Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) (the
"Company" or "Calibre") is pleased to announce the results of the
Company’s updated Nicaraguan Mineral Reserves and Mineral Resources
as of December 31, 2021.
Mineral Reserves and Mineral Resources
Highlights, since acquisition in Q4 2019:
- 254% increase in Mineral Reserves
to 1,013,000 ounces gold;
- 62% increase in Indicated Mineral
Resources to 1,806,000 ounces gold;
- Largest Reserve and record grade of
4.62 g/t Au for the combined Nicaragua assets over the last twelve
years;
- Increased Libertad Complex Mineral
Reserves from zero to 484,000 ounces gold;
- With continued Mineral Reserve
growth and a trend towards higher grades it is anticipated that
2023 and 2024 annual production will increase leading to lower per
ounce costs.
A chart accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/f22171aa-3880-45ad-b1b0-4bb3e0d71a24
Darren Hall, President and Chief
Executive Officer of Calibre stated: “In the two years
since acquiring our Nicaraguan assets Calibre’s commitment to
exploration has grown reserves from 286,000 to 1,013,000 ounces
gold after producing 353,000 ounces, establishing an excellent
foundation for future growth.
As a result of continued mineral reserve growth,
mine sequencing and generation of resource discovery and expansion
the Company anticipates a trend toward higher grades mined and
processed going forward, increasing overall annual production in
2023 and 2024 while overall volumed mined remains flat leading to
lower per ounce costs.
Our 85 kilometre 2022 drilling program is
underway with 11 rigs in operation focused on discovery and Mineral
Resource expansion as we continue to realize value from the
prospective and under-explored potential our Nicaraguan portfolio
has to offer.”
New 2022 Priority Resource Expansion
Opportunities:
- Drill programs have been designed
to focus on targets with the potential for discovery of 250,000
ounce or greater sized gold deposits to further bolster the
Company’s project pipeline;
- New 2021 high-grade Volcan
discovery (not included in 2021 Mineral Resource
estimate), high-grade drill results announced in November
16, 2021 including 15.6 g/t Gold over 4.9 metres (see news release
here);
- High-grade, resource expansion
opportunities at the newly discovered Volcan vein trend, Tranca,
Panteon Northeast, Talavera extension and EBP (see 2022 Targets
news release);
- Advance the newly approved Buena
Vista concession, located near the Limon mine complex (referred to
herein as “Limon” and the “El Limon Complex”) where multiple
prospective gold vein trends have been identified through surface
field reconnaissance work; and
- 10,000-line km airborne geophysical
survey to identify new areas of prospective gold mineralization
concealed beneath surface cover.
Mineral Reserves and Resources
StatementsAll notes with parameters are at the end of the
press releaseConsolidated Mineral Reserves and Resources –
December 31, 2021
|
Tonnage |
Grade |
Grade |
Contained Au |
Contained Ag |
|
(kt) |
(g/t Au) |
(g/t Ag) |
(koz) |
(koz) |
Probable Reserves |
6,852 |
4.62 |
13.6 |
1,013 |
2,970 |
El Limon Complex |
3,678 |
4.47 |
2.7 |
529 |
320 |
La Libertad Complex |
3,174 |
4.81 |
26.3 |
484 |
2,650 |
Indicated Resources(Inclusive of probable
reserves) |
17,685 |
3.18 |
8.0 |
1,806 |
4,534 |
El Limon Complex |
13,567 |
2.69 |
1.2 |
1,175 |
549 |
La Libertad Complex |
4,118 |
4.77 |
30.1 |
631 |
3,985 |
Inferred Resources |
