Calibre’s 2023 Exploration Drill Program Along the Panteon VTEM Corridor Yields Multiple New Exciting High-Grade Discoveries in Untapped Regions; Additional Drilling Intersects 15.64 g/t Gold over 2.5 metres and 31.30 g/t Gold over 1.4 metres
18 Juillet 2023 - 12:00PM
Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) (the
"Company" or "Calibre") is pleased to announce positive results
from the 2023 expansion drilling at Panteon North and 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. Today’s results are located along the west side
of the VTEM corridor, proximal to and extending approximately two
kilometres from the high-grade Panteon North project.
New drill intercept highlights along the Panteon VTEM
Geophysical Gold Corridor include:
- 15.64 g/t Au over 2.5 metres Estimated True Width (“ETW”) in
Hole LIM-23-4765
- 3.57 g/t Au over 13.4 metres ETW including 7.09 g/t Au over 6.0
metres ETW in Hole LIM-23-4759
- 19.67 g/t Au over 1.9 metres ETW and 6.87 g/t Au over 7.0
metres including 19.80 g/t Au over 1.1 metres ETW in Hole
LIM-23-4752
- 21.62 g/t Au over 2.0 metres ETW including 31.30 g/t Au 1.4
metres ETW in Hole LIM-23-4743
- 20.89 g/t Au over 1.3 metres ETW in Hole LIM-23-4745
- 19.90 g/t Au over 1.2 metres ETW in Hole LIM-23-4758
- 8.50 g/t Au over 3.1 metres ETW including 21.40 g/t Au over 1.2
metres ETW in Hole LIM-23-4763
- 24.40 g/t Au over 1.3 metres ETW in Hole LIM-23-4738
March 21, 2023 intercepts along the Panteon VTEM
Geophysical Gold Corridor and Panteon North:
- 17.45 g/t Au over 4.1 metres ETW including 38.45 g/t Au over
1.8 metres ETW in Hole LIM-22-4736;
- 29.68 g/t Au over 4.3 metres ETW in Hole LIM-22-4724.
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: “Following a
successful 2022 drill campaign, I am excited to report the first
batch of 2023 high-grade drill results from the multi-kilometre
VTEM Gold Corridor located within the Limon Mine Complex which
further validate the expansion opportunity. At this stage we have
only tested a small portion of the strike extent along the
Corridor, yet strong potential exists on both the west and east of
the resistivity contact. Given our strong operating cash flow and
ability to self-fund growth and exploration we have nine drill rigs
active across our near mine and satellite targets in
Nicaragua.”
Tom Gallo, Senior Vice President, Growth
of Calibre, stated: “I am pleased with the 2023 drill
success along the VTEM Gold Corridor. Initial delineation of three
main areas outside the known Panteon North Reserve area should have
a positive impact on our year end Mineral Resource statement. Field
work has identified two areas of interest, located only 3 km north
of Panteon, with notable trends of high-grade rock samples at
surface. Drilling will commence in these locations in August.
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 2023 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, 2022, 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 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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