Calibre Reports New Gold Discovery at the Pan Gold Mine in Nevada; Initial Results Include 1.36 g/t Gold over 13.7 metres and 0.61 g/t Gold Over 18.3 Metres at the never before drilled Coyote Target
17 January 2023 - 10:00PM
Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) (the
"Company" or "Calibre") is pleased to announce assay results from
the 2022 discovery and resource expansion drill program at its 100%
owned Pan Mine (“Pan”), located in the prolific Battle Mountain –
Eureka gold trend, Nevada. Initial results at the new Coyote target
(“Coyote”), which had never been drill tested, located
approximately 3 km south southwest of the Pan open pit demonstrate
the exploration and discovery potential on the property. Coyote was
initially identified through surface geochemistry and rock chip
sampling combined with an evolving structural geological
interpretation. In addition, several results, as outlined below,
also indicate the potential for resource expansion while focusing
on the conversion of known zones of mineralization. During 2023,
Calibre will advance a 38,400 metre drill program in Nevada
including 28,000 metres at Pan focusing on new targets and the
expansion of known resources.
Highlights from the New Coyote Pan South
discovery include:
Coyote Target
- 1.36 g/t Au over 13.7 metres
including 2.78 g/t Au over 4.6 metres in Hole PR22-238;
- 0.61 g/t Au over 18.3 metres in
Hole PR22-237;
- Initial results located
approximately 3 km south of the Pan South open pit;
- Open for expansion
Highlights from the Pan resource
expansion and conversion program within the open pit operation
include:
North Dynamite
- 0.54 g/t Au over 74.7 metres in
Hole PR22-211; 0.56 g/t Au over 21.3 metres in Hole PR22-209;
- 0.47 g/t Au over 18.3 metres in
Hole PR22-210; 1.67 g/t Au over 12.2 metres including 2.12 g/t Au
over 9.1 metres in Hole PR22-224;
- 0.41 g/t Au over 10.7 metres in
Hole PR22-228;
- 0.67 g/t Au over 22.9 metres
including 1.14 g/t Au over 9.1 metres in Hole PR22-190;
- Intercepts extend mineralization
down-dip and along strike, and are open for further expansion
Syncline Target
- 1.05 g/t Au over 15.2 metres
including 2.12 g/t over 3.0 metres and 1.21 g/t over 6.1 metres in
Hole PR22-218;
- 0.67 g/t Au over 7.6 metres in Hole
PR22-219;
- Deeper mineralization north of
Syncline will be evaluated considering newly interpreted
stratigraphy
Orpiment Alley Target
- 0.53 g/t Au over 15.2 metres in
Hole PR22-182;
- With favorable mineralogy and trace
element geochemistry at depth, Orpiment Alley remains the primary
target of a deep, sulfide feeder system at Pan
Benji Target
- 0.45 g/t Au over 18.3 metres in
Hole PR22-203; 0.84 g/t Au over 22.1 metres in Hole PC22-017
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 initial drill
results located outside the Pan operating area are encouraging
given this target has never been drilled. Additional gold targets
have been identified along a 5 km trend south of the resource area
and centered on the new Coyote discovery. Calibre’s priority in
2023 will shift to these new targets with a focus on discovery
drilling within the mineral concessions at Pan and Gold Rock.”
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. 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.com W: 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.
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