Calibre Reports Robust Drill Results at its 100% Owned Golden Eagle Project, USA; Initial Results Include 4.30 g/t Gold Over 92.4 Metres and 2.90 g/t Gold Over 195.1 Metres
January 24 2023 - 6:00AM
Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) (the
“Company” or “Calibre”) is pleased to announce assay results from
the first phase diamond drill program at its 100% owned Golden
Eagle Project (“Golden Eagle”). Golden Eagle is located in the
Republic/Eureka Mining District in Ferry County, Washington, USA
approximately 4.8 km north-northwest of the town of Republic,
Washington and approximately 16 km west of Kinross Gold’s Kettle
River Mill. Golden Eagle hosts a pit constrained, Measured and
Indicated resource of 2.02 million ounces at 1.4g/t gold with an
Inferred resource of 155,000 ounces at 0.9g/t gold. This
2-million-ounce deposit located in the United States with
favourable logistics will provide future value to Calibre
shareholders through additional drilling and modern metallurgical
testing.
Initial drill results from the Golden
Eagle program include:
- 4.30 g/t Au over 92.42 metres
including 7.80 g/t Au over 17.3 metres in Hole GEC22-001
- 2.90 g/t Au over 195.1 metres in
Hole GEC22-003
- 2.38 g/t Au over 114.3 metres; 2.66
g/t Au over 19.8 metres and 2.65 g/t Au over 25.7 metres in Hole
GEC22-006
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: “Today’s results from
Golden Eagle reinforce the potential for this project to provide
significant value to Calibre shareholders. The first phase of this
drill program confirms a robust mineral system with consistent gold
grades over broad widths. The Golden Eagle Project is a key asset
within our United States operating platform which includes the Pan
mine and the Gold Rock and Illipah projects in Nevada. I look
forward to results from the second phase of drilling as well as the
commencement of a comprehensive metallurgical program to fully
assess this strategic assets’ potential. Golden Eagle is a
meaningful contributor to the Company’s overall mineral resource
estimate with 2.0 million ounces in Measured and Indicated Mineral
Resource, adding positively to our organic growth strategy.”
About Golden Eagle
The Golden Eagle Mineral Resource estimate,
based on a drill hole dataset of 202 holes totalling 38,208 metres
at a base cut off grade of 0.48 g/t gold and a gold price of
US$1,500 supports a pit constrained Measured & Indicated
Resource of 2.02 million ounces at 1.382 g/t and an Inferred
Resource of 154,650 ounces at 0.896 g/t (see Fiore Gold’s MRE NI
32-101 Technical Report dated September 24, 2021). The Golden Eagle
deposit is characterized as a low-sulphidation epithermal hot
springs related deposit. A major part of the deposit is a large
body of silicified hydrothermal breccia, but high-grade gold- and
silver-rich quartz veins are present in and near the area of
hydrothermal breccia. The deposit has as strike length of
approximately 750 metres, variable width up to approximately 300
metres and depth of approximately 600 metres. Mineralization occurs
at surface on the west and southwest areas of the deposit.
History of the Region
Golden Eagle is located in the northwestern
portion of the very productive Republic/Eureka district and
includes the former Mountain Lion Mine which was active from 1898
to 1947. The Republic/Eureka Mining District has produced nearly 4
million ounces of gold at an average grade of 19.89 g/t gold over
the last 130 years, principally from high grade underground narrow
vein deposits. The last operating gold mine in the district was
Kinross’ Buckhorn/Kettle River operation which closed in 2017.
Link 1 – FiguresLink
2 – Drilling Table
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. Downhole deviation, utilizing
a surface recording gyroscope, and trained drill crews operating a
north-seeking gyroscope supplied by International Directional
Services. HQ Core drilling was performed by, 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. 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, 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.
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