7,693 |
3.66 |
34.2 |
903 |
8,425 |
El Limon Complex |
1,366 |
4.05 |
2.9 |
177 |
125 |
La Libertad Complex |
6,327 |
3.58 |
40.6 |
726 |
8,425 |
Mineral Reserves at Limon and Libertad
Complexes– December 31,
20211,2,3,4
|
Category |
Tonnage |
Grade |
Grade |
Contained Au |
Contained Ag |
|
|
(kt) |
(g/t Au) |
(g/t Ag) |
(koz) |
(koz) |
Limon UG |
Probable |
719 |
5.49 |
7.7 |
127 |
178 |
Limon OP |
Probable |
2,800 |
4.30 |
1.6 |
387 |
141 |
Limon Stockpile |
Probable |
159 |
2.86 |
0.0 |
15 |
0 |
Sub-total Limon |
Probable |
3,678 |
4.47 |
2.7 |
529 |
320 |
Libertad UG |
Probable |
428 |
3.98 |
13.97 |
55 |
188 |
Eastern Borosi UG |
Probable |
625 |
4.97 |
82.2 |
100 |
1,652 |
Libertad OP Sources |
Probable |
528 |
2.53 |
21.2 |
43 |
360 |
Pavon OP |
Probable |
1,015 |
5.07 |
8.5 |
165 |
278 |
Eastern Borosi OP |
Probable |
538 |
6.87 |
9.9 |
119 |
172 |
Libertad & Pavon Stockpiles |
Probable |
39 |
1.96 |
- |
16 |
- |
Sub-total Libertad |
Probable |
3,174 |
4.81 |
26.3 |
484 |
2,650 |
Total Mineral Reserves |
Probable |
6,852 |
4.62 |
13.6 |
1,013 |
2,970 |
Indicated Resources at Limon and Libertad
Complexes Inclusive of Reserves – December 31,
20211,5,6,7
|
Category |
Tonnage |
Grade |
Grade |
Contained Au |
Contained Ag |
|
|
(kt) |
(g/t Au) |
(g/t Ag) |
(koz) |
(koz) |
Limon UG |
Indicated |
1,668 |
5.58 |
5.6 |
300 |
312 |
Limon OP |
Indicated |
4,411 |
4.21 |
1.7 |
597 |
237 |
Limon Stockpile |
Indicated |
159 |
2.86 |
- |
15 |
- |
Tailings |
Indicated |
7,329 |
1.12 |
- |
263 |
- |
Sub-total Limon |
Indicated |
13,567 |
2.69 |
1.2 |
1,175 |
549 |
Libertad UG |
Indicated |
437 |
5.08 |
17.6 |
71 |
248 |
Eastern Borosi UG |
Indicated |
523 |
7.40 |
144.2 |
127 |
2,481 |
Libertad OP Sources |
Indicated |
1,529 |
2.25 |
15.2 |
111 |
739 |
Pavon OP |
Indicated |
1,163 |
5.05 |
8.8 |
189 |
328 |
Eastern Borosi OP |
Indicated |
415 |
9.84 |
14.0 |
131 |
189 |
Libertad & Pavon Stockpiles |
Indicated |
39 |
1.96 |
- |
2 |
- |
Sub-total Libertad |
Indicated |
4,106 |
4.80 |
29.1 |
633 |
3,845 |
Total Mineral Resources |
Indicated |
17,685 |
3.18 |
8.0 |
1,806 |
4,534 |
Inferred Mineral Resources at Limon and
Libertad Complexes – December 31,
20211,4,5
|
Category |
Tonnage |
Grade |
Grade |
Contained Au |
Contained Ag |
|
|
(kt) |
(g/t Au) |
(g/t Ag) |
(koz) |
(koz) |
Limon UG |
Inferred |
873 |
4.62 |
4.1 |
129 |
113 |
Limon OP |
Inferred |
493 |
3.04 |
0.8 |
48 |
12 |
Sub-total Limon |
Inferred |
1,366 |
4.05 |
2.9 |
177 |
125 |
Libertad UG |
Inferred |
1,489 |
5.21 |
9.7 |
61 |
116 |
Eastern Borosi UG |
Inferred |
250 |
8.21 |
60.9 |
33 |
242 |
Libertad OP Sources |
Inferred |
1,275 |
2.78 |
3.4 |
23 |
15 |
Pavon OP |
Inferred |
764 |
3.50 |
7.0 |
37 |
80 |
Eastern Borosi OP |
Inferred |
1,297 |
2.47 |
16.1 |
73 |
560 |
Sub-total Libertad |
Inferred |
6,334 |
3.58 |
40.6 |
728 |
8238 |
Total Mineral Resources |
Inferred |
7,693 |
3.66 |
34.2 |
903 |
8425 |
Limon Complex
The Limon mineral concessions have produced over
3.6 million1 ounces historically and continue delivering reliable
production while new opportunities for resource discovery and
expansion continue to be identified. Calibre’s exploration focus at
Limon during the coming year will target additional high grade vein
shoots identified along strike of the productive Panteon, Limon and
Talaveras vein systems as well as newly recognized vein trends in
less explored areas of the district. Calibre currently has four
core rigs that are actively exploring at Limon.
