20:29:35 EST Fri 09 Dec 2022
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Calibre Mining Corp (2)
Symbol CXB
Shares Issued 450,077,550
Close 2022-11-22 C$ 0.82
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Calibre Mining drills 4.56m of 6.78 g/t Au at Gold Rock

2022-11-22 07:39 ET - News Release

Mr. Darren Hall reports


Calibre Mining Corp. has released results from its 2022 drill program at its 100-per-cent-owned gold project located in White Pine county, Nevada, in the Battle Mountain/Eureka gold trend. The federally permitted project is located within a prospective 78-square-kilometre land package with numerous high-priority targets.

The initial purpose of the 2022 drill program was to derisk the Gold Rock near-surface oxide project through infill and condemnation drilling, geometallurgical classification, and structural modelling. During the program, Calibre intersected high-grade sulphide mineralization in areas previously untested by drilling. Historic drilling at Gold Rock targeted shallow oxide mineralization. Mineralization plunges from south to north along both limbs of the Gold Rock anticline and these gold chutes remain open to depth. Multielement analysis reveals increasing arsenic, bismuth and tellurium geochemistry, suggesting a highly favourable gold environment while magnetic data show a large, deep-seated magnetic low, typical of Carlin-style feeder systems.

Highlight results from the 2022 drill program:

  • 5.5 grams per tonne gold over 3.0 metres in hole GC22-008;
  • 7.1 grams per tonne gold over 2.1 metres in hole GC22-013;
  • 6.6 grams per tonne gold over 5.8 metres in hole GC22-015;
  • 4.1 grams per tonne gold over 8.1 metres in hole GC22-016;
  • 3.0 grams per tonne gold over 19.2 metres in hole GCM22-001;
  • 4.6 grams per tonne gold over 4.6 metres in hole GR22-006;
  • 6.7 grams per tonne gold over 3.0 metres in hole GR22-091;
  • 6.8 grams per tonne gold over 4.6 metres in hole GR22-102;
  • 5.5 grams per tonne gold over 3.0 metres in hole GR22-115;
  • 4.1 grams per tonne gold over 3.0 metres in hole GR22-151;
  • 3.2 grams per tonne gold over 43.8 metres, including 6.1 grams per tonne gold over 8.1 metres in hole GC22-018;
  • 5.3 grams per tonne gold over 3.0 metres in hole GR22-152;
  • 8.0 grams per tonne gold over 1.52 metres in hole GR22-041.

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 herein did not cross mineralization perpendicularly and do not represent exact true widths.

Darren Hall, president and chief executive officer of Calibre, stated: "We are very pleased with these high-grade results out of our Gold Rock project. The existing federal permits allow for sulphide treatment in the processing stage; as such, we are excited about the increasing grade potential at depth. With only shallow drilling completed to date and a small portion of the overall land package, we have confirmed the existence of an oxide gold deposit, similar in mineralogy to that of our Pan mine deposit, but with better grades and recoveries (see news release dated June 29, 2022). These new results indicate there could be a large, untested Carlin-style mineral system at depth, thus we are shifting our focus to beyond the near-surface oxide deposits.

"We are also pleased to announce that our 100-per-cent-owned Pan mine, located adjacent to the Gold Rock project, has received the United States Bureau of Land Management's approval to modify the existing mining permit. By consolidating multiple open pits and expanding two waste rock areas, this modification would add five additional years of mining to our Pan mine heap leach operation in Nevada."

Tom Gallo, senior vice-president of growth at Calibre, stated: "Our location on the Battle Mountain/Eureka gold trend further supports our belief that Gold Rock is a viable target for deeper, higher-grade mineralization as seen in other prolific deposits to the north. Given Pan mine and Gold Rock have never been meaningfully explored at depth, a tremendous opportunity exists across our 222-square-kilometre property package. The 2023 drill program at Gold Rock will focus on testing this target at depth. We believe there is considerable potential for a multimillion-ounce Carlin-style target at depth throughout the Gold Rock corridor."

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 quality assurance/quality control 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 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 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 in 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, 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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