Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) (the
"Company" or "Calibre") is pleased to provide an update on the
Company's next high-grade open pit mine, at Pavon Central and 2021
and 2022 drill programs. Pavon Central development is on track to
ramp up production in the first half of 2023 and recent results
highlight high-grade drilling and expansion of defined high-grade
open pit deposits at the Pavon Central, and Pavon South.
Highlights from the Pavon Complex
include:
- Pavon Central is on track to be the
Company’s next high-grade open pit mine (2021 open pit Reserve
grade is 6.49 g/t Au) (see Calibre Increases Nicaraguan Mineral
Reserves to In Excess of 1 Million Ounces News Release here);
- Advancing development and
permitting expecting to initiate mining during Q1, 2023;
- Drilling underway with two rigs
following up on recent high-grade results;
- Strong indications for resource
expansion along Pavon Central south extension and Pavon South.
Highlight Pavon Central Drill
Results
- 5.08 g/t Au over 7.6 metres ETW
from 72.7 metres in hole PVC-21-046;
- 4.21 g/t Au over 6.5 metres ETW
from 32.0 metres in hole PVC-21-062;
- 4.46 g/t Au over 9.8 metres ETW
from 94.6 metres in hole PVC-21-078; and
- 8.58 g/t Au over 4.0 metres ETW
from 145.3 metres in hole PVC-21-081.
Highlight Pavon South Drill
Results
- 11.56 g/t Au over 12.4 metres ETW
from 37.6 metres in hole PVS-21-004;
- 4.08 g/t Au over 2.3 metres ETW
from 49.4 metres in hole PVS-21-002;
- 3.04 g/t Au over 28.4 metres ETW
from 26.2 metres in hole PVS-21-006; and
- 11.75 g/t Au over 3.9 metres ETW
from 81.2 metres in hole PVS-21-014.
*A complete list of 2021 drill results since the
resource and reserve cut-off date will be included in the updated
end of year 2021 Libertad Technical report which will be filed on
or before March 31, 2022.
Darren Hall, President & Chief
Executive Officer of Calibre, stated: “In 2021, Calibre
responsibly initiated mining and steadily increased Pavon Norte
production rates delivering a new mine and additional feed into our
Libertad mill. Successful gold production from Pavon Norte to our
underutilized Libertad mill demonstrates the success of our
expanding operating strategy to de-orphan satellite deposits to
generate robust cash flows and extend mine life. The significantly
higher reserve grade at Pavon Central, over that of Pavon Norte, is
expected to positively contribute to 2023 and 2024 production
growth while maintaining constant mining and hauling rates, leading
to lower per ounce costs.
Pavon Norte represents the first of three known
high-grade open pits within this emerging gold district. As
exploration at our 100% owned Pavon Complex continues to advance,
we are beginning to see the benefits of our drill program and
believe there is great potential to make new discoveries and
continue to expand known resources particularly when intercepting
high-grade intercepts near surface as reported today.”
2021/2022 Exploration Drilling
Program
The drilling completed in 2021 and the current
program focuses on step out drilling on the currently identified
resources, extending mineralization along strike and down dip, in
all three deposits. The vein bearing structure varies in width and
grade with several drillholes host to multiple gold bearing quartz
veins within a wide fault structure. Given the positive drill
results, to-date, there is good potential to expand Pavon Central
along strike to the north where new intercepts including 4.46 g/t
Au over 9.8 metres and 5.98 g/t Au over 1.4 metres. Pavon Central
south extension drilling intercepted 8.58 g/t Au over 4.0 metres
approximately 250 metres along strike outside of the currently
defined resources potentially indicating a new ore shoot with
potential to grow. Additionally, excitement grows around the Pavon
South deposit which exhibits shallow, high-grade intercepts along
strike outside of currently defined resources.
Pavon Overview and
Opportunities
During Q1, 2021, Calibre initiated mining at its
100% owned Pavon Norte open pit mine the first of three known open
pit gold deposits which also includes Pavon Central and Pavon
South. Calibre is advancing development and permitting along trend
to begin mining at Pavon Central by Q1, 2023 which hosts an average
open pit mine reserve grade of 6.49 g/t gold (see Feb 23, 2022 News
Release here), almost double the grade of Pavon Norte. The planned
mine expansion into the Pavon Central zone and the increased gold
grade is expected to positively contribute to 2023 and 2024
production growth.
The Company remains on track and on budget to
advance Pavon Central during the remainder of 2022, with the
expectation to achieve mining by Q1, 2023. All mine development
capital for Pavon Central is included in the Company’s growth
capital guidance, which is all self funded through a strong cash
balance of US$78.5 million (as at December 31, 2021), no debt and
2022 production of between 220,000 and 235,000 ounces. Growth
capital for the new Pavon Central mine includes site
infrastructure, and road and power line installation and
upgrades.
Link 1 – FiguresLink 2 –
Drilling Tables Link 3 – 3D Visualization of the
Pavon Gold Project
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, samples of high-grade material assaying 5 g/t Au or
higher are re-assayed by fire assay with gravimetric finish.
Analyses for silver and other elements of interest are performed
using 4-acid digestion with analytical methods employing Induction
Coupled Plasmaspectrometry ("ICP"), mass spectroscopy (“MS”), and
emission spectroscopy (“EM”)
Estimated True Widths (‘ETW’) for reported vein
intercepts are based on empirical 3D models of the individual
veins. Estimates are determined in cross-section by measuring the
modelled vein thickness perpendicular to the vein margins and
through the midpoint of the drill hole intercept. Percentage based
differences between individual ETW’s and down-hole interval lengths
will vary between drill holes depending on drill hole inclination,
variations in vein strike and dip, and overall geometries of the
different vein systems.
Qualified Person
The scientific and technical data contained in this news release
has been reviewed and approved by Greg Myers Ph.D., P.Geo., Senior
Manager Generative Exploration, and a Qualified Person as defined
by NI 43-101.
ON BEHALF OF THE BOARD
"Darren Hall"
Darren Hall, President & Chief Executive
Officer
For further information, please
contact:
Ryan KingSenior Vice President
Corporate DevelopmentT: (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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