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Calibre Mining Corp (2)
Symbol CXB
Shares Issued 441,590,638
Close 2022-03-21 C$ 1.47
Recent Sedar Documents

Calibre Mining drills 12.4 m of 11.56 g/t Au at Pavon

2022-03-22 10:02 ET - News Release

Mr. Darren Hall reports

CALIBRE MINING ADVANCES THE HIGH-GRADE PAVON CENTRAL OPEN PIT MINE DEVELOPMENT AND ANNOUNCES EXPANSION DRILL RESULTS

Calibre Mining Corp. has provided an update on the company's next high-grade open-pit mine at Pavon Central, and 2021 and 2022 drill programs. Pavon Central development is on track to ramp up production in the first half of 2023 and recent results highlight high-grade drilling and expansion of defined high-grade open pit deposits at Pavon Central and Pavon South.

Highlights from the Pavon complex include:

  • Pavon Central is on track to be the company's next high-grade open-pit mine (2021 open pit reserve grade is 6.49 grams per tonne gold) (see "Calibre Increases Nicaraguan Mineral Reserves to In Excess of 1 Million Ounces" news release);
  • Advancing development and permitting expecting to initiate mining during Q1 2023;
  • Drilling under way with two rigs following up on recent high-grade results;
  • Strong indications for resource expansion along the Pavon Central south extension and Pavon South.

Highlights of Pavon Central drill results:

  • 5.08 g/t Au over 7.6 metres estimated true width from 72.7 metres in hole PVC-21-046;
  • 4.21 g/t Au over 6.5 metres ETW from 32 metres in hole PVC-21-062;
  • 4.46 g/t Au over 9.8 metres ETW from 94.6 metres in hole PVC-21-078;
  • 8.58 g/t Au over four metres ETW from 145.3 metres in hole PVC-21-081.

Highlights of Pavon South drill results:

  • 11.56 g/t Au over 12.4 metres ETW from 37.6 metres in hole PVS-21-004;
  • 4.08 g/t Au over 2.3 metres ETW from 49.4 metres in hole PVS-21-002;
  • 3.04 g/t Au over 28.4 metres ETW from 26.2 metres in hole PVS-21-006;
  • 11.75 g/t Au over 3.9 metres ETW from 81.2 metres in hole PVS-21-014.

*A complete list of 2021 drill results since the resource and reserve cut-off date will be included in the updated end of year 2021 Libertad technical report, which will be filed on or before March 31, 2022.

Darren Hall, president and chief executive officer of Calibre, stated: "In 2021, Calibre responsibly initiated mining and steadily increased Pavon Norte production rates, delivering a new mine and additional feed into our Libertad mill. Successful gold production from Pavon Norte to our underutilized Libertad mill demonstrates the success of our expanding operating strategy to deorphan satellite deposits to generate robust cash flows and extend mine life. The significantly higher reserve grade at Pavon Central, over that of Pavon Norte, is expected to positively contribute to 2023 and 2024 production growth while maintaining constant mining and hauling rates, leading to lower per-ounce costs.

"Pavon Norte represents the first of three known high-grade open pits within this emerging gold district. As exploration at our 100-per-cent-owned Pavon complex continues to advance, we are beginning to see the benefits of our drill program and believe there is great potential to make new discoveries and continue to expand known resources particularly when intercepting high-grade intercepts near surface as reported today."

2021/2022 exploration drilling program

The drilling completed in 2021 and the current program focuses on stepout drilling on the currently identified resources, extending mineralization along strike and down dip in all three deposits. The vein-bearing structure varies in width and grade with several drill holes host to multiple gold-bearing quartz veins within a wide fault structure. Given the positive drill results to date, there is good potential to expand Pavon Central along strike to the north where new intercepts include 4.46 g/t Au over 9.8 metres and 5.98 g/t Au over 1.4 metres. The Pavon Central south extension drilling intercepted 8.58 g/t Au over four metres approximately 250 metres along strike outside of the currently defined resources, potentially indicating a new ore shoot with potential to grow. Additionally, excitement grows around the Pavon South deposit, which exhibits shallow, high-grade intercepts along strike outside of currently defined resources.

Pavon overview and opportunities

During Q1 2021, Calibre initiated mining at its 100-per-cent-owned Pavon Norte open-pit mine, the first of three known open pit gold deposits which also includes Pavon Central and Pavon South. Calibre is advancing development and permitting along trend to begin mining at Pavon Central by Q1 2023, which hosts an average open-pit mine reserve grade of 6.49 g/t gold (see Feb. 23, 2022, news release), almost double the grade of Pavon Norte. The planned mine expansion into the Pavon Central zone and the increased gold grade is expected to positively contribute to 2023 and 2024 production growth.

The company remains on track and on budget to advance Pavon Central during the remainder of 2022, with the expectation to achieve mining by Q1 2023. All mine development capital for Pavon Central is included in the company's growth capital guidance, which is all self-financed through a strong cash balance of $78.5-million (U.S.) (as at Dec. 31, 2021), no debt and 2022 production of between 220,000 and 235,000 ounces. Growth capital for the new Pavon Central mine includes site infrastructure, and road and power line installation and upgrades.

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, samples of high-grade material assaying five g/t Au or higher are reassayed by fire assay with gravimetric finish. Analyses for silver and other elements of interest are performed using four-acid digestion with analytical methods employing induction coupled plasma spectrometry (ICP), mass spectroscopy (MS) and emission spectroscopy (EM).

Estimated true widths for reported vein intercepts are based on empirical 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 down-hole 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 Greg Myers, PhD, PGeo, senior manager, generative exploration, and a qualified person as defined by National Instrument 43-101.

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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