2021 Mineral Reserves at the Limon Complex
totaled 529,000 ounces of gold, net of 2021 production. Despite the
application of incrementally higher metal price assumptions and
lower cut-off grades, both the Limon open pit and underground
reserve grades have improved over year-end 2020, increasing from
4.24 to 4.30 g/t Au and from 5.14 to 5.49 g/t Au respectively.
Limon’s underground reserve growth was largely driven by resource
expansion and conversion in two new mineralized shoots at Panteon
and Atravesada which were discovered during 2020.
Infill drilling during the year upgraded
Inferred Mineral Resources into the Indicated Mineral Resource
category with total Indicated Mineral Resources growing slightly to
1,175,000 ounces gold (inclusive of reserves) with grades remaining
relatively flat at 2.69 g/t Au.
Libertad Complex
The Libertad mineral concessions have produced
over 1.9 million1 ounces historically. Current exploration drilling
is focused on near mill targets including Volcan and Tranca, both
of which represent solid opportunities for the delineation of
additional open pit resources with the potential for rapid
advancement through development to production in the near to
mid-term. During 2021 exploration drilling at the Volcan target
returned very encouraging results from a 1.5 km section of a 5 km
vein trend. See 2021 drill result news releases, November 16, 2021
Calibre Discovers High-Grade Gold Mineralization at Libertad’s
Volcan Target, June 8, 2021 Calibre Mining Intercepts 13.83 g/t
Gold over 4.4 metres, 11.37 g/t Gold over 5.4 metres and 16.78 g/t
Gold over 2.8 metres within 10 Kilometres of the Libertad Mill. In
addition, our field crews continue to rapidly identify and drill
test newly recognized vein systems at satellite targets such as
Amalia located within 35 km of the Libertad mill. Calibre currently
has four core rigs that are actively exploring at Libertad and
Amalia.
As a result of the Company’s (“hub-and-spoke”)
operating strategy and the ability to leverage the surplus capacity
of the Libertad mill mineral reserves for the Libertad Complex
increased by 188,000 ounces year over year after 2021 depletion.
Mineral Reserves at end-of-year 2021 total 484,000 ounces of gold
at a grade of 4.81 g/t Au including Pavon mine and the Eastern
Borosi Project. During 2021 Calibre initiated mining and steadily
increased ore hauling from the Pavon Norte high-grade open pit mine
demonstrating reliable production. During 2022, the Company will
continue mining and hauling at Pavon Norte while advancing Pavon
Central starter pit which is anticipated to begin production by Q4
at 8.32 g/t Au. Additionally, at the Eastern Borosi Project,
Calibre successfully converted 220,000 ounces of inferred resources
to reserves during 2021. Calibre is advancing permitting at Eastern
Borosi and anticipates construction to commence in H1 2023 and
mining and hauling to begin during H2, 2023. Pavon and Eastern
Borosi represent exciting emerging gold districts that remain
largely underexplored, especially when viewed in comparison with
the prolific Limon and Libertad districts.
Pavon Mine
During 2021 Calibre initiated mining at Pavon
Norte, the first of three known gold deposits hosting mineral
resources in the district. Calibre is advancing development and
permitting at Pavon Central with the objective of commencing mining
by 2023. Combined 2021 end-of-year mineral reserves for the Pavon
Norte and Central open pits total 165,000 ounces averaging 5.07 g/t
gold. Pavon Central which hosts an average reserve grade of 6.49
g/t gold, notably higher than the average 3.28 g/t gold grade at
Pavon Norte, is expected to contribute to 2023 and 2024 production
growth. The Company currently has two core rigs conducting resource
expansion drilling at Pavon Central and South.
