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Calibre Mining Corp (2)
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Shares Issued 441,590,638
Close 2022-02-03 C$ 1.13
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Calibre recaps 2021 operations, outlines 2022 goals

2022-02-03 11:29 ET - News Release

Mr. Darren Hall reports


Calibre Mining Corp. has provided an update in respect of the company's 2022 discovery and resource expansion drilling programs at Limon, Libertad, Pavon and Eastern Borosi in Nicaragua, highlighting results from 2021 and outlining key 2022 targets and objectives.

Two thousand twenty-one exploration highlights and 2022 key objectives:

  • Year-end 2020 reserves increased 200 per cent to 864,000 ounces grading 4.49 grams per tonne gold after depletion;
  • Completed in excess of 100 kilometres of drilling with the objective of putting five years of mine life into reserves (end of year 2021 resource and reserve update planned for end of Q1 2022);
  • 2022 programs have been designed to target over 250,000-ounce deposits to help bolster the company's project pipelines, providing a solid base for future growth;
  • Infill drilling to advance technical studies at the Eastern Borosi project (EBP), including Riscos de Oro underground and Guapinol/Vancouver open-pit mines;
  • Approved a $22-million (U.S.) exploration budget for 2022, including 85 km of drilling focused on resource expansion and discovery with nine drill rigs currently operating across the assets;
  • High-grade resource expansion opportunities at Volcan, Tranca, Panteon Northeast, Talavera extension and Southwest Riscos De Oro, which are not yet included in the company's resources;
  • Advanced the newly approved Buena Vista concession, located near the Limon mine complex where at least seven new vein targets have been identified, and the La Fortuna concession, located near the Libertad mine complex which covers a large, newly discovered epithermal alteration zone exposed at surface over eight square kilometres, drilling to commence in late 2022;
  • Initiated 10,000 line km of airborne geophysical surveys (versatile time domain electromagnetic and electromagnetic) to help define and vector new targets;
  • Exploration over the last two years has positioned Calibre for 2023 and 2024 production growth.

Darren Hall, president and chief executive officer of Calibre, stated: "During 2021 our primary exploration efforts focused on increasing confidence in known resource areas at Limon, Libertad, Pavon and EBP, which I expect will positively impact reserves after 2021 depletion and further increase confidence in future production. Additionally the team advanced new prospective concessions along the western epithermal belt, discovered new zones, progressed our geological understanding and target delineation work which form the basis of our 2022 drilling programs.

"As a result of the exploration work completed over the last two years, we are in a strong position for 2023 and 2024 production growth. The discovery of new gold zones and continued progress at the high-grade EBP strengthens our outlook to continually expand resources and reserves. Our initial focus at EBP has been to progress the Guapinol, Vancouver and Riscos De Oro deposits which continues with permitting, studies and consultation followed by a construction decision in the first half of 2023. We continue to discover and develop new orebodies through a sustained commitment to exploration, thereby unlocking the growth and discovery opportunities we see across our portfolio of mines and exploration properties."

Tom Gallo, Calibre's newly appointed senior vice-president, growth, comments: "I left Canaccord Genuity as a mining analyst and joined Calibre because I believed in the considerable geological potential of Nicaragua. Having spent time in country, I am impressed with the team's focus over the past two years in converting resources to reserves, but I am extremely encouraged by the untapped resource growth potential on our concessions. What we are targeting in 2022 far exceeded my expectations when I joined, and I am confident we will be successful in adding material new ounces into our project pipeline going forward."

Libertad mine complex

Libertad and surrounding concessions consist of several low sulphidation epithermal vein systems with historic production of more than 1.9 million ounces of gold. End of year 2020 reserves include 296,000 oz (1.95 million tonnes grading 4.71 grams per tonne gold with active operations at Jabali underground and Pavon Norte open pit) (see March 29, 2021, news release). Exploration work has demonstrated potential in several areas for near-surface mineralization, resource growth, and new high-priority discoveries and targets within five to 10 km of the Libertad mill and surrounding concessions. Drilling is under way with three rigs on priority targets, details include:

Resource growth opportunities

Volcan vein discovery:

  • Highlight drill results of 15.6 g/t Au over 4.9 metres and 7.8 g/t Au over 3.4 m (VN-21-041), 11.3 g/t Au over 5.4 m (VN-21-026), 9.2 g/t over 1.7 m (VN-21-030A), 2.3 g/t over 6.2 m (VN-21-032), 8.7 g/t over 1.8 m (VN-21-022);
  • Northeast-southwest-trending vein located in the southwest corner of the Libertad concession located less than five km of the Libertad mill;
  • The Volcan vein system is identified over three km with approximately 1.5 km drill tested, successfully discovering new near-surface mineralization that remains open for expansion with numerous additional vein structures identified in the Volcan district.

