Calibre Reports Additional Near Surface, Resource Expansion, Drill Results at Its Pan Gold Mine in Nevada; Initial Results Include 1.23 g/t Gold Over 38.1 Metres and 0.89 g/t Gold Over 54.9 Metres
01 Août 2023 - 12:00PM
Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) (the
"Company" or "Calibre") is pleased to announce additional near
surface, resource expansion drill results from its 2023 program at
the Pan Gold Mine (“Pan”), located on the prolific Battle Mountain
– Eureka gold trend in Nevada. Results at the Dynamite North and
Palomino targets located immediately north and south of the current
open pit operation, respectively, continue to expand zones with
grades higher than Pan’s stated Mineral Resource grade of 0.4 g/t
gold. These additional higher-grade results, in combination with
the newly discovered Coyote target announced earlier this year,
located south of the operation, continue to demonstrate the
potential to increase resources, grade, and confidence around the
Pan mine.
Highlights from the Palomino and
Dynamite targets include:
Palomino Target
- 1.23 g/t Au over 38.1 metres
including 2.97 g/t Au over 12.2 metres in Hole PR23-080;
- 0.87 g/t Au over 16.8 metres and
1.58 g/t Au over 21.3 metres including 2.56 g/t Au over 10.7 metres
in Hole PR23-088;
- 1.13 g/t Au over 22.9 metres
including 2.82 g/t Au over 4.6 metres in Hole PR23-056;
- 0.89 g/t Au over 54.9 metres
including 1.17 g/t Au over 4.6 metres, 1.41 g/t Au over 9.1 metres
and 1.19 g/t Au over 10.7 metres in Hole PR23-066;
- 1.26 g/t Au over 13.7 metres
including 1.72 g/t Au over 9.1 metres and 1.07 g/t Au over 10.7
metres including 1.75 g/t Au over 4.6 metres in Hole PR23-076;
and
- 0.59 g/t Au over 32.0 metres in
Hole PR23-086.
Dynamite North Target
- 0.70 g/t Au over 18.3 metres and
0.79 g/t Au over 32 metres including 2.31 g/t Au over 6.1 metres
and 1.21 g/t Au over 3.1 metres in Hole PR23-047;
- 0.54 g/t Au over 27.4 metres in
Hole PR23-049; and
- 0.50 g/t Au over 91.4 metres in
Hole PR23-050.
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: “Today’s highly encouraging drill results expand
upon our Palomino target results announced on June 21, 2023, and
immediately surround the current open pit operations. We look
forward to additional results as we continue to advance our
discovery and resource expansion drill programs across the
operation and mineral concessions where we have identified numerous
highly prospective targets.”
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. All assay batches passed QAQC.
Collar surveys are conducted by a mine surveyor using a Trimble
instrument. Down hole deviation surveys are provided by trained
drill crews operating a north-seeking gyroscope supplied by REFLEX.
Collar and downhole surveys are verified by Calibre geologists. RC
drilling was performed by Alford Drilling from Elko, Nevada. Assays
were performed by Bureau Veritas, Reno where fire assays were
determined on a 30-gram charge with an AAS finish. Cyanide leach
assays were also completed Bureau Veritas 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.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; the Company’s plans for the Pan Mine for
2023, 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, 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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