Eastern Borosi Project
Calibre controls a 100% interest in the 176 km2
Eastern Borosi Gold-Silver Property (“EBP”), located in
northeastern Nicaragua. The project is located along a paved
highway approximately 400 km from the Company’s Libertad
Complex, which has approximately 1.0 million tonnes per annum of
surplus processing capacity, providing a low-cost opportunity for
organic growth.
During 2021 the Company significantly advanced
the Guapinol/Vancouver and Riscos De Oro gold deposits toward
commercial development with the completion of resource delineation
and conversion drilling done in parallel with detailed technical
studies, environmental baseline work, community consultations,
geotechnical and metallurgical test work which has resulted in an
inaugural Mineral Reserve declaration for the project. At year-end
Calibre had completed these programs and submitted applications for
permits to advance the project toward commercial production which
is anticipated to commence during the second half of 2023. Once in
production the Eastern Borosi Project will represent the Company’s
fourth source of high grade feed to the Libertad mill.
Reinterpretation of historic surface and
exploration drilling data has significantly advanced the
understanding of the Eastern Borosi district and its overall
potential for new discoveries. Calibre currently has two core rigs
actively exploring multiple earlier stage targets at Eastern
Borosi.
Quality Assurance/Quality Control
Calibre maintains a Quality Assurance/Quality
Control ("QA/QC") program for all its exploration projects using
industry best practices. Key elements of the QA/QC program include
verifiable chain of custody for samples, regular insertion of
certified reference standards and blanks, and duplicate check
assays. Drill core is halved and shipped in sealed bags to Bureau
Veritas in Managua, Nicaragua, an independent analytical services
provider with global certifications for Quality Management Systems
ISO 9001:2008, Environmental Management: ISO14001 and Safety
Management OH SAS 18001 and AS4801. Prior to analysis, samples are
prepared at Veritas' Managua facility and then shipped to its
analytical facility in Vancouver, Canada. Gold analyses are
routinely performed via fire assay/AA finish methods. For greater
precision of high-grade material, samples assaying 10 g/t Au
or higher are re-assayed by fire assay with gravimetric finish.
Analyses for silver and other elements of interest are performed
via Induction Coupled Plasmaspectrometry.
Qualified Persons & Technical
Disclaimers
This news release has been reviewed and approved
by Grant A. Malensek, M.Eng., P. Eng., José M. Texidor Carlsson,
M.Sc., P. Geo., Balaji Subrahmanyan, B.Eng., M.S., SME(RM), Stephan
R. Blaho, MBA, P.Eng., of SLR Consulting (Canada) Limited (“SLR”)
(Limon, Libertad and Pavon reserves and resources, and EBP
Resources); Shane Ghouralal, MBA, P.Eng. formerly of WSP in Canada
(EBP Guapinol and Vancouver open pit reserves); Jason Sexauer, MBA,
P.E., P.Eng. of Stantec (EBP Riscos de Oro underground reserves),
who prepared the updated mineral reserve and mineral Resource
estimates reported in this news release and are Qualified Persons
(“QP”) as set out under NI 43-101.
A new technical report on the La Libertad
Complex (the “New La Libertad Complex Technical Report”) will be
prepared by SLR in accordance with NI 43-101. The technical report
will include the EBP pre-feasibility study results as well as
details regarding the updated mineral reserve and resource
estimates presented herein and will be filed on SEDAR
(www.sedar.com) within 45 days of this news release. Readers are
encouraged to read the New La Libertad Complex Technical Report in
its entirety, including all qualifications, assumptions and
exclusions that relate to the Mineral Resources and Mineral
Reserves. The New La Libertad Complex Technical Report is intended
to be read as a whole, and sections should not be read or relied
upon out of context.
