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Calibre Mining Corp (2)
Symbol CXB
Shares Issued 448,082,964
Close 2022-06-24 C$ 1.06
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Calibre Mining drills 5.6 m of 66.03 g/t gold at Limon

2022-06-27 09:06 ET - News Release

Mr. Darren Hall reports


Calibre Mining Corp. has released additional high-grade drill results from its Panteon North zone within the Limon mine complex, part of the company's 85,000-metre resource expansion and discovery drilling program.

Additional high-grade drill results from Panteon North:

  • 66.03 grams per tonne (g/t) gold over 5.6 metres estimated true width (ETW), including 167.27 g/t Au over 2.3 metres and 14.95 g/t Au over 1.9 metres ETW in hole LIM-22-4630;
  • 30.33 g/t Au over 5.0 metres ETW, including 40.62 g/t Au over 3.8 metres in hole LIM-22-4628;
  • 22.55 g/t Au over 4.9 metres ETW, including 68.51 g/t Au over 1.7 metres in hole LIM-22-4632;
  • 17.58 g/t Au over 2.4 metres ETW, including 28.67 g/t Au over 1.9 metres in hole LIM-22-4627;
  • 4.66 g/t Au over 1.7 metres ETW, including 8.20 g/t Au over 0.8 metres in hole LIM-22-4637.

Darren Hall, president and chief executive officer of Calibre, stated: "I am excited by these exceptionally high-grade drill results from the Panteon North zone, located one kilometre northwest of the high-grade producing Panteon underground mine, as they continue to present significant opportunities for discovery and resource growth within the Limon mine complex. Panteon North is open down-plunge and along-strike to the northwest for further expansion. These results are considerably higher grade than we expected, especially considering the underground reserve grade at Panteon of 7.17 g/t Au. This drilling reinforces our grade driven production growth strategy, though important to note that the high-grade Panteon North discovery was not considered in our recent multiyear production outlook.

"Calibre recently completed a VTEM [versatile time domain electromagnetic] geophysical survey within the Limon mine complex which, after review of the data, clearly demonstrates a significant opportunity for additional discovery and resource expansion along both the Panteon and Santa Pancha vein trends. The Santa Pancha vein system historically produced over 1.3 million ounces over a strike length of 2.5 kilometres, where the majority of that gold was discovered along the VTEM resistivity low/high contact, which can be viewed here or in the figures linked below [see original news release]. The VTEM resistivity low/high contact has been traced for over 6.0 km from current drilling on both the Santa Pancha and Panteon vein systems and represents a high-priority exploration and resource building opportunity for the company. Calibre has five active rigs at Limon and will continue to follow both trends with the new exploration data."

Quality assurance/quality control(QA/QC)

Calibre maintains a quality assurance/quality control 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/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 plasmaspectrometry (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

The scientific and technical information contained in this news release was approved by David Schonfeldt, PGeo, Calibre Mining's corporate chief geologist 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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