because you're
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  not bringing the people out there through helicopter
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  assisted drilling, bringing fuel out to very remote locations.
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  In our instance, we actually own two homes in the community and
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  people commute from the community out to our mine site
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  or where the discoveries sit to work and it's works quite well.
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  So your location has access to electricity, hydroelectric power
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  line I think runs nearby. I saw there's water, there's a
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  town of Flint Flan with 5000 residents and they are is it, is
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  it safe to say that they are accustomed to mining?
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  It's been going on. They're miners.
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  Yeah, they're mining. Call them anything else would be
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  mislabeling all their key skill set.
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  I mean they're mining. This is a multi generational
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  mining community. The mining community actually
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  dates back to the original discovery of the Flynn Flan
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  deposit, which is the deposit the name the town's named after.
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  That was why the town actually was built.
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  So this town didn't exist until there were mines there and it's
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  been mining community ever since and never looked back.
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  So that is the key economic driver.
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  If you look at the situation actually that further benefits
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  what we're doing in terms of support from the community.
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  And I actually just before this call I was presenting to the the
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  community City Council fund fund.
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  So they were getting another update and continue to be
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  supportive of us. But again they had a a mine, a
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  big flagship mine that shut down in July 2022 called the 777 mine
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  and that was a mine that operated for over 18 years and
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  was the key where the employer for the community.
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  Again, you mentioned this 5000 people, over 700 of them worked
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  at 777. And so when that mine shut down,
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  not only do you have a huge job loss in the mine itself with
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  those jobs that are dwindling down to 50 jobs that
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  infrastructure goes on long term care and maintenance for the
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  time being that's a a big impact to also the other service
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  providers that were there to supply that mine in operation.
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  With that being said, the skilled workforce still works
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  in, I mean lives in Flint Flon because a lot of them are
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  relocating to another mine about a about 100 miles away.
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  So they'll do it two weeks on, two weeks off.
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  I can tell you it's not the most comfortable work environment
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  because you wait for your family half the month.
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  And so there's a lot of eagerness to see us be
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  successful. And I think in terms of
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  attracting human capital, I think it'll be quite easy at
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  that time because we'll be offering a similar job, but one
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  where they can drive 20-30 minutes from home as opposed to
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  leave for two weeks at a time. It it sounds like to me that the
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  location and being so close to Flint like it's a mutually
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  beneficial relationship. It's good for the company.
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  It's good for your company because of all the factors that
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  you just listed for us. But the people of the town are
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  vested and interested in in your success as well.
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  Yeah, no, I mean we were drilling not this last
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  Christmas, but the Christmas before last and I was actually
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  there with the drillers and you know we had the people, the
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  community to bring them Christmas cookies.
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  So there is, there is a lot of support from the community,
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  which is great. I mean our success is really
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  their success and that was the really when he I took over the
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  company in in terms of management shift in 2014.
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  The the company had a long history of exploring this area.
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  But the real opportunity if you looked at it just strictly from
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  a business standpoint is you know aligning yourself with
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  interest to the common good and creating something that will
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  facilitate their long term viability.
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  You know you'll be rewarded by doing so.
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  And that's really what you know Rainbow and the different
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  discoveries that we have at our project represent is that you
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  know culmination of a lot of those years worked and it took
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  six years to hit our first discovery hole.
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  Since that we've gotten a bit better at how to find these
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  deposits on a property where they sit and we've had a couple
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  other discoveries that are quite promising.
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  So we're we're quite excited about, you know, the potential
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  to meet that ultimate goal for the community of Flint Flock.
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  So, so you call the the zone that you're working in Pine Bay,
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  but within Pine Bay there's four deposits.
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  Tell us a little bit, I I understand you've issued a a
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  maiden resource this year. Give us a a read on on what you
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  found there so far. Yeah.
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  So Pine Bay is the name of, of the property area.
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  It actually encompasses over 6000 hectares.
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  We also see potential to further grow that land package
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  strategically where it makes sense in the future.
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  But it's a very, very large land package.
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  It does benefit as you mentioned from a hydroelectric power line
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  on site. It actually sits within 200
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  meters of our largest deposit that we've discovered today
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  called Rainbow Rd. Access Water and it's actually
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  on a mineral lease. So it's advanced permitting.
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  So the area encompasses an area that's been very favorable based
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  upon geology and exploration has actually gone back to 1911.
