Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) (the
"Company" or "Calibre") is pleased to report additional high-grade
drill results from its Panteon North zone within the Limon Mine
Complex, part of the Company’s 85,000 metre resource expansion and
discovery drilling program. High-grade mineralization now extends
across a strike length of nearly 400 metres with consistent, plus
15 gram per tonne drill intercepts over broad, minable widths.
Given a recent VTEM survey, click here for details, which has
identified two, parallel five km potential mineralized corridors,
the strong correlation to the high/low resistivity contact
demonstrated in the recent drilling and historical mining zones
Calibre has four rigs testing along strike and down plunge
expansion potential.
Additional High Grade Drill Result Highlights from
Panteon North
- 52.59 g/t Au over 3.8 metres
Estimated True Width (“ETW”), including 94.70 g/t Au over 1.1
metres; and 10.28 g/t Au over 2.1 metres ETW, including 16.50 g/t
Au over 1.7 metres in Hole LIM-22-4662;
- 43.09 g/t Au over 3.3 metres ETW,
including 155.10 g/t Au over 0.9 metres in Hole LIM-22-4647;
- 35.18 g/t Au over 2.8 metres ETW,
including 58.00 g/t Au over 1.5 metres in Hole LIM-22-4653;
- 26.02 g/t Au over 8.1 metres ETW,
including 41.30 g/t Au over 4.6 metres in Hole LIM-22-4665;
- 18.49 g/t Au over 1.1 metres ETW,
including 49.30 g/t Au over 0.4 metres in Hole LIM-22-4654;
- 13.14 g/t Au over 3.1 metres ETW,
including 49.10 g/t Au over 0.4 metres in Hole LIM-22-4651.
Tom Gallo, Senior Vice President, Growth
at Calibre, stated: “This is a paradigm shifting discovery
for us with consistent high-grade mineralization demonstrated over
considerable strike length coupled with VTEM giving strong
indications there is potential to expand and discover additional
zones. Drilling is underway to extend this mineralized zone to
depth with visual indicators having shown positive signs. Given the
grade, we expect a substantial, positive impact made to our mineral
resource statement.”
Darren Hall, President and Chief
Executive Officer of Calibre, stated: “The discovery of
bonanza grade at Panteon North was first announced May 16,
2022 (see news release here) then June 27, 2022 (see
news release here) and we have subsequently expanded the zone.
Drilling continues to intercept consistent, extremely high-grade
gold mineralization across approximately 400 metres of strike. The
deepest results to date are situated only 250 metres from surface
with new drill intercepts pending assays as deep as 450 metres from
surface. These drill results, in combination with the successful
VTEM campaign, reinforce our grade driven production growth as the
high-grade Panteon North discovery is not included in our recent
multi-year production outlook (see news release dated June 22,
2022).”
Additional high-grade results announced since discovery
in May of this year include;
- 66.03 g/t Au over 5.6 metres
Estimated True Width (“ETW”), including 167.27 g/t Au over 2.3
metres and 14.95 g/t Au over 1.9 metres ETW in Hole
LIM-22-4630;
- 30.33 g/t Au over 5.0 metres ETW,
including 40.62 g/t Au over 3.8 metres in Hole LIM-22-4628;
- 22.55 g/t Au over 4.9 metres ETW,
including 68.51 g/t Au over 1.7 metres in Hole LIM-22-4632;
- 17.58 g/t Au over 2.4 metres ETW,
including 28.67 g/t Au over 1.9 metres in Hole LIM-22-4627;
- 17.80 g/t Au over 7.3 metres
("ETW"), including 6.69 g/t Au over 1.9 metres, 26.37 g/t Au over
2.8 metres and 16.84 g/t over 3.2 metres in Hole LIM-22-4619;
- 4.66 g/t Au over 1.7 metres ETW,
including 8.20 g/t Au over 0.8 metres in Hole LIM-22-4637
- 9.72 g/t Au over 3.9 metres ETW,
including 27.80 g/t Au over 1.4 metres in Hole LIM-22-4616;
- 8.84 g/t Au over 1.1 metres ETW,
including 20.30 g/t over 0.6 metres in Hole LIM-22-4620;
- 12.75 g/t Au over 2.4 metres ETW,
including 33.70 g/t Au over 1.0 metres in Hole LIM-22-4622;
and
- 9.38 g/t Au over 2.7 metres,
including 34.50 g/t Au over 0.6 metres in Hole LIM-22-4625.
For full drill results see details in
the June 27, 2022 news release here and May 16, 2022 news
release here.
The Panteon North discovery is located
approximately one kilometre northwest of the high-grade producing
Panteon underground mine and approximately three kilometres from
the Limon mill site. Panteon North is a new discovery with no
resource and reserve classified, the zone remains open down plunge
and open to the northwest and potentially beyond to the northeast
as outlined along the VTEM resistivity contact which extends for
another three kilometres.
Link 1 – FiguresLink 2
– VRIFY OverviewLink 3 – 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)
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.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, no
debt, 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, 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.
Calibre Mining (TSX:CXB)
Historical Stock Chart
From Apr 2024 to May 2024
Calibre Mining (TSX:CXB)
Historical Stock Chart
From May 2023 to May 2024