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Calibre Mining Corp (2)
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Shares Issued 337,174,858
Close 2021-08-09 C$ 1.50
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Calibre drills 9.7 m of 25.07 g/t Au at Eastern Borosi

2021-08-10 07:09 ET - News Release

Mr. Darren Hall reports


Calibre Mining Corp. has provided drill results and an update on the progress at its 100-per-cent-owned Eastern Borosi project (EBP) located in northeastern Nicaragua. Calibre is advancing the high-grade open-pit and underground resource veins at EBP to provide mill feed to the Libertad mill, which has surplus capacity. A multirig resource expansion and discovery drilling program is now under way along strike of the known vein systems.

Highlight infill drill results

Guapinol open pit:

  • 25.07 grams per tonne gold over 9.7-metre estimated true width (ETW) from 44.8 metres (GP-21-100);
  • 39.21 g/t Au over 3.1 m ETW from 204.2 metres (GP-21-099);
  • 24.85 g/t Au over 3.9 m ETW from 125.8 metres (GP-21-096).

Vancouver open pit:

  • 9.38 g/t Au over 2.2 m ETW from 134.5 metres in the HW vein and 8.90 g/t Au over 2.3 metres ETW from 150.0 metres in the FW vein (GP-21-069).

Riscos De Oro underground:

  • 33.64 g/t Au over 3.2 m ETW from 311.8 metres (RDO-21-080);
  • 11.26 g/t Au over 2.8 m ETW from 306.0 metres (RDO-21-076).

Darren Hall, president and chief executive officer of Calibre, stated: "Today's infill drill results continue to demonstrate the high-grade nature of these deposits with Guapinol and Riscos de Oro delivering the best results to date. With EBP located within trucking distance of our Libertad mill, along established infrastructure, the project is poised to deliver our lowest-cost ounces, again demonstrating the ability to efficiently translate satellite deposits into near-term, high-margin mill feed. The project is advancing ahead of our initial expectations with updated mineral resource estimates expected in Q1 2022 and operating permit submissions within the next six months.

"Furthermore, we see excellent exploration potential for discovering additional high-grade vein systems across the 176-square-kilometre EBP land package. The exploration team have begun drilling high-priority targets for further resource expansion along the Guapinol and Riscos de Oro vein trends and for the discovery of new bonanza-style gold-silver vein systems along underexplored gold trends in the district."

Drilling and project overview

The now completed infill drilling program at EBP was focused on the Guapinol and adjacent Vancouver and Riscos De Oro deposits, which contain combined inferred resources of 1.97 million tonnes averaging 8.15 g/t Au and 69 g/t silver containing 515,000 ounces of gold and 4,371,000 ounces of silver (see news release dated April 20, 2021).

Drilling on the Guapinol vein has once again returned multiple high-grade intercepts with hole GP-21-100 delivering the company's best results to date of 25.07 g/t Au over a 9.7-metre-wide vein. These infill results provide further confirmation of continuity of high-grade gold mineralization within a steeply dipping ore shoot that extends nearly 250 metres from surface and remains open at depth. The Vancouver vein, which lies just to the east and is subparallel to Guapinol, has returned results in line with expectations, likewise improving confidence in the continuity of gold mineralization within a high-grade near-surface ore shoot that remains open at depth. Drilling at the Riscos de Oro deposit, a formerly producing underground mine, has also returned high-grade gold and silver intercepts within two parallel veins that are in line with expectations. Results of the infill campaign are being incorporated into updated mineral resource estimates, which will provide the basis for new mineral reserve estimates and related technical development studies. The planned 2021 infill drilling campaign at EBP is now complete with a total of 19,720 metres drilled. Geotechnical and metallurgical drilling continues with approximately 1,800 metres completed to date.

During the second half of the year the focus of exploration drilling activities at EBP will shift toward testing the potential to delineate additional gold resources along strike of the Guapinol and Riscos de Ore veins. The company has deployed two drills to commence stepout drilling at Guapinol, and exploration follow-up drilling to test a zone of high-grade gold mineralization located 500 metres southwest and along strike of the currently defined resources at Riscos de Oro. During the coming months additional drills will be deployed to several earlier-stage prospects where previous reconnaissance drilling by Calibre intercepted high-grade gold and silver mineralization along less explored vein trends that merit follow-up. Highlights from some of Calibre's previous drilling campaigns at EBP are summarized below:

Riscos de Oro -- resource extension target (see news release dated April 20, 2021):

  • 23.8 g/t Au and 26.0 g/t Ag over 1.2 m ETW from 98 metres downhole;
  • 4.83 g/t Au and 15.8 g/t Ag over 3.6 m ETW from 112 m downhole.

Cadillac -- exploration follow-up target (see news release dated Feb. 1, 2018):

  • 8.93 g/t Au and 57.4 g/t Ag over 2.6 m ETW from 66 metres downhole.

San Cristobal -- exploration follow-up target (see news release dated Dec. 18, 2018):

  • 10.92 g/t Au and 859.0 g/t Ag over 5.7 m ETW from 88 metres downhole.

Santos -- exploration follow-up target (see news release dated July 20, 2015):

  • 5.74 g/t Au and 4.8 g/t Ag over 4.5 m ETW from 61 metres downhole.

Qualified person

The scientific and technical data contained in this news release have been reviewed and approved by Mark A. Petersen, PGeo, vice-president, exploration, of the company, a qualified person as defined by National Instrument 43-101.

About Calibre Mining Corp.

Calibre Mining is a Canada-listed gold mining and exploration company with two 100-per-cent-owned operating gold mines in Nicaragua. The company is focused on sustainable operating performance and a disciplined approach to growth. Since the acquisition of the Limon, Libertad gold mines and Pavon gold project, Calibre has proceeded to integrate its operations into a hub-and-spoke operating philosophy whereby the company can take advantage of reliable infrastructure, favourable transportation costs, and multiple high-grade ore sources that can be processed at either Limon or Libertad, which have a combined 2.7 million tonnes of annual mill throughput capacity.

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