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  There all exploring for the big one is so to speak And and now
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  we've now started to hit in modern day with the most
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  substantial discoveries in the history of the property going
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  over a century of exploration. We've got a rainbow deposits,
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  the most advanced one, the first discovery that we made in 2020
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  that culminated with that resource that you mentioned we
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  announced last July of over nearly four, it's 4.7 million
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  tons. We're averaging over 3% copper.
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  And then there's an adjacent deposit called Pine Bay, that's
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  a million tons. So we're nearly 6,000,000 tons
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  on the resource. Rainbow is open at depth.
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  And then we've added the number of discoveries since then, one
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  of them called Alchemists and the second one called
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  Descendant, the descendant that was more recently made is we're
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  quite excited about that one for immediate resource growth there
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  and have plans moving forward to focus on that.
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  So again, we're looking to now transition the project into a
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  tier one asset by showing scale and scale it'll be in our, our
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  focus is you know over doubling the resource base through
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  expiration in the next 12 to 18 months.
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  OK. So currently you're at six
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  million metric tons. How big potentially let's say in
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  the next one year to five years could you, could you see
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  possibly the resource base getting to?
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  Well, the resource base can grow, has the potential to grow
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  pretty quickly based upon what we're seeing at descendant at
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  Descendant, the geology and the kind of key indicators around
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  there are showing there's a potential for it to be
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  significant in size. And once you get on to these
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  things and you kind of start defining them, you can define
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  them rather quickly. It's just the hard part's
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  finding them and kind of give an example.
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  We had, we had three holes in the rainbow entering 2021 and
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  then by 2023 we were able to put that resource on there and you
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  can you can build volume much more quickly.
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  The larger the system is and we believe we're in a much larger
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  system based upon some signatures there with this new
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  discovery. So we'd like to see ourselves
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  north of 15,000,000 tons on the property or have a Direct Line
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  of sight on that in the next, you know 18 months or so based
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  upon successful expirations results And again a
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  forward-looking statement, we have to have success with the
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  drill bit to back that up. But that's the goal of ourselves
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  moving forward is to really grow that from nearly, you know
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  6,000,000 tons to over 1516 million tons and that's when
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  you're going to get a big operation for a long life of
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  mine. OK, so I had a complete idea.
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  That there's there's been 32 mines in this camp's history and
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  there's been only three of them that have ever been over 20
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  million tons. OK.
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  OK. So and again it's safe to say
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  that that Flint Flan is a mining town, no doubt about it, right.
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  So, so and please correct me if I'm wrong on this, but as you're
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  talking about this exciting drill results you got from
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  Descendant in 2023, Is it safe to say that it I heard you say
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  the hard part is finding it, is it, is it safe to say that you
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  that you've kind of accomplished that at this point or that the
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  indications are any way that possibly you've kind of gotten
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  over that hurdle and now you're in the process of defining it?
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  Yeah, that's the early indications we've got in terms
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  of the descending. We've got a number of holes into
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  it and the holes are are are showing things are improving at
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  depth which has been the long standing exploration thesis on
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  the property not just ourselves of previous operators that in
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  that area of the property that the deposit would lie at death
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  and a lot of these large deposits in this area of the
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  world go deep that's just how they sit in.
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  The deposits of Pine Bay are seem to be pointing the same
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  way. So again we're early on that the
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  the the drilling that we've done on it is indicating that we're
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  in a a much larger system. The intervals are you know wider
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  than what we've seen at the top of rainbow.
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  We believe it's the Senate where the top of it and then you know
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  as we get to drilling, you know moving forward and stepping out,
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  you know things will build upon themselves and you know it takes
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  1 hole after another hole after another hole.
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  To give you the idea of Rainbow, we started with one hole and
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  when we put a resource base on it, we had eighty holes into the
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  area. So it takes you know a lot of
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  drilling and you know the what we see a descendant I would say
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  is you know a lot of the early indications that we saw at
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  Rainbow and Rainbow grew into something special and again it's
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  a very risky business. So I cater that nothing's 100%
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  in this business or we wouldn't be in it if it was that easy.
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  But we, we are very excited about the potential for this
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  discovery to emerge as something significant for ourselves in the
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  community in the investor universe.
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  In in terms of the deposit that you have established, how do
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  your grades compare to what other copper mines, other copper
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  discoveries that we're seeing around Canada and maybe around
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  the world even? Yeah.
