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Calibre Mining Corp (2)
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Calibre drills 11.4 m of 3.11 g/t Au at Libertad

2021-09-08 07:11 ET - News Release

Mr. Darren Hall reports


Calibre Mining Corp. has provided an update on the company's 2021 drilling program, highlighting results of exploration and resource expansion drilling at the company's Libertad concessions.


Tranca vein -- exploration drilling:

  • 3.11 grams per tonne gold over 11.4-metre estimated true width (ETW) from 3.1 metres (TR-21-079);
  • 1.71 g/t Au over 22.3 m ETW from 57.8 metres (TR-21-055);
  • 1.35 g/t Au over 18.2 m ETW from 58.4 metres (TR-21-073);
  • 4.21 g/t Au over 6.6 m ETW from 63.9 metres (TR-21-081A);
  • 3.34 g/t Au over 7.6 m ETW from 77.0 metres (TR-21-054).

Rosario vein -- infill drilling:

  • 5.14 g/t Au over 4.9 m ETW from 36.4 metres (RS-21-086);
  • 3.13 g/t Au over 7.8 m ETW from 42.0 metres (RS-21-090).

2021 drill program

Two thousand twenty-one discovery, infill and resource expansion drilling programs at Libertad, Limon, Pavon and Eastern Borosi have been increased to 100,000 metres with 16 drill rigs active

Darren Hall, president and chief executive officer of Calibre, stated: "We are pleased to see continued exploration success at Libertad, which we believe will result in resource and reserve growth. Drilling at the Tranca vein system has delineated near-surface gold mineralization over a 1.6-kilometre trend located within 10 kilometres of the Libertad mill. Gold mineralization remains open in both directions along strike and at depth. In addition to high-grade intercepts similar to those reported in our last Libertad update, which included 16.78 g/t gold over 2.8 metres and 13.83 g/t gold over 4.4 metres (see news release dated June 8, 2021), we are now seeing wider zones of lower-grade, near-surface mineralization that locally thicken up to 20 m true width. These latest results further underscore our confidence in the upside discovery potential that remains to be unlocked in the Libertad district. Additionally, drilling along the Rosario vein trend continues to demonstrate success with grades and vein thicknesses meeting expectations. Both Tranca and Rosario offer good potential for the development of additional open-pit resources that would take advantage of the surplus processing capacity at Libertad, with both deposits located within 10 kilometres of the Libertad mill.

"Since the start of 2021 our exploration team has completed a total of 74,775 metres of exploration and resource delineation drilling at Libertad, Limon, Pavon and our Eastern Borosi project. Throughout the year we have maintained a steady tempo with 16 drill rigs, which will continue to operate through Q4. Following a recent decision to extend our exploration drilling program at Pavon we now expect to complete a total of approximately 100,000 metres of drilling by year-end. We will continue to provide updates on our drilling program as new results become available."

Tranca exploration drilling

The Tranca vein system occurs along an east-west-trending fault zone that has been traced four kilometres along strike at surface and drill tested over a 1.6-kilometre extend to a maximum depth of 200 metres from surface. The Tranca vein trend remains open in both directions along strike and at depth. Since the commencement of exploration drilling in Q1 2020, Calibre has drilled 88 core holes totalling 13,170 metres at Tranca. The results of this work will be incorporated into a maiden mineral resource estimate, which will be included in Calibre's 2021 year-end mineral resource statement for issue in Q1 2022.

Rosario infill drilling

Exploration stepout and infill drilling along the Rosario vein trend has confirmed the extension of mineralization along strike of the existing inferred resource to the southwest. Since the commencement of drilling in Q2 2020 Calibre has completed 58 core holes totalling 10,013 metres at Rosario. Results received to date suggest there is good potential to add to the current mineral resource, which comprises indicated 43,000 tonnes averaging 1.86 g/t Au for 3,000 contained gold ounces and inferred 202,000 tonnes averaging 2.11 g/t Au for 14,000 ounces contained gold. The results of this year's drilling at Rosario will be incorporated into an updated mineral resource estimate that will be included in Calibre's 2021 year-end mineral resource statement for issue in Q1 2022.

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 and 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 International Organization for Standardization 9001:2008, environmental management ISO 14001, and safety management OH SAS 18001 and AS4801. Prior to analysis, samples are prepared at Veritas's Managua facility and then shipped to its analytical facility in Vancouver, Canada. Gold analyses are routinely performed via fire assay/AA (atomic absorption) finish methods. For greater precision of high-grade material, samples assaying 10 g/t Au or higher are reassayed by fire assay with gravimetric finish. Analyses for silver and other elements of interest are performed via induction coupled plasma spectrometry (ICP).

Estimated true widths (ETW) for reported vein intercepts are based on 3-D 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 downhole 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 data contained in this news release have been reviewed and approved by Mark A. Petersen, PGeo, vice-president, exploration, and a qualified person as defined by NI 43-101.

About Calibre Mining Corp.

Calibre Mining is a Canadian-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 and Libertad gold mines and the 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 mill feed 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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