Additional information with respect to the
updated mineral reserves and resources for the El Limon Complex
reported herein has been derived from the technical report titled
“Technical Report on the El Limon Complex, Leon and Chinandego
Departments, Nicaragua – Report for NI 43-101” dated March 30, 2021
with an effective date of December 31, 2020 (the “El Limon Complex
Technical Report”). Readers are encouraged to read the El Limon
Complex Technical Report in entirety, including all qualifications,
assumptions and exclusions that relate to the Mineral Reserves and
Mineral Resources. The El Limon Complex Technical Report is
intended to be read as a whole, and sections should not be read or
relied upon out of context.
Please also see the notes to each table
below.
Darren Hall, MAusIMM, President & Chief
Executive Officer, Calibre Mining Corp. has reviewed and approved
the scientific and technical information in this news release.
ON BEHALF OF THE BOARD
"Darren Hall"
Darren Hall, President and Chief Executive
Officer
For further information, please contact:
Ryan KingSenior Vice President, Corporate
Development & IRT: (604) 628-1012E: calibre@calibremining.comW:
www.calibremining.com
About Calibre Mining Corp.
Calibre Mining is a Canadian-listed, Americas
focused, growing mid-tier gold producer with a strong pipeline of
development and exploration opportunities across Nevada and
Washington in the USA, and Nicaragua. Calibre is focused on
delivering sustainable value for shareholders, local communities
and all stakeholders through responsible operations and a
disciplined approach to growth. With a strong balance sheet, no
debt, a proven management team, strong operating cash flow,
accretive development projects and district-scale exploration
opportunities Calibre will unlock significant value.
Cautionary Note Regarding Forward Looking
Information
This news release includes certain
"forward-looking information" and "forward-looking statements"
(collectively "forward-looking statements") within the meaning of
applicable Canadian securities legislation. All statements in this
news release that address events or developments that we expect to
occur in the future are forward-looking statements. Forward-looking
statements are statements that are not historical facts and are
identified by words such as "expect", "plan", "anticipate",
"project", "target", "potential", "schedule", "forecast", "budget",
"estimate", "intend" or "believe" and similar expressions or their
negative connotations, or that events or conditions "will",
"would", "may", "could", "should" or "might" occur. Forward-looking
statements in this news release include, but are not limited to:
the Company’s expectations toward higher grades mined and processed
going forward, increased overall annual production in 2023 and 2024
and lower per ounce costs; statements relating to the Company’s
2022 priority resource expansion opportunities; the Company’s
exploration focus at the El Limon Complex; the Company’s metal
price and cut-off grade assumptions; the Company’s opportunities at
Volcan and Tranca at the La Libertad Complex; the Company’s plans
for the La Libertad Complex for 2022, including the anticipated
date of development, permitting and production at Pavon Central and
the anticipated dates of permitting, construction, mining and
hauling and commercial production at EBP and the Company’s
expectations with respect to Pavon and EBP and their respective
contributions to production growth. Forward-looking statements
necessarily involve assumptions, risks and uncertainties, certain
of which are beyond Calibre's control. For a listing of risk
factors applicable to the Company, please refer to Calibre's annual
information form (“AIF”) for the year ended December 31, 2020, its
management discussion and analysis (“MD&A”) for the three and
nine month period ended September 30, 2021 and its MD&A for the
year ended December 31, 2020, all available on the Company’s SEDAR
profile at www.sedar.com. This list is not exhaustive of the
factors that may affect Calibre's forward-looking statements.
Calibre's forward-looking statements are based
on the applicable assumptions and factors management considers
reasonable as of the date hereof, based on the information
available to management at such time. Such assumptions include, but
are not limited to: the Company being able to mine and process
higher grades and keep production costs relatively flat going
forward; there not being an increase in production costs as a
result of any supply chain issues or ongoing COVID-19 restrictions;
there being no adverse drop in metal price or cut-off grade at the
Company’s Nicaraguan properties; the Company’s opportunities at
Volcan and Tranca at the La Libertad Complex coming to fruition;
there being no adverse development or hindrance in the permitting
or construction processes at Pavon and EBP and their respective
potential and ability to contribute to production growth. Calibre
does not assume any obligation to update forward-looking statements
if circumstances or management's beliefs, expectations or opinions
should change other than as required by applicable securities laws.
