Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) (the
"Company" or "Calibre") is pleased to announce assay results from
the ongoing resource conversion and expansion drill program at the
newly acquired, 100% owned Pan mine (“Pan”), located in White Pine
County, Nevada. Numerous results outlined below indicate the
potential for resource expansion while focusing on converting known
zones of mineralization. These reported results are the initial
batch from the Q4, 2021 drill program. During 2022, Calibre is
advancing an additional multi-rig 50,000 metre program which is
currently underway with five drill rigs operating in Nevada.
Highlights from the Pan drill program
include:
- Drilling has focused on new zones
of mineralization and expanding known zones of inferred
mineralization,
- 1.02 g/t Au over 50.3 metres in
Hole PR21-045, 0.83 g/t Au over 34.0 metres in hole PCM21-001;
- 0.47 g/t Au over 45.7 metres in
Hole PR21-044, 0.44 g/t Au over 44.2 metres in Hole PR21-002;
- 0.46 g/t Au over 56.4 metres and
0.40 g/t Au over 62.5 metres in Hole PR21-001;
- 0.58 g/t Au over 41.2 metres and
0.68 g/t Au over 24.4 metres in Hole PR21-022;
- 0.40 g/t Au over 30.5 metres and
0.42 g/t Au over 16.8 metres in Hole PR21-021;
- 0.65 g/t Au over 9.1 metres in Hole
PR21-017, 0.59 g/t Au over 13.7 metres in Hole PR21-048; and
- 0.48 g/t Au over 45.7 metres in
Hole PR21-044, 0.55 g/t Au over 16.8 metres in Hole PR21-056
Note: All holes were drilled at
angles of -45 to -90 degrees at azimuths designed to intersect
targeted structures as nearly as possible to perpendicular when
possible. Some drill holes and intercepts reported here did not
cross mineralization perpendicularly, and do not represent exact
‘true widths’.
Darren Hall, President, and Chief
Executive Officer of Calibre stated: “These initial
results indicate that several targets previously identified by the
Nevada exploration team have the potential to add to the overall
Pan resource and extend the mine life. Calibre’s 2022 drill program
will continue to advance near mine resource conversion and
expansion opportunities and test new targets that have not been
drilled within the Pan exploration concession.
The team in Nevada have done a commendable job
in establishing Pan as a reliable producer, generating operating
cash flow which was prudently reinvested into the business. While
it is early, we are seeing the benefits of our muti-rig, 50,000
metre exploration and resource expansion drill program, which will
give us valuable new information to optimize the Pan mine
production profile. Given Calibre’s strong balance sheet and
consolidated production guidance of 220,000 – 235,000 ounces gold,
the Company will generate significant operating cash flow,
providing the capital to reinvest and unlock the ultimate potential
at Pan.”
Tom Gallo, Senior Vice President, Growth
of Calibre stated: “Initial drilling at Pan is focused on
high priority growth targets adjacent to known resources. We are
encouraged by the early results at Pegasus and other areas proximal
to previously reported mineral resources and believe expansion of
these areas is favourable. We are excited to continue to drill
resource expansion opportunities and accelerate our program to test
new targets on the 43 km2 Pan property.”
Pan Mine Targets
Initial drilling has focused near mine along
strike of the Branham Fault Zone (“BFZ”). Drilling within the
Pegasus target (“Pegasus”), located on the northeast edge of the
operating South Pan open pit, was carried out to expand and convert
resources previously classified as inferred. Three holes, PR21-001
(0.46 g/t Au over 56.4 metres and 0.40 g/t Au over 62.5
metres), PR21-002 (0.44 g/t Au over 44.2
metres) and PR21-045 (1.02 g/t Au over 50.3
metres) show mineralization continuing north-easterly
anticipated to expand resources. Stratigraphically controlled zones
such as Pegasus are being targeted peripheral to the Branham Fault
Zone (“BFZ”) which has, historically, been the primary control for
ore grade mineralization at Pan. Pegasus represents thick gold
intercepts continuing along the favourable host rock horizon
remaining open to the northeast. Also, within Pegasus, holes
PR21-021 (0.40 g/t Au over 30.5 metres and 0.42 g/t Au over
16.8 metres) and PR21-022 (0.58 g/t Au over 41.2
metres and 0.68 g/t Au over 24.4 metres) show thick gold
intervals extending down dip. Many of the holes described within
this news release suggest expansion or enhancement potential of the
modeled resource (see Updated Technical Report, dated September 8,
2021). The continuity of Pegasus could lead to significant
additions to resources in this area.
Additional Highlights from the drill
program include:
- Hole PR21-017: 0.65 g/t Au over
9.14 metres indicates shallow mineralization may extend southward
and eastward and expands and upgrades the mineralization
encountered in historic drilling (see Updated Technical Report,
dated September 8, 2021) and expands a block of inferred
mineralization;
- Hole PR21-056: 0.55 g/t Au over
16.8 metres including 1.17 g/t Au over 3.1 metres represents
thicker and higher-grade mineralization to the west of the BFZ
which, as described above, has been the primary mineral controlling
structure at Pan;
- Hole PR21-048: 0.36 g/t over 15.2
metres and 0.60 g/t over 13.7 metres demonstrate a zone of
increased thickness relative to the recent resource model in this
target zone;
- Hole PR21-045: 1.02 g/t over 50.29
metres represents the addition of resource as it falls within the
Pegasus target; and
- Holes PR21-027 and PR21-025 from
the Black Stallion area confirm shallow oxide mineralization with
the potential to expand this ‘satellite’ open pit. The two holes
contain 1.08 g/t (PR21-027) over 4.56 metres and 0.41 g/t
(PR21-025) over 9.1 metres with all intercepts falling within 30
meters of the surface.
Pan Gold Mine Overview and
Opportunities
The Pan Mine is a carlin-style, open pit, heap
leach mine located in east-central Nevada, approximately 28 km
southeast of the town of Eureka, on the prolific Battle Mountain –
Eureka gold trend. Pan ramped up smoothly after restarting
operations in September 2017 and has a track record of reserve and
resource replacement. Gold production has increased year over year
since 2017 with 2021 gold production reaching 45,397 ounces. During
2022, Calibre is advancing a multi-rig, 50,000 metre resource
expansion and conversion drilling program at Pan.
Link 1 – FiguresLink
2 – Drilling Tables
Quality Assurance/Quality
Control
Calibre Mining 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 the
insertion of assay standards, blanks, and duplicates in the sample
stream to ensure the assay lab results are within specified
performance levels. Down hole deviation surveys are provided by
International Directional Services, utilizing a surface recording
gyroscope, and by trained drill crews operating a north seeking
gyroscope supplied by REFLEX. RC drilling was performed by Boart
Longyear of Salt Lake City, Utah and Alford Drilling from Elko,
Nevada. Assays were performed by ALS, Reno where fire assays were
determined on a 30-gram charge with an AAS finish. An additional
cyanide leach assay was also completed. ALS carries ISO/IEC
17025:2017 certification.
Qualified Person
The scientific and technical information
contained in this news release was approved by Paul Noland (AIPG
CPG-11293), Calibre Mining’s Vice President, Exploration, Nevada
and a “Qualified Person” under National Instrument 43-101.
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; statements relating to the Company’s 2022 priority
resource expansion opportunities; the Company’s metal price and
cut-off grade assumptions; the Company’s plans for the Pan Mine for
2022, including production and exploration and its contribution 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, and its management discussion
and analysis (“MD&A”) for the year ended December 31, 2021, 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 Nevada properties. 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.
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