Calibre intersects Bonanza-Grade Gold at The Limon Complex; Reinforcing the Strong Potential to Add Resources and Expand the Panteon Mine
June 27 2022 - 6:00AM
Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) (the
"Company" or "Calibre") is pleased to report additional high-grade
drill results from its Panteon North zone within the Limon Mine
Complex, part of the Company’s 85,000 metre resource expansion and
discovery drilling program.
Additional High Grade Drill Results from Panteon
North
- 66.03 g/t Au over 5.6 metres
Estimated True Width (“ETW”), including 167.27 g/t Au over 2.3
metres and 14.95 g/t Au over 1.9 metres ETW in Hole
LIM-22-4630;
- 30.33 g/t Au over 5.0 metres ETW,
including 40.62 g/t Au over 3.8 metres in Hole LIM-22-4628;
- 22.55 g/t Au over 4.9 metres ETW,
including 68.51 g/t Au over 1.7 metres in Hole LIM-22-4632;
- 17.58 g/t Au over 2.4 metres ETW,
including 28.67 g/t Au over 1.9 metres in Hole LIM-22-4627;
and
- 4.66 g/t Au over 1.7 metres ETW,
including 8.20 g/t Au over 0.8 metres in Hole LIM-22-4637.
Darren Hall, President and Chief
Executive Officer of Calibre, stated: “I am excited by
these exceptionally high-grade drill results from the Panteon North
zone, located one kilometre northwest of the high-grade producing
Panteon underground mine, as they continue to present significant
opportunities for discovery and resource growth within the Limon
Mine Complex. Panteon North is open down plunge and along strike to
the northwest for further expansion. These results are considerably
higher grade than we expected, especially considering the
underground reserve grade at Panteon of 7.17 g/t Au. This drilling
reinforces our grade driven production growth strategy, though
important to note that the high-grade Panteon North discovery was
not considered in our recent multi-year production outlook (see
news release here).
“Calibre recently completed a VTEM geophysical
survey within the Limon Mine Complex which, after review of the
data, clearly demonstrates a significant opportunity for additional
discovery and resource expansion along both the Panteon and Santa
Pancha vein trends. The Santa Pancha vein system historically
produced over 1.3 million ounces over a strike length of 2.5 km,
where the majority of that gold was discovered along the VTEM
resistivity low/high contact, which can be viewed here or in the
figures linked below. The VTEM resistivity low/high contact has
been traced for over 6.0 km from current drilling on both the Santa
Pancha and Panteon vein systems and represents a high-priority
exploration and resource building opportunity for the Company.
Calibre has five active rigs at Limon and will continue to follow
both trends with the new exploration data.”
Link 1 – FiguresLink
2 – Drilling Tables
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 ("ICP").
Estimated True Widths for reported vein
intercepts are based on 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 information
contained in this news release was approved by David Schonfeldt
P.GEO, Calibre Mining’s Corporate Chief Geologist 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, 2021, 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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