There can be no assurance that forward-looking statements will
prove to be accurate, and actual results, performance or
achievements could differ materially from those expressed in, or
implied by, these forward-looking statements. Accordingly, undue
reliance should not be placed on forward-looking statements.
Note 1 - See
the AIF, the El Limon Complex Technical Report, the La Libertad
Complex Technical Report and the New La Libertad Complex Technical
Report, once filed.
Note 2 - Limon Complex
Mineral Reserve Notes
- CIM (2014) definitions were
followed for Mineral Reserves and rounded and reported in dry
tonnes.
- Underground Mineral Reserves are
estimated at fully costed and incremental cut-off grades of 3.01
g/t, respectively, for Santa Pancha 1; 2.90 g/t Au, respectively,
for Panteon; and 2.13 g/t Au, respectively, for Veta Nueva, and
2.30 g/t Au for Atravesada.
- Open pit Mineral Reserves are
estimated at a cut-off grade of 1.11g/t Au for Limon Norte, 1.05g/t
Au for Limon Central, 1.07g/t Au for Pozo Bono/Limon Sur, 1.10g/t
Au for Tigra, and incorporate estimates of dilution and mining
losses.
- Mineral Reserves are estimated
using an average long-term gold price of US$1,500 per ounce.
- Minimum mining widths of 4 m and 3
m and 1.5m, and 2m were used for SP1, and Veta Nueva, and Panteon,
and Atravesada respectively.
- Bulk density varies between 2.30
t/m3 and 2.41 t/m3 for all open pit Mineral Reserves; Bulk density
varies between 2.47 t/m3 to 2.50 t/m3 for all underground Mineral
Reserves.
- A mining extraction factor of 95%
was applied to the underground stopes. Where required a pillar
factor was also applied for sill or crown pillar. A 100% extraction
factor was assumed for development.
Note 3 - Libertad
Complex Mineral Reserve Notes
- CIM (2014) definitions were
followed for Mineral Reserves and rounded and reported in dry
tonnes.
- Underground Mineral Reserves for
Jabali West are estimated at fully costed and incremental cut-off
grades of 2.75 g/t Au and 1.95 g/t Au, respectively.
- Open pit Mineral Reserves are
estimated at a cut-off grade of 1.27 g/t Au for Pavon Norte and
Pavon Central, and incorporate estimates of dilution and mining
losses.
- Open pit Mineral Reserves are
estimated at a cut-off grade of 0.74g/t AU for Rosario, and
incorporate estimates of dilution and mining losses.
- Open pit Mineral Reserves are
estimated at a cut-off grade of 0.79 g/t Au for Jabali Antena, and
incorporate estimates of dilution and mining losses.
- Mineral Reserves are estimated
using an average long-term gold price of US$1,500 per ounce.
- A minimum mining width of 1.5 m was
used for underground Libertad Mineral Reserves and a dilution skin
of 0.5 m was added to the hanging wall and footwall respectively
(total 1.0 m).
- Open pit and underground bulk
density varies from 1.70 t/m3 to 2.64 t/m3; underground backfill
density is 1.00 t/m3.
- A mining extraction factor of 95%
was applied to the underground stopes. Where required a pillar
factor was also applied for sill or crown pillar. A 100% extraction
factor was assumed for development.
Note 4 – Eastern Borosi Mineral Reserve
Notes
- CIM (2014) definitions were
followed for Mineral Reserves and rounded and reported in dry
tonnes.
- Open pit
Mineral Reserves for Guapinol/Vancouver are mined tonnes and
diluted grade; the reference point is the mill feed at the primary
crusher.
- Open pit
Mineral Reserves are reported at a cut-off grade of 1.81 g/t
Au.
- Open pit Mineral Reserve cut-off
grade assumes Au of US$1,500/oz and Ag US$26/oz; 99.95% payable
gold and 99.25% payable silver with a royalty of US$28/oz; selling
cost are US$4.38/oz including offsite costs (refining and
transport); and uses an 92.5% metallurgical recovery for Au and 60%
for Ag. The cut off-grade covers processing costs of US$20.27/t,
hauling costs of US$50/t, administrative (G&A) costs of
US$7.73/t, tailings facility costs of US$1.66/t.
