Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) (the
"Company" or "Calibre") is pleased to provide an update on the
Company's 2023, multi-jurisdictional, 100 km discovery and resource
expansion drill programs.
Nicaragua2022
Exploration Highlights
- Year end 2021 Mineral Reserves increased to over 1 Moz, the
largest reserve base at record grades over the past 12 years
(6.85 Mt, 4.6 g/t Au, 1.01 Moz) (see news release dated Feb 23,
2022);
- Successfully completed 2022 drill programs designed to target
>250,000-ounce deposits to bolster the Company’s project
pipelines, providing a solid base for growth;
- Discovered the bonanza grade Panteon North zone, highlight
results include: 66.0 g/t Au over 5.6m, 52.5 g/t Au over 3.8m, 26.0
g/t Au over 8.1m (see news releases dated September 7, 2022 and
June 27, 2022);
- Outlined a multi-kilometre prospective “VTEM Gold Corridor” for
future expansion, initial results include: 11.6 g/t Au over 9.3m,
1.5 km along trend of Panteon North (see news release dated
December 8, 2022).
2023 Plans and Key Objectives – 60 km of
Drilling
- Approved a US$20 million exploration budget including 60 km of
drilling focused on resource expansion and discovery with seven
drill rigs operating across the assets;
- High-grade expansion opportunities at Panteon VTEM Corridor,
Talavera extension, Veta Azul and Volcan, which are not yet
included in the Company’s Resource statement;
- Additional Resource expansion and grade increase opportunities
at our Eastern Borosi Project (“EBP”) including Blag, La Luna and
East Dome, as well as Riscos de Oro Southwest and Northeast
extensions;
- First pass drilling at the recently permitted Buena Vista and
La Fortuna concessions, located near the Limon and Libertad mine
complexes, respectively.
Nevada2022 Exploration
Highlights
- Successfully completed 2022 drilling programs designed to
increase confidence in the Pan and Gold Rock mineral resources
while looking for expansion opportunities;
- Discovered deeper ‘Carlin Style’, sulphide mineralization at
Gold Rock Deep including: 6.8 g/t Au over 4.6m and 6.6 g/t Au over
5.8m (see news release dated November 22, 2022);
- Discovered the at surface Coyote gold oxide zone at Pan
including 1.36 g/t Au over 13.7m and 0.61 g/t Au over 18.3m (see
news release dated January 17, 2023).
2023 Plans and Key Objectives – 40 km of
Drilling
- Approved a US$9 million exploration budget including 40 km of
drilling focused on new discovery outside the fence at both Pan and
Gold Rock;
- Numerous discovery opportunities along a 5 km trend south of
the Pan resource area and centered on the new Coyote discovery to
be drilled following up on the recent drilling success;
- Generative program underway including mineral alteration
classification and structural interpretation.
Darren Hall, President and Chief
Executive Officer of Calibre, stated: “I am very pleased
with the outcome of our 2022 drill programs in both jurisdictions.
The team were able to deliver our objective of identifying new,
robust deposits, confirming the significant discovery and resource
expansion potential across our underexplored assets. The high-grade
Panteon North zone and the multi-kilometre long VTEM Gold Corridor
remain our top priorities in Nicaragua, while the Coyote gold
discovery at Pan, and deeper Carlin-style targets at Gold Rock have
the team very excited in Nevada.
We continue to see new and expanding,
high-quality exploration opportunities which will benefit from the
continued self-funding of our exploration programs aimed at
discovering and delineating new resources to organically grow
production in Nicaragua.”
Overview of 2023 Nicaragua Exploration
Targets
Limon, Panteon North and VTEM Gold
Corridor: Located approximately 5 km east
of the El Limon mill and discovered in 2022 with high-grade gold
mineralization, Panteon North is expected to positively impact the
2022 mineral resource and reserve statement. The zone consists of
steeply dipping, ultra-high-grade gold veins striking broadly
south-east to north-west at the main ore shoot at Panteon North. An
airborne VTEM geophysical survey has outlined a high-low
resistivity contact which extends for approximately 6 km to the
north. Early indications of further high-grade mineralization up to
2.5 km north of the main ore shoot bodes well for additional
discovery along the VTEM Corridor.
Limon, Talavara
Extension: Located west of the main El Limon trend and
mill, Talavara is a former underground mining area with past
production of up to 800,000 ounces of high grade, low sulphidation
gold.
Buena Vista Concession: Located
approximately 20 km east of the Limon Mine complex and 10 km
northwest of the La India mine along the same structural trend
which controls the gold mineralization at La India. Drill permits
were received in late 2022 with plans to test several never-drilled
targets in 2023.
Libertad, Veta Azul: This new
target, located 10 km from the La Libertad Complex, was identified
by our field team in 2022. Historic artisanal mining at surface
along with high-grade surface samples indicate a 1.5 km strike
extension. Drilling will commence in early 2023 to test depth
extensions and delineate potential ore shoots along the trend.
EBP: Mining is scheduled to
commence from Calibre’s EBP project in the first half of 2023.
Several original Calibre deposits (dating pre 2019 B2 Gold
transaction) have current inferred mineral resources and have not
been drilled for many years. There is potential to upgrade several
of these resources to the indicated category while focusing on
several zones of higher grade.
Overview of 2023 Nevada Exploration
Targets
Pan Mine, Coyote: Located south
of the Pan resource area, Coyote was originally proposed for
follow-up on soil and rock anomalies at the Pilot/Guilmette
geological contact. Assay results from 2022 RC drill holes PR22-237
and PR22-238 discovered gold mineralization in the lower Pilot
formation and into the Guilmette formation. In 2023 Calibre will
drill the area adjacent to these holes to confirm if mineralization
is found in the same lithology along the north-south trending
valley containing the Pilot-Guilmette contact. Numerous additional
targets south of the Coyote gold discovery along the
multi-kilometre trend of favorable Guilmette formation will be
drilled in 2023.
Gold Rock Deep: Located
approximately 15 km southwest of the Pan mine Calibre discovered
Gold Rock Deep, a north-east extension of the main Gold Rock
surface oxide deposit. Initial drilling has confirmed Carlin-style
sulphide mineralization with the potential of a larger,
higher-grade deposit at depth. High priority drilling is planned
for early 2023.
Link 1 - Figures
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 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. 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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