21:27:02 EDT Thu 30 Jun 2022
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or Name

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Calibre Mining Corp (2)
Symbol CXB
Shares Issued 444,330,158
Close 2022-05-13 C$ 1.10
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Calibre Mining drills 7.3 m of 17.80 g/t Au at Limon

2022-05-16 09:12 ET - News Release

Mr. Darren Hall reports


Calibre Mining Corp. has provided an update on the company's 2022, 85,000-metre resource expansion and discovery drilling program in Nicaragua, highlighting new high-grade drill results at the Panteon North zone within the company's producing Limon mine complex.

Highlights from Panteon North:

  • 17.80 grams per tonne gold over 7.3 metres estimated true width (ETW), including 6.69 g/t Au over 1.9 metres, 26.37 g/t Au over 2.8 metres and 16.84 g/t over 3.2 metres, in hole LIM-22-4619;
  • 9.72 g/t Au over 3.9 metres ETW, including 27.80 g/t Au over 1.4 metres and 1.29 g/t Au, over three metres in hole LIM-22-4616;
  • 8.84 g/t Au over 1.1 metres ETW, including 1.96 g/t Au over one metre and 20.30 g/t over 0.6 metre, in hole LIM-22-4620;
  • 12.75 g/t Au over 2.4 metres ETW, including 33.70 g/t Au over one metre and 2.78 g/t Au over 2.1 metres, in hole LIM-22-4622;
  • 9.38 g/t Au over 2.7 metres, including 34.50 g/t Au over 0.6 metre and 3.24 g/t Au over 2.3 metres, in hole LIM-22-4625;
  • Panteon North is located approximately one kilometre northwest from the high-grade Panteon underground mine;
  • Open along strike to the northwest for further expansion.

Darren Hall, president and chief executive officer of Calibre, stated: "The high-grade Panteon mine continues to expand with the discovery of the Panteon North zone located one km from existing operations. Panteon North is open along strike and down plunge to the northwest and, to date, we have intercepted high-grade results over approximately 500 metres.

"I am encouraged by these high-grade drill results at Limon as they continue to present significant opportunities for discovery and resource growth at the Limon mine complex which has produced more than three million ounces.

"Calibre will continue to advance our 85,000-metre discovery and expansion drilling program at Panteon North and other targets across our portfolio of assets with the focus on growing resources and extending mine life."

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).

Estimated true widths 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 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

Dr. Greg Myers, senior manager, generative exploration, for Calibre Mining, is an AUSIMM member (210863) and chartered professional geologist, Washington State professional geologist (2576). A member since 2002, Dr. Myers has reviewed and confirmed the technical data included in this release.

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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