- Underground Mineral Reserves for
Riscos del Oro are estimated at a cut-off grade of 3.41 g/t Au
- Underground Mineral Reserves are
estimated using an average long-term gold price of US$1,500 per
ounce and a US$/C$ exchange rate of $0.80.
- A minimum mining width of 2 m was
used for Riscos del Oro.
Note 5 – Limon Mineral Resource
Notes
- Effective dates are December 31,
2021 for all El Limon deposits.
- CIM (2014) definitions were
followed for Mineral Resources and numbers may not add up due to
rounding.
- A cut-off grade of 1.00 g/t Au is
used for Limon OP, 2.19 g/t for Limon UG, 2.82 g/t for SP1 UG, 2.82
g/t for SP2 UG, 2.00 g/t for Veta Nueva UG, 2.72 g/t for Panteon
UG, 0.00 g/t for Tailings, and 2.15 g/t for Atravesada UG.
- Reporting shapes were used for
reporting Limon UG, SP1 UG, Veta Nueva UG, Panteon UG, and
Atravesada UG.
- Mineral Resources are estimated
using a long-term gold price of US$1,600/oz Au in all deposits
except SP2 UG where a long-term gold price of US$1,500 was
used.
- Bulk density varies between 2.30
t/m3 and 2.50 t/m3.
- Mineral Resources that are not
Mineral Reserves do not have demonstrated economic viability.
- Mineral Resources are inclusive of
Mineral Reserves.
Note 6 – Libertad Mineral Resource
Notes
- Effective dates are December 31,
2021 for all La Libertad deposits except San Antonio OP, with an
effective date of August 30, 2020.
- CIM (2014) definitions were
followed for Mineral Resources.
- A cut-off grade of 0.74 g/t Au is
used for Jabali Antena OP, 0.69 g/t for Rosario OP, 0.68 g/t for
Socorro OP and San Antonio OP, 2.90 g/t for San Juan UG, San Diego
UG and Mojón UG, and 2.58 g/t for Jabali West UG, 2.84 g/t for
Jabali East UG, 1.19 g/t Au for Pavon Norte and Pavon Central, and
1.17 g/t Au for Pavon Sur.
- Reporting shapes were used for
reporting Jabali West UG.
- Mineral Resources are estimated
using a long-term gold price of US$1,600/oz Au in all deposits
except Pavón Sur, estimated using a long-term gold price of
US$1,400/oz Au.
- Bulk density varies between 1.70
t/m3 and 2.64 t/m3.
- Mineral Resources that are not
Mineral Reserves do not have demonstrated economic viability.
- Mineral Resources are inclusive of
Mineral Reserves.
- Numbers may not add up due to
rounding.
Note 7 – Eastern Borosi Mineral Resource
Notes
- CIM (2014) definitions were
followed for Mineral Resources and Numbers may not add due to
rounding.
- A cut-off grade of 2.0 g/t AuEq is
used for Blag UG and East Dome UG, 3.21 g/t Au for Riscos UG, 3.59
g/t Au for Guapinol and Vancouver, 1.70 g/t Au for Guapinol and
Vancouver OP, and 0.42 g/t Au for La Luna OP.
- Gold equivalent values were
calculated using the formula: AuEq (g/t) = Au (g/t) + Ag (g/t) /
(101.8)
- Mineral Resources for Blag UG, East
Dome UG and La Luna OP are estimated using a long-term gold price
of US$1,500 per ounce of gold, US$23 per ounce of silver.
- Mineral Resources for Riscos UG and
Guapinol and Vancouver (OP and UG) are estimated using a long-term
gold price of US$1,600 per ounce of gold.
- A minimum mining width of 2.4 m was
used for underground and 3 m for open pit.
- Bulk density is 2.65 t/m3 for Blag,
East Dome, and La Luna, between 2.30 t/m3 and2.71 t/m3 for Riscos,
and between 2.05 t/m3 and 2.60 t/m3 for Guapinol and
Vancouver.
Note 8 - B2Gold AIF 2010-2019 available
on sedar.com and Calibre AIF 2019, available on
sedar.com
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