16:56:08 EST Fri 27 Jan 2023
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Calibre Mining Corp (2)
Symbol CXB
Shares Issued 450,077,550
Close 2023-01-23 C$ 1.10
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Calibre Mining drills 92.4 m of 4.30 g/t Au at Golden

2023-01-24 09:08 ET - News Release

Mr. Darren Hall reports


Calibre Mining Corp. has released assay results from the first-phase diamond drill program at its 100-per-cent-owned Golden Eagle project. Golden Eagle is located in the Republic/Eureka mining district in Ferry county, Washington, United States, approximately 4.8 kilometres north-northwest of the town of Republic, Wash., and approximately 16 km west of Kinross Gold's Kettle River mill. Golden Eagle hosts a pit-constrained, measured and indicated resource of 2.02 million ounces at 1.4 grams per tonne gold with an inferred resource of 155,000 ounces at 0.9 g/t gold. This two-million-ounce deposit located in the United States with favourable logistics will provide future value to Calibre shareholders through additional drilling and modern metallurgical testing.

Initial drill results from the Golden Eagle program include:

  • 4.30 g/t Au over 92.42 metres, including 7.80 g/t Au over 17.3 metres in hole GEC22-001;
  • 2.90 g/t Au over 195.1 metres in hole GEC22-003; 2.38 g/t Au over 114.3 metres;
  • 2.66 g/t Au over 19.8 metres and 2.65 g/t Au over 25.7 metres in hole GEC22-006.

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: "Today's results from Golden Eagle reinforce the potential for this project to provide significant value to Calibre shareholders. The first phase of this drill program confirms a robust mineral system with consistent gold grades over broad widths. The Golden Eagle project is a key asset within our United States operating platform which includes the Pan mine and the Gold Rock and Illipah projects in Nevada. I look forward to results from the second phase of drilling as well as the commencement of a comprehensive metallurgical program to fully assess this strategic asset's potential. Golden Eagle is a meaningful contributor to the company's overall mineral resource estimate with two million ounces in measured and indicated mineral resource, adding positively to our organic growth strategy."

About Golden Eagle

The Golden Eagle mineral resource estimate, based on a drill hole data set of 202 holes totalling 38,208 metres at a base cut-off grade of 0.48 g/t gold and a gold price of $1,500 (U.S.), supports a pit-constrained measured and indicated resource of 2.02 million ounces at 1.382 g/t and an inferred resource of 154,650 ounces at 0.896 g/t (see Fiore Gold's MRE National Instrument 32-101 technical report dated Sept. 24, 2021). The Golden Eagle deposit is characterized as a low-sulphidation epithermal hot-springs-related deposit. A major part of the deposit is a large body of silicified hydrothermal breccia, but high-grade gold- and silver-rich quartz veins are present in and near the area of hydrothermal breccia. The deposit has as strike length of approximately 750 metres, variable width up to approximately 300 metres and depth of approximately 600 metres. Mineralization occurs at surface on the west and southwest areas of the deposit.

History of the region

Golden Eagle is located in the northwestern portion of the very productive Republic/Eureka district and includes the former Mountain Lion mine which was active from 1898 to 1947. The Republic/Eureka mining district has produced nearly four million ounces of gold at an average grade of 19.89 g/t gold over the past 130 years, principally from high-grade underground narrow vein deposits. The last operating gold mine in the district was Kinross's Buckhorn/Kettle River operation which closed in 2017.

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. Downhole deviation, utilizing a surface recording gyroscope, and trained drill crews operating a north-seeking gyroscope supplied by International Directional Services. HQ core drilling was performed by 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. 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 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 U.S., 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, 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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