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  So in terms of the grades that we've intersected at Pine Bay,
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  they do stand out on a global basis and really which is you
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  know Flynn Flan's always been known for having these type of
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  grades which is why we started exploring them first place and
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  and why so many people prior tests and explored that area for
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  these type of deposits. In, in terms of on a global
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  basis, if you look at copper grades that are mined around the
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  world, the average grade is less than half a percent.
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  So over 30% of that production is going to come out of Chile
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  and Peru. And these are very, very large,
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  very low grade operations. So you're looking in any
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  instance down to .25% copper for example, .35% copper, whereas
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  we're averaging over 3% copper. Then also on top of that have
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  the the, the base and precious metals, the zinc, gold and
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  silver as additional credits as what they call them in, in
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  mining to the the primary metal which is in our instance copper.
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  So the including that which just makes it so great is it we're in
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  the that much higher end of that spectrum in terms of grades.
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  If you want to find some of the highest grade copper mines in
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  the world, you got to go to the DRC in the Congo.
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  And I've actually visited the Congo several years ago.
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  I went to see the mountain gorillas, not to see any copper,
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  the gorillas are great, but I, you know I think that was
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  probably once in a lifetime thing.
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  I don't think I'm gonna make that a regular stop
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  professionally or for my vacation endeavors moving
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  forward just because it's a very unsafe area.
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  But they're averaging 2 to 3% copper and the DRC and actually
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  the highest grade copper mine in the world is 6% the Cokula and
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  that's operated by Ivanhoe Mines and Ivan Mines, great leadership
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  in in Robert Friedland there, but they were there because of
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  the grades. And uniquely enough they brought
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  a hydroelectric power line into the Congo.
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  So they could be mining have the cleanest copper concentrate in
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  the world. And I I like to you know, think
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  that we're a much safer version of that.
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  We have the exceptionally high grade copper.
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  We didn't need to build a hydroelectric power line
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  ourselves. And you know, again, we're in
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  proximity to that infrastructure and that known workforce and I
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  don't need to worry about my life driving down the road
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  there. You you, you feel relatively
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  safe in Flint Flan. Another key component that
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  everyone looks at when evaluating mining companies is
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  management. And we're going to talk
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  specifically about you a little bit later, but what about your
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  management team? From what I was able to discern
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  as I dug in, you have an experienced team, but on top of
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  that, a team that's also experienced in that Flan Flan
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  district. Yeah, no, absolutely.
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  They've got a lot more Gray hair than me.
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  I've got a lot of Gray hair from my age, but I think that's just
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  part of life and the stresses that come from it.
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  But you know, certainly our technical team that we, we have
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  it here at Calinex is I'm biased but they're, I think they're the
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  best of the best and what they do, I spent a lot of time and
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  you know on each one of them getting to join the team and
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  they've all comment at the right time.
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  I always call Pine Bay that you know, feel the dreams, you know
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  if you find it, they'll come. And so they've all come to help
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  support in their respective roles for the discovery and the
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  development of these deposits, you know, as they they progress.
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  So our team's been credited with the discovery over half of those
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  mines that I mentioned, the 32 mines in the history.
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  So and not just some of them but then some of the biggest ones.
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  So you know my mentor, former Chairman of the company, Mike
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  Mozlassky, who put the project together.
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  He's in the main in the Canadian Mining Hall of Fame for a dozen
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  mines in this area of the world, the largest of which was the
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  Trout Lake mine that carry this community for over 3 decades.
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  Our team's also been credited to discover the 777 mine that I
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  mentioned that operated for 18 years and just recently shut
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  down as well as the currently operating Lawler mine that's in
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  a different area, the the belt about 100 miles away where
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  everyone's working now and then on engineering side went out and
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  joined us about a year ago. His name is Peter R Jones and
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  and Peter is probably the best engineer you can find to to
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  engineer a mine in Flint Flon 'cause he's the founding CEO of
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  HUD Bay who's the mid tier producer that's has
• 18:17
  infrastructure in Flint Flon and help build and finance 777 and
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  and Lawler and those are two of the three largest mines in the
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  camp's history. So again, we've got a A-Team
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  that's found them, a team that's built them and financed them and
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  we're looking to do it again collectively here with Kalanick
• 18:37
  Center Discoveries at Pine Bay. Interesting.
• 18:41
  When I look at the share structure of the company, almost
• 18:45
  25% inside ownership. Is that accurate?
• 18:49
  That's correct, yes. Which is very high, 45% is owned
• 18:54
  by institutions, which is also very high.