Tranca vein discovery:

  • Highlight drill results of 16.8 g/t Au over 2.8 m (TR-21-039), 13.8 g/t Au over 4.4 m (TR-21-052), 3.9 g/t Au over 4.5 m (TR20-009), 4.2 g/t Au over 6.6 m (TR-21-081A), 3.3 g/t Au over 7.6 m (TR-21-054), and 1.7 g/t Au over 22.3 m (TR-21-055);
  • East-west-trending vein located 2.5 km southwest of the Jabali vein currently in production and within 10 km of the Libertad mill;
  • During 2021 the western portion of the deposit was drill tested up to 300 m below surface and 1.4 km along strike of a known four km strike length;
  • 2022 drilling is under way, testing from the northeast near-surface extensions.

Nancite vein:

  • Highlight drill results of 1.8 g/t Au over 5.3 m (NA20-001), 17.3 g/t over 1.5 m (NA20-010), five g/t Au over 2.8 m (NA20-010) and 1.7 g/t Au over four m (NA20-011);
  • Subparallel structure to Tranca located 250 m farther south which extends over a strike length of 800 m;
  • During 2020 the vein system was drill tested up to 150 m below surface and 750 m along strike and remains open at depth and along strike.

Amalia district:

  • Highlight drill results of 17.8 g/t Au over seven m (EZ19-001), 19.9 g/t Au over 1.9 m (EZ20-007), 5.2 g/t Au over 6.7 m (EZ20-011), 3.8 g/t over 3.1 m (EZ20-015);
  • Located approximately 35 km northeast of the Libertad mill;
  • Fieldwork has delineated multiple new epithermal vein systems along a northeast-southwest trend;
  • 2022 drilling will test the potential for mineralization along the trend.

Limon mine complex

Limon comprises several low sulphidation epithermal vein systems within a large 200-square-kilometre exploitation concession. Limon deposits have produced more than 3.6 million oz of gold over decades of operations. End of year 2020 reserves included 568,000 oz (four million tonnes grading 4.38 g/t gold with active open-pit and underground mining operations) (see March 29, 2021, news release). Year-over-year Calibre has successfully discovered new zones and expanded reserves. Since acquiring the assets in 2019 the company has discovered the high-grade Panteon vein, now in production, and the Atravesada vein, in development with production expected to commence by the end of this year. The company's focus for 2022 will be resource expansion and discovery drilling on existing resource zones and on reinterpreted high-priority targets including: Tigra/Chapparal, Panteon North and parallel targets at the historic Talavera underground mine which produced approximately 800,000 oz. Exploration drilling is under way with two rigs and one on the way. Target details include:

Resource growth opportunities

Tigra/Chapparal; north end of Limon open pit:

  • Highlight drill results of 17.9 g/t Au over 5.5 m (LIM-18-4281), 16.5 g/t Au over 6.1 (LIM-18-4272), 6.8 g/t Au over 4.3 m (LIM-21-4584), five g/t Au over 12.9 m (LIM-20-4471) and 5.3 g/t Au over 10 m (LIM-20-4462) and 12.2 g/t Au over 2.2 m (LIM-21-4581);
  • Follow-up drilling in 2022 will test the down-plunge depth potential below currently defined resources on the north end of the Limon open-pit vein structure.

Panteon Northwest:

  • Highlights of historic drill results of 14.57 g/t Au over 1.98 m (LIM-77-1106), 4.7 g/t over 1.22 m (LIM-77-1089) and 12.34 g/t Au over 0.94 m (LIM-83-1515);
  • These results are outside of the known high-grade resources (282,000 tonnes grading 6.66 g/t Au for 60,000 oz) and remain open over 1.5 km along strike;
  • The northwest-southeast Panteon vein system is approximately three km in strike length with resources open for expansion.

Talavera extension:

  • Highlights of historic drill results of 7.4 g/t Au over 10.42 m (LIM-05-3334), 18 g/t over 5.93 m (LIM-04-3355) and 2.1 g/t over 5.84 m (LIM-97-2205);
  • Initial drilling will focus on extensions along strike to the southwest;
  • Former underground mine with past production of 800,000 oz with potential for resource expansion on parallel veins.

