The hole PBM-008, intersected 3.3m of 3.2% copper and 5.9m of 2.2% zinc.
The discovery, Pine Bay East, is 450m east of the historic Pine Bay deposit and mine shaft and open along strike in both directions and at depth.
Callinex plans to conduct additional drilling over an approximate 200m strike length during the current winter.
Max Porterfield, chief executive, said it was an exciting discovery within one of the one of the largest past-producing Volcanogenic Massive Sulphide (VMS) camps in the world.
“With the additional planned drilling we have the potential to identify high grade copper and zinc mineralization along a strike length that is consistent with historic mines in the camp." he added.
Pine Bay East zone is on the margins of the Baker Patton Felsic Complex, one of the largest and most highly altered package of felsic volcanic rocks within the Flin Flon Greenstone Belt.
This type of structure has previously given rise to huge finds in the area, including Flin Flon and Chisel Basin VMS deposits.