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Calibre Mining Corp (2)
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Close 2022-06-29 C$ 1.04
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Calibre drills 44.2 m of 2.19 g/t Au at Gold Rock

2022-06-29 09:07 ET - News Release

Mr. Darren Hall reports


Calibre Mining Corp. has provided this update to the continuing 35,000-metre drilling program at its 100-per-cent-owned Gold Rock project located in the Battle Mountain-Eureka gold trend, Nevada. The federally permitted project is located within a prospective 78-square-kilometre land package with numerous high-priority targets open for discovery and resource expansion.

Highlight results from the continuing multirig drill program

North Pit zone:

  • 2.01 grams per tonne gold over 45.7 metres in hole GR21-002; 0.99 g/t Au over 18.3 m in hole GR21-001;
  • 1.45 g/t Au over 38.1 m in hole GR21-008; 1.75 g/t Au over 19.8 m in hole GR22-037;
  • 1.74 g/t Au over 35.7 m in hole GCM21-001; 0.71 g/t Au over 16.8 m in hole GR22-038.

Central zone:

  • 2.94 g/t Au over 18 m in hole GCM21-002; 0.64 g/t Au over 35.1 m in hole GR21-027;
  • 1.26 g/t Au over 35.1 m in hole GR22-031, 2.19 g/t Au over 44.2 m in hole GR21-021;
  • 1.53 g/t Au over 18.3 m in hole GR22-001; 1.64 g/t Au over 19.8 m in hole GR22-024;
  • One g/t Au over 24.4 m in hole GR22-025; 0.90 g/t Au over 18.3 m in hole GR22-030.

South Pit zone:

  • 3.10 g/t Au over 18.3 m in hole GR22-005; 3.36 g/t Au over 22.9 m in hole GR22-007;
  • 1.40 g/t Au over 27.4 m in hole GR21-025; 1.61 g/t Au over 35.1 m in hole GR21-029.

Darren Hall, president and chief executive officer of Calibre, stated: "It is exciting to see continued high-grade intercepts over significant widths across the primary project areas, in addition to significant potential across the 16.5 km mineralized trend. Drill results from 2021 and to date 2022 have intercepted grades higher than the reported indicated mineral resource average grade of 0.66 g/t gold. Encouraging metallurgical results demonstrate the mineralization is amenable to heap leaching with favourable recoveries and leach cycles. We continue to advance infill drilling and technical studies to support permit applications in the near term and enable reserve declaration at the end of 2022. Gold Rock was not included in our recently released multiyear outlook of forecast gold production (see news release dated June 22, 2022)."

Technical study highlights

Calibre recently completed a comprehensive metallurgical characterization and testing program of 15 PQ core holes, key results include:

  • The Joanna limestone formation is the primary Carlin-style gold mineralization host;
  • Joanna oxide material crushed to 80 per cent minus one-half inch produced a minimum column leach recovery of 86 per cent with Joanna decarbonitized material producing 96-per-cent recoveries;
  • Test results demonstrate fast leaching with a projected commercial primary leach cycle of 30 days;
  • The oxide material percolates well and has high rock strength requiring no agglomeration;
  • Cyanide consumption is projected to be low at one pound/ton and lime to be three pounds/ton;
  • Based on the data, a process facility consisting of standard open circuit three-stage crushing, heap leaching and gold recovery in a typical ADR (adsorption, desorption, recovery) plant is under design;
  • Geotechnical drilling is complete for this phase of the project;
  • Permit-level design of the heap leach pad and associated ponds is nearing completion;
  • Calibre expects mineral reserves to be included in a year-end 2022 technical report.

Gold Rock is a federally approved project and technical work is continuing in support of state permitting which is anticipated to take between 12 and 18 months which is expected to commence in Q3 2022.

Quality assurance/quality control

Calibre Mining maintains a quality assurance/quality control 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. Downhole 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 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 atomic absorption spectroscopy 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 David Schonfeldt, PGeo, Calibre Mining's corporate chief geologist and a qualified person under National Instrument 43-101.

About Calibre Mining Corp.

Calibre 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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