• 18:57
  Tell me a little bit about the inside ownership and and and
• 19:01
  your personal interest in the company to the extent that you
• 19:05
  that you want to share. Yeah, no, certainly.
• 19:07
  I mean I I I put my money where my mouth is and I got a pretty
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  big mouth. I've always had a a pretty big
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  mouth. My family about that one and
• 19:13
  certainly my friends. So you know I own just under 4%
• 19:17
  of the company outright and that has been built, the positions
• 19:20
  built, built since I joined the company.
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  So there was no founders here as I came in after the company was
• 19:24
  founded and just built that over time and then it had strong
• 19:29
  support from you know family as well.
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  So collectively you know I think you know the Porterfield family
• 19:35
  is roughly around 10% of the float.
• 19:38
  So again long term shareholders, long term believers on these
• 19:42
  discoveries and gonna see this, this company through and shown
• 19:46
  that historically and told to be moving anytime soon.
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  We're finally having a lot of fun doing it.
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  And then on the institutional side had strong institutional
• 19:54
  support. It's very critical for a company
• 19:56
  like ourselves because again we don't generate revenue and we're
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  really many ways like a biotech company where it's a lot of
• 20:03
  research and development but our research is done with the drill
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  bit or some geophysical tools and those are analyzed at a lab
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  but they're an assay lab not a you know on human trials or
• 20:13
  anything like that. So with that being said, we've
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  got some of the most known and well respected resource
• 20:20
  investors that are on the Shielder registry.
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  The likes of 1832 McKenzie Resource Capital funds, which
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  are you know, big funds that have been around this industry
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  in a very long time and are stable shareholders and and
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  aside all that, the structure is very, very tight.
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  So I should say all that with just 17.1 million shares
• 20:40
  outstanding and again no debt on the balance sheet, I don't
• 20:44
  believe an exploration company should ever take on debt.
• 20:46
  That's you know more from when you build the mine, but again
• 20:50
  very tightly held, very small float and and that is gonna help
• 20:55
  out tremendously. So historically we put out for
• 20:58
  results. They've been positive.
• 21:00
  Of course the shares have have responded quite quite positively
• 21:04
  as well. So 2023 sounds like it was a
• 21:11
  successful year for the company. As you look out throughout the
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  rest of 2024, what what are you most excited about?
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  Well, we're most excited about the potential to significantly
• 21:23
  go with the resource base and grow Pine Bay into just not a
• 21:26
  great high grade discovery, but really stand out as a tier one
• 21:30
  asset on a global basis. And that's just going to be you
• 21:33
  know showing size. And we've got really I believe a
• 21:36
  strong potential for path to size with the emerging
• 21:39
  discoveries that we have. Again, a rainbow deposit that
• 21:42
  we've announced a resource on is open at depth.
• 21:44
  We've got in addition to that two emerging discoveries at
• 21:48
  Alchemist in Descendant, which is spent some time talking about
• 21:51
  today. And we've got a pipeline of
• 21:53
  further exploration targets to feed into that longer term.
• 21:56
  And we've with it the potential to grow a significant resource
• 22:01
  through those discoveries with additional drilling and
• 22:04
  geophysical work which we're doing right now over the next 12
• 22:07
  to 18 months. Interesting.
• 22:10
  So as I'm I'm jotting down some notes here as we've talked I I I
• 22:14
  hear great location, copper is a great metal to be in.
• 22:19
  We didn't really touch on that but we know that the projections
• 22:22
  for copper demand are are incredible as we move into these
• 22:25
  coming decades. Your deposit is high grade, but
• 22:31
  there's also a real tangible opportunity not only that it's
• 22:36
  high grade but that the, I mean it's already respectable size,
• 22:39
  it's 6,000,000 metric tons, but that it could grow much larger.
• 22:44
  What am I missing? Is there?
• 22:45
  Is there anything I forgot to ask you?
• 22:47
  Or or or? The I mean one thing they I
• 22:50
  should also mention that it kind of gets you know it's Steve Jobs
• 22:52
  is always great but this always gets better.
• 22:54
  The reality is, is beyond just our asset base in Flint flown,
• 22:58
  we also host two very sizable base metal rich and precious
• 23:02
  metals rich deposits in the Maritimes in Canada.
• 23:05
  So as we've kind of shown you the playbook in terms of
• 23:08
  proximity infrastructure in Flint Flon and Flint Flon being
• 23:10
  one of the most famed VMS camps in the world and the discoveries
• 23:15
  that are there that you know we're actively pursuing.
