New High-Grade Gold Discovered 2.5km North Along the Panteon/VTEM Corridor; Discovery Drilling Intersects 11.61 g/t Gold over 9.3 metres in First Pass Program
December 08 2022 - 6:00AM
Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) (the
"Company" or "Calibre") is pleased to announce the first results
from step-out drilling along the Panteon North/VTEM geophysical
corridor within the Limon Mine Complex. These new intercepts are
from drilling designed to test the multi-kilometre long structure
identified by our 2022 VTEM geophysical survey first released on
June 27, 2022 (see news release here). Today’s results are located
approximately 2.5 kilometres north of Panteon North which has had
numerous bonanza grade gold intercepts to date as evidenced in our
most recent press release here. Panteon North is expected to
contribute positively to the Company's 2022 Resource and Reserve
statement expected in Q1, 2023.
Initial Drilling Results along the Panteon/VTEM Corridor
include:
- 11.61 g/t Au over 9.3 metres
Estimated True Width (“ETW”) including 23.93 g/t Au over 1.7 metres
ETW, and 15.34 g/t Au over 3.9 metres ETW in Hole LIM-22-4701;
- 6.73 g/t Au over 2.1 metres ETW in
Hole LIM-22-4689;
- 3.67 g/t Au over 2.6 metres ETW
including 11.10 g/t Au over 0.7 metres ETW in Hole
LIM-22-4684.
Darren Hall, President and Chief
Executive Officer of Calibre, stated: “Our 2022 drilling
campaign has been very successful, with the discovery of the
high-grade Panteon North gold shoot which hosts numerous bonanza
grade gold intercepts over hundreds of metres of strike length.
First pass, wide spaced drilling approximately 2.5 kilometres north
of Panteon North along the VTEM geophysical corridor has now
discovered another new high-grade gold zone which stretches over an
initial 1.5-kilometre trend (see figures). The VTEM survey, first
released on June 27, 2022 (see news release here) has proven to be
an excellent tool for targeting zones of high-grade gold
mineralization along multiple kilometers of strike from Panteon
North. Discovery drilling is underway with four diamond drill rigs
along the corridor.”
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 Plasma (ICP)
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, a
proven management team, strong operating cash flow, accretive
development projects and district-scale exploration opportunities
Calibre will unlock significant value.
Note: 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.
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.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/72041461-bde4-4d5c-96e0-4bf443148b9b
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