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Calibre Mining Corp (2)
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Close 2021-09-28 C$ 1.35
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Calibre Mining drills 6.2 m of 6.39 g/t Au at Limon

2021-09-29 07:07 ET - News Release

Mr. Darren Hall reports


Calibre Mining Corp. has provided an update on the company's 2021 resource expansion and discovery drilling program, highlighting drilling completed at high-grade deposits and targets within the company's producing Limon mine complex.

Resource expansion highlights

Atravesada underground:

  • 9.02 grams per tonne gold over 3.0 metres of estimated true width (ETW) from 343.6 metres (LIM-21-4563);
  • 6.39 g/t Au over 6.2 metres ETW from 241.1 metres (LIM-21-4576);
  • 4.27 g/t Au over 4.2 metres ETW from 360.4 metres (LIM-21-4556).

Tigra -- beyond the reserve pit shell:

  • 6.82 g/t Au over 4.3 metres ETW from 285.9 metres (LIM-21-4584);
  • 5.28 g/t Au over 4.8 metres ETW from 251.4 metres (LIM-21-4579);
  • 12.17 g/t Au over 2.2 metres ETW from 284.8 metres (LIM-21-4583);
  • 7.12 g/t Au over 2.0 metres ETW from 315.7 metres (LIM-21-4587).

New gold zone within the Limon complex

Portal target:

  • 5.75 g/t Au over 2.3 metres ETW from 115.2 metres (LIM-21-4567);
  • 2.77 g/t Au over 4.1 metres ETW from 66.8 metres (LIM-21-4572);
  • 1.68 g/t Au over 18.6 metres ETW from 40.1 metres (LIM-21-4569).

Darren Hall, president and chief executive officer of Calibre, stated: "The Limon mining complex has produced more than three million ounces of gold and continues to present a number of significant opportunities for discovery and resource growth. As underground development at the Atravesada deposit progresses we are pleased with 2021 drill results and believe there is good potential for additional resources that will contribute toward development of new reserves (see previous Atravesada drill results including 5.5 g/t over 7.1 metres and 4.85 g/t over 5.5 metres in news release dated May 11, 2021). We are also encouraged by results of recent drilling below the Tigra open pit, which indicate good potential for additional resource growth. Finally, results of first pass drilling at the new portal vein target located approximately five kilometres northwest of the Limon open pit again demonstrate the potential for continued discoveries to help drive production and extend mine life."

Resource expansion and infill drilling

Drilling at the Atravesada deposit continues to return high-grade intercepts over significant widths. Importantly, drilling down plunge along the central ore shoot has returned multiple high-grade gold intercepts up to 100 metres below the limits of the currently reported underground indicated resource.

Recent drilling at Tigra provides further confirmation of the potential to delineate additional high-grade resources along the main ore shoot as it extends below the current open-pit probable reserve. The reserve contains 547,000 tonnes averaging 4.93 g/t Au and 87,000 ounces contained gold. Additional inferred resources below the open-pit reserve include 221,000 tonnes averaging 7.02 g/t Au and 50,000 ounces contained gold.

Drilling along strike and down plunge of the principal ore shoots at Panteon and Santa Pancha 1 has returned additional drill intercepts consistent with the high-grade shoots already delineated at each deposit.

The north-south-trending portal vein lies approximately one kilometre north of Atravesada. First pass drilling intersected near-surface mineralization below historic trenching by B2Gold that returned 74.3 g/t Au over 3.8 metres and 9.6 g/t over 2.0 metres. Exploration drilling will continue to test the extent and continuity of gold mineralization both laterally and downdip along the portal vein.

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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