• 23:17
  We're also backstopped by some sizable resources in the
• 23:21
  Bathurst district of New Brunswick and that's a zinc
• 23:25
  deposit again in proximity infrastructure, deep water port,
• 23:29
  rail line, power station in a safe jurisdiction where we're
• 23:33
  very welcome, very high unemployment rate there.
• 23:35
  Mining history as well. The one of the largest
• 23:38
  underground zinc mines in the world was recently shut down in
• 23:41
  in Bathurst not too long ago. And then in, in Newfoundland
• 23:45
  where there's been a lot of success on the gold front, we've
• 23:47
  got a a 20 million ton gold, copper zinc deposit that's near
• 23:52
  surface. It's pit constrained also within
• 23:55
  a mineral lease just like Pine Bay has a mineral lease Point
• 23:57
  Leamington in Newfoundland does and those are both those
• 24:01
  projects have known a 43, one O 1 resource estimates on them
• 24:07
  Nash Creek in New Brunswick over 19,000,000 tons and in
• 24:12
  Newfoundland Point Leamington is 20 million tons.
• 24:16
  So and those are there and and that gives you real exposure in
• 24:19
  a rising metal price environment.
• 24:21
  I like to think that they're kind of option calls and and you
• 24:24
  know an asset can go out of the money to end the money very
• 24:26
  quickly. And you know these deposits
• 24:29
  become more and more economic obviously in a rising price
• 24:32
  environment assuming you know cost stay in line to some degree
• 24:36
  you don't have you know cost eroding any kind of margin that
• 24:40
  you're making as prices rise and that's just beyond our
• 24:43
  discoveries at Pine Bay which is our flagship.
• 24:47
  Right. So, so wait, there was more and
• 24:50
  I appreciate you. Yeah.
• 24:52
  I appreciate. It certainly is more.
• 24:56
  If people want to learn more about the company calnx.ca, is
• 25:01
  that correct for the website? CALLINE x.ca, we trade in the US
• 25:08
  on the OTCQX under the ticker CLLXF and then in Canada if you
• 25:14
  happen to have access to the Canadian markets, we trade on
• 25:16
  the Toronto Venture Exchange under the ticker CNX.
• 25:21
  OK, well, we're not done yet. Max, I have one more question
• 25:23
  for you, because people always want to get to know the CE OS or
• 25:27
  learn a little bit more about them.
• 25:29
  So I was going to ask you what your best friend if I was out
• 25:32
  having a cup of coffee with your best friend, what they would
• 25:35
  tell me about you. But I think you said you're with
• 25:38
  your dad right now. So if I was talking to your dad,
• 25:41
  or he was out with his buddies and he was going to brag about
• 25:44
  about his son Max, what are what are one or two things he might
• 25:47
  say about you? I certainly very, very
• 25:52
  passionate person about making mineral discoveries, eccentric
• 25:57
  in a lot of ways and and likes to try new things and so I think
• 26:00
  that, he says. Since a very young age, I've
• 26:02
  always had an affinity for rocks.
• 26:04
  I've had an for exploration. I was very into exploring space
• 26:07
  as a child and I've always, even since I was a little kid,
• 26:10
  carried around a treasure chest. Not that I carry around a
• 26:12
  treasure chest now, yeah, but when I was 6-7 years old, even
• 26:16
  when we go to family trips, I carry around this little
• 26:18
  treasure chest. So I've always been looking for
• 26:20
  treasure, continue to look for treasure in my adult life and
• 26:23
  it's very, very rare. Well, I'd like to think it's
• 26:25
  rare. Hopefully it's not so rare where
• 26:27
  you get to live out your kind of your passions in your day-to-day
• 26:31
  job. We were just talking about
• 26:33
  dinner last night and I said I don't know what I would probably
• 26:36
  do if I wasn't doing what I'm doing today, which is the
• 26:39
  perfect thing to be doing when you realize that.
• 26:42
  Yeah. I was going to say sounds like
• 26:43
  you're in the right business. And as a shareholder like I am,
• 26:47
  I feel confident that that you're the right guy for the
• 26:51
  job. Max, thank you for joining me
• 26:53
  today. On behalf of our viewer, thank
• 26:56
  you. I think there's a bright future
• 26:57
  with Kalanxx and we'll look forward to seeing you succeed as
• 27:02
  we head into the coming years. Thank you very much for having
• 27:05
  me and and hope to be here and a part of your show again in the
• 27:08
  future.