Calibre Reports Drill Results from the Pan Mine in Nevada; Results Continue to Demonstrate Strong Resource Expansion Potential; Step Out Results Include 3.35 g/t Gold over 18.3 metres and 0.80 g/t Gold Over 47.2 Metres
August 17 2022 - 6:00AM
Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) (the
"Company" or "Calibre") is pleased to announce assay results from
its ongoing resource conversion and expansion drill program at the
100% owned Pan Mine (“Pan”), located in the prolific Battle
Mountain – Eureka gold trend, Nevada. Numerous results outlined
below indicate the potential for resource expansion while focusing
on converting known zones of mineralization. During 2022, Calibre
is advancing a multi-rig 85,000 metre drill program in Nevada
including 50,000 metres focused at Pan.
Highlights from the Pan Resource
expansion and discovery drill program include:
Black Stallion Target
- 3.35 g/t Au over 18.3 metres in
Hole PR22-087; 0.93 g/t Au over 12.2 metres in Hole PR22-116; 0.82
g/t Au over 10.7 metres in Hole PR22-100; 0.50 g/t Au over 15.2
metres in Hole PR22-083; and
- Significant intercepts outside
existing resources remain open to the north, east and west.
Pegasus Target
- 0.53 g/t Au over 27.4 metres in
Hole PR22-094; 0.56 g/t Au over 16.8 metres in Hole PR22-082
- 0.80 g/t Au over 47.2 metres in
Hole PR22-088; 0.52 g/t Au over 64.0 metres in Hole PR22-093;
- 0.60 g/t Au over 29.6 metres and
0.51 g/t Au over 37.5 metres in Hole PC22-005; and
- Several intercepts extend
mineralization down-dip and along strike and are open for further
expansion.
Palomino Target
- 1.06 g/t Au over 10.7 metres and
0.96 g/t Au over 10.7 metres in Hole PR22-055.
Dune Target
- 0.90 g/t Au over 22.9 metres in
Hole PR22-015; 0.51 g/t Au over 15.2 metres in Hole PR21-062;
and
- Near surface mineralization
trending and open to the northwest confirming mineralized
zones.
Syncline Target
- 1.41 g/t Au over 24.4 metres in
Hole PR22-032; and
- Encountered higher grade
mineralization to the northwest, outside the Syncline pit and open
for expansion.
Dynamite Target
- 0.57 g/t Au over 51.1 metres in
Hole PC22-006; 0.53 g/t Au over 22.9 metres in Hole PR22-061;
- 0.54 g/t Au over 15.3 metres in
Hole PR22-045; 0.44 g/t Au over 30.5 metres in Hole PR22-077;
- 0.40 g/t Au over 42.7 metres in
Hole PR22-073; and
- Mineralization remains open to the
east where follow-up drilling is planned.
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: “The recent drilling
at Pan has focused on expanding mineralization along trends of
known targets. Today’s results confirm our initial interpretation
that numerous resource expansion and discovery opportunities exist.
We continue to see excellent opportunities for growth and in some
cases are seeing shallow, higher grade zones open for further
expansion. Since acquiring Fiore Gold in January, 2022 we have
announced positive results (see news release dated March 8, 2022
and news release dated April 12, 2022) and anticipate this year’s
results will expand resources and lead to additional mine
life.”
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 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, 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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