Calibre Continues to Expand the New High-Grade Gold Discovery at Panteon North & Along the Multi-Kilometre VTEM Gold Corridor; Additional Drilling Intersects 17.45 g/t Gold Over 4.1 Metres Following Up on the December 2022 Intercept of 11.61 g/t Gold Over
21 March 2023 - 09:00PM
Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) (the
"Company" or "Calibre") is pleased to announce the results from
step-out drilling along the Panteon VTEM Gold Corridor within the
Limon Mine Complex. These new intercepts continue to demonstrate
the potential of the multi-kilometre long structure identified by
our 2022 VTEM geophysical survey released on December 8, 2022 (see
news release here). Today’s results are located more than 2
kilometres north of Panteon North which has had numerous bonanza
grade gold intercepts to-date as evidenced in our most recent press
release here. The Panteon North Maiden Reserve estimate added
positively to the Company’s 2022 Mineral Reserve statement adding
approximately 244,000 ounces of gold (0.8 Mt at 9.45 g/t) to the
Nicaragua Mineral Reserves (see news release dated February 14,
2023).
New drill intercept along the Panteon VTEM Geophysical
Gold Corridor includes:
- 17.45 g/t Au
over 4.1 metres Estimated True Width (“ETW”) including 38.45 g/t Au
over 1.8 metres ETW in Hole LIM-22-4736
December 8, 2022 initial discovery drill results along
the Panteon VTEM Gold Corridor include:
- 11.61 g/t Au over 9.3 metres 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, and
- 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.
New Panteon North drill results outside year-end 2022
Reserve and Resources include:
- 29.68 g/t Au over 4.3 metres ETW in
Hole LIM-22-4724;
- 24.03
g/t Au over 2.0 metres ETW in Hole LIM-22-4718, 12.97 g/t Au over
1.1 metres in Hole LIM-22-4712;
- 12.18
g/t Au over 3.7 metres ETW in Hole LIM-22-4710, 11.57 g/t Au over
2.4 metres ETW in Hole LIM-22-4717;
- 6.14 g/t
Au over 4.9 metres ETW including 14.47 g/t Au over 1.8 metres ETW
in Hole LIM-22-4705, and
- 9.17 g/t Au
over 1.1 metres ETW in Hole LIM-22-4732, 5.75 g/t Au over 1.5
metres ETW in Hole LIM-22-4727.
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 ETWs 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.
Darren Hall, President and Chief
Executive Officer of Calibre, stated: “Our 2022 drilling
campaign was very successful, with the discovery of the high-grade
Panteon North gold shoot which hosts a maiden Mineral Reserve of
244,000 ounces of gold (0.8Mt grading 9.45 g/t gold). I am
encouraged that our team continues to intersect high-grade drill
results along the VTEM Gold Corridor demonstrating the potential to
expand the initial Panteon North reserve and make new discoveries.
Given the excess capacity in our Libertad plant, and our proven
operating strategy, new discoveries can quickly become accretive
for us. With two drill rigs active on the Panteon VTEM gold
corridor and four rigs across our Nicaraguan projects, we will
complete over 60km of drilling in Nicaragua and look forward to the
additional drill results from our 2023 program.”
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.
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. 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, 2022, 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/25e8a5ea-9f48-4a77-897f-2dd97f0b0a03
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