Eastern Borosi project

Eastern Borosi is an underexplored 176-square-kilometre land package located in northeast Nicaragua. During 2021 the company significantly advanced three of six known resource zones including Guapinol/Vancouver and Riscos De Oro with technical studies, environmental baseline work, community consultations, geotechnical, metallurgical and infill drilling. Calibre completed these programs and has submitted permit applications to advance the asset expected to provide high-grade mill feed to the Libertad mill during the second half of 2023.

Reinterpretations of historic surface and down-hole drill data have significantly advanced the exploration pipeline at EBP. Concurrent target delineation and exploration drill programs have been continuing and have restarted with two rigs testing extensions to existing resources and newly identified targets including:

Resource growth opportunities

Southwest Riscos de Oro:

  • 2019 limited drill highlights include 23.8 g/t Au and 26.0 g/t Ag over 1.2 m (RD19-049), and 4.8 g/t Au and 15.8 g/t Ag over 3.6 m (RD-19-050);
  • Located approximately 500 m southwest of the existing Riscos de Oro resource;
  • First-pass drilling completed in 2019 confirmed similar vein widths and gold-silver grades found at the principal Riscos de Oro deposit;
  • The zone of mineralization remains open in all directions.


  • Initial high-grade open pit resource zone on track for development in 2023;
  • Remains open along strike and down plunge of known resource zones.

San Cristobal:

  • 2018 drill highlights include 10.92 g/t Au and 859 g/t Ag over 5.7 m (SC18-002);
  • High-grade target located along an underexplored two km long northeast vein trend connecting the Riscos de Oro prospects with the La Sorpresa group of veins in the northern sector of the concession block;
  • The zone of mineralization remains open in all directions;
  • 2022 exploration will include first-pass drilling to delineate mineralization along strike.

Cadillac West:

  • 2015 to 2018 drill highlights include 8.93 g/t Au and 57.4 g/t Ag over 2.6 m (LS15-008) located 250 m west of the Cadillac vein;
  • Subparallel, northeast-southwest-oriented vein delineated for 700 m;
  • 2022 exploration will include first-pass drilling to delineate mineralization along strike.

Pavon mine complex

During 2021 Calibre initiated mining at Pavon Norte the first of three known open-pit gold deposits. End of year reserves include 200,000 oz at 4.86 g/t gold (see March 29, 2021, news release). Calibre is advancing development and permitting along trend to begin mining at Pavon Central by 2023 which hosts an average reserve grade of 6.9 g/t Au, significantly higher grade than Pavon Norte, and is expected to contribute to 2023 and 2024 production growth. At Pavon, Calibre has two rigs drilling along strike of Pavon Central and South and parallel vein structures to the south.

New Buena Vista concession

The Buena Vista project is located approximately 20 km east of the Limon mine complex and 10 km northwest of the La India mine along the same structural trend which controls the gold mineralization at La India. Surface mapping and sampling at Buena Vista have identified at least seven vein target areas. Individual targets within the concession host gold-bearing breccia and quartz veins with semi-continuous strike lengths up to three km long. Outcrop sampling of the veins have returned values from less than 0.1 g/t to 8.3 g/t in rock-chip samples. The 2022 program will focus on further definition and extension of currently identified vein structures with mapping, rock-chip sampling and soil sampling to define and prioritize drill targets. Permit applications have been submitted and drilling and trenching activities are expected to begin in Q4 of 2022 or early 2023. An electromagnetic (VTEM) airborne geophysical survey is planned for Q1 2022 and will assist in drill target definition in combination with mapping and geochemical sampling.

New La Fortuna concession

The Fortuna concession is located approximately 35 km south of the Libertad mine complex and covers a large epithermal alteration zone which is exposed at surface over eight square kilometres. Alteration identified in the area is dominated by strong silicification and argillic alteration with characteristics of high-sulphidation- and low-sulphidation-style gold targets in different portions of the concession. Drill permit applications have been submitted and initial surface work was completed in 2021 and will continue in 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, 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's Managua facility and then shipped to its analytical facility in Vancouver, Canada. Gold analyses are routinely performed via fire assay/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).

Qualified person

Dr. Greg Myers, senior manager, generative exploration, for Calibre Mining is an AUSIMM member 210863 and chartered professional geologist, Washington State professional geologist 2576. Member since 2002.

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 United States, 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, no debt, a proven management team, strong operating cash flow, accretive development projects and district-scale exploration opportunities, Calibre will unlock significant value.

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