Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF)
(“Calibre” or the “Company”) is pleased to announce results from
its 2022 drill program at its 100% owned Gold Project located in
White Pine County, Nevada in the Battle Mountain – Eureka gold
trend. The federally permitted project is located within a
prospective 78 km2 land package with numerous high-priority
targets.
The initial purpose of the 2022 drill program
was to de-risk the Gold Rock, near-surface oxide project through
infill and condemnation drilling, geo-metallurgical classification,
and structural modelling. During the program, Calibre intersected
high-grade, sulphide mineralization in areas previously untested by
drilling. Historic drilling at Gold Rock targeted shallow, oxide
mineralization. As evidenced in Figure 2, mineralization plunges
from south to north along both limbs of the Gold Rock Anticline and
these gold chutes remain open to depth. Multi-element analysis
reveals increasing arsenic, bismuth, and tellurium geochemistry,
suggesting a highly favourable gold environment while magnetic data
shows a large, deep seated magnetic low, typical of Carlin-style
feeder systems.
Highlight Results from the 2022 Drill
Program
- 5.5 g/t Au over 3.0 metres in hole
GC22-008; 7.1 g/t Au over 2.1 metres in hole GC22-013;
- 6.6 g/t Au over 5.8 metres in hole
GC22-015; 4.1 g/t Au over 8.1 metres in hole GC22-016;
- 3.0 g/t Au over 19.2 metres in hole
GCM22-001; 4.6 g/t Au over 4.6 metres in hole GR22-006;
- 6.7 g/t Au over 3.0 metres in hole
GR22-091; 6.8 g/t Au over 4.6 metres in hole GR22-102;
- 5.5 g/t Au over 3.0 metres in hole
GR22-115; 4.1 g/t Au over 3.0 metres in hole GR22-151;
- 3.2 g/t Au over 43.8 metres
including 6.1 g/t Au over 8.1 metres in hole GC22-018;
- 5.3 g/t over 3.0 metres in hole
GR22-152; 8.0 g/t over 1.52 metres in hole GR22-041
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: “We are very pleased
with these high-grade results out of our Gold Rock project. The
existing federal permits allow for sulphide treatment in the
processing stage, as such, we are excited about the increasing
grade potential at depth. With only shallow drilling completed to
date and a small portion of the overall land package, we have
confirmed the existence of an oxide gold deposit, similar in
mineralogy to that of our Pan mine deposit, but with better grades
and recoveries (see news release dated June 29, 2022). These new
results indicate there could be a large, untested Carlin-style
mineral system at depth, thus we are shifting our focus to beyond
the near-surface oxide deposits.
“We are also pleased to announce that our 100%
owned Pan mine, located adjacent to the Gold Rock project, has
received the United States Bureau of Land Managements’ approval to
modify the existing mining permit. By consolidating multiple open
pits and expanding two waste rock areas, this modification would
add five additional years of mining to our Pan mine heap leach
operation in Nevada.”
Tom Gallo, Senior Vice President, Growth
of Calibre stated: “Our location on the Battle Mountain –
Eureka gold trend further supports our belief that Gold Rock is a
viable target for deeper, higher-grade mineralization as seen in
other prolific deposits to the north (see Figure 3 here). Given Pan
mine and Gold Rock have never been meaningfully explored at depth,
a tremendous opportunity exists across our 222 km2 property
package. The 2023 drill program at Gold Rock will focus on testing
this target at depth. We believe there is considerable potential
for a multi million-ounce Carlin-style target at depth throughout
the Gold Rock corridor.”
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 & Chief Executive Officer
For further information, please contact:
Ryan KingSenior Vice President, Corporate
Development & IRCalibre Mining Corp.T: 604.628.1010E:
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, a
proven management team, strong operating cash flow, accretive
development projects and district-scale exploration opportunities
Calibre will unlock significant value.
Notes
All holes were drilled at angles of -50 to -90
degrees at azimuths designed to intersect targeted structures as
nearly as possible to perpendicular. Consequently, most intercepts
reported here are believed to be approximately true width.
Some holes deviated along limbs of folds and consequently do not
represent ‘true widths’. The Company conducts a significant QA/QC
program which includes 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.
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
such as potential sanctions implemented as a result of the United
States Executive Order 13851 dated October 24, 2022.
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.
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