Calibre Mining Corp. (“Calibre” or the “Company”)
(TSX: CXB; OTCQX: CXBMF) is pleased to announce that the Company
has been granted the key environmental permit for development and
production of the Pavon Central open-pit mine from the Ministry of
the Environment and Natural Resources in Nicaragua.
Darren Hall, Chief Executive Officer of Calibre,
stated: “The approval of Pavon Central marks a significant
milestone in the Company’s efforts to organically grow production,
utilizing a portion of the installed excess capacity at our
Libertad mill. We are excited to introduce Pavon Central into the
development profile fueling grade driven production growth in 2023
and 2024 from the 6.49 g/t gold reserve. See news release dated Feb
23, 2022 or Libertad Technical Report available on
calibremining.com or sedar.com). We will continue to work closely
with regulatory authorities, local communities, and all
stakeholders to ensure safe and responsible development and mining
at Pavon Central.”
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 of
Pavon Central with the objective to commence production in the
first quarter of 2023. Combined 2021 end-of-year mineral reserves
for the Pavon Norte and Central open-pit mines total 165,000 ounces
at an average gold grade of 5.07 g/t. Pavon Central 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 and is expected to
contribute to the Company’s 2023 and 2024 production growth. See
Calibre news release dated March 22, 2022 for details on recent
highlight drill results, including:
Highlight Pavon Central Drill
Results
- 5.08 g/t Au over
7.6 metres estimated true width (“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.
Calibre has identified the potential for
resource expansion along strike and at depth at the Pavon vein
system and at new vein targets within the overall 32km2 land
package, where two rigs are currently operating.
Since the beginning of 2021, Calibre has
continued to progress development at Pavon Central, working closely
with our environmental consultant and the ‘Centre for an
Understanding with Nature’ in Nicaragua, to ensure quality
engineering designs with minimal impact to the environment. Calibre
has advanced engineering studies, mine plans, road construction
designs, and socio-environmental initiatives focusing on community
resilience, water conservation, and sustainable forestry and
ranching. With road construction to the project underway, Calibre
is well-positioned to commence production from Pavon Central in the
first quarter of 2023.
Alan Bolt, Director General of the Centre for an
Understanding with Nature (“CEN”), stated: “Having been approved by
the population through public consultation and confirmed by the
Ministry of the Environment, execution of Pavon Central will allow
the local communities, CEN and Calibre to continue working together
on the strengthening of native bee populations, forest and water
restoration, and socioeconomic initiatives such as women's
entrepreneurship and healthier homes with smokeless stoves and
access to clean water. Calibre’s continued presence enables us to
improve the local economy, contributing to a life without violence
or poverty, and generating the necessary resilience to successfully
face climate change.”
Qualified Person
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 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.
Notes
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.
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 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 for the year ended December 31,
2021, available on 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. 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.
Calibre Mining (TSX:CXB)
Historical Stock Chart
From Mar 2024 to Apr 2024
Calibre Mining (TSX:CXB)
Historical Stock Chart
From Apr 2023 to Apr 2024