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Calibre Mining Corp (2)
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Calibre Mining drills 18.29 m of 1.29 g/t gold at Pan

2022-04-12 09:12 ET - News Release

Mr. Darren Hall reports


Calibre Mining Corp. has released assay results from the continuing resource conversion and expansion program at the 100-per-cent-owned Pan mine, located in White Pine county, Nevada. As a follow up to the recently reported exploration drill results from Pan (see news release dated March 8, 2022), the below drill intercepts continue to demonstrate resource expansion and bolster confidence in known zones, boding well for future resource updates. Calibre continues to advance a multirig, 50,000-metre drill program and recently executed a single source drill provider contract resulting in confirmed rig availability and cost savings for the 2022 drill programs.

Highlights from the continuing Pan drill program include:

Dynamite target:

  • 1.29 grams per tonne (g/t) gold over 18.3 metres, including 2.17 g/t Au over 9.1 metres in hole PR21-053; drilled below the northern edge of known mineralization suggesting the deposit remains open along strike;
  • 1.46 g/t Au over 9.1 metres, including 2.32 g/t Au over 4.6 metres and 0.70 g/t Au over 10.7 metres in hole PR21-055; drilled in between known inferred material and below the current pit designs;
  • Given continued drilling success, open pit mineralization demonstrates strong expansion potential.

Pegasus target:

  • 1.01 g/t Au over 9.1 metres, including 1.41 g/t Au over 4.6 metres in hole PR21-047; drilled outside (down dip) of known inferred resources and adjacent to hole PR21-045, which intercepted 1.02 g/t Au over 50.3 metres (see news release dated March 8, 2022).

Dune target:

  • 0.95 g/t Au over 15.2 metres includes 1.33 g/t Au over 7.6 metres in hole PR21-058; drilled in between known resource areas;
  • 0.45 g/t Au over 13.7 metres in hole PR22-004; drilled at surface in between known inferred resources;
  • 0.59 g/t Au over 4.6 metres in hole PR22-005; drilled at surface in an area with no current resources.

Black Stallion target:

  • 0.52 g/t Au over 7.6 metres in hole PR21-033; drilling in South Black Stallion upgrades and expands isolated pockets of mineralization previously defined by wide spaced drilling;
  • 0.75 g/t Au over 25.9 metres in hole PR21-040 confirms the presence of new mineralized breccia bodies well outside the Branham fault zone, the primary control for ore grade mineralization.

Note: All holes were drilled at angles of minus 45 to minus 90 degrees at azimuths designed to intersect targeted structures as nearly as possible to perpendicular when possible. Some drill holes and intercepts reported here did not cross mineralization perpendicularly and do not represent exact true 'widths.

Darren Hall, president and chief executive officer of Calibre, stated: "Drilling at Pan continues to demonstrate strong potential to upgrade and expand resources as we infill and step out along strike between past and active mining areas. Three months into the Pan 2022 drill program, the largest in over five years, I am encouraged by these results and believe we will grow the asset leading to additional value optimization opportunities."

Quality assurance/quality control

Calibre Mining 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 the insertion of assay standards, blanks and duplicates in the sample stream to ensure the assay lab results are within specified performance levels. Down-hole deviation surveys are provided by international directional services, utilizing a surface recording gyroscope and by trained drill crews operating a north seeking gyroscope supplied by Reflex. Reverse circulation (RC) drilling was performed by Boart Longyear of Salt Lake city, Utah, and Alford Drilling from Elko, Nev. Assays were performed by ALS, Reno, where fire assays were determined on a 30-gram charge with an AAS finish. An additional cyanide leach assay was also completed. ALS carries ISO/IEC 17025:2017 certification.

Qualified person

The scientific and technical information contained in this news release was approved by Paul Noland (AIPG CPG-11293), Calibre Mining's vice-president of exploration, Nevada, and a qualified person under 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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