00:49:23 EST Sat 02 Mar 2024
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Calibre Mining Corp (2)
Symbol CXB
Shares Issued 717,172,857
Close 2024-02-05 C$ 1.40
Market Cap C$ 1,004,042,000
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Calibre drills 14.8 m of 3.14 g/t Au at Valentine

2024-02-06 09:47 ET - News Release

Mr. Darren Hall reports


Calibre Mining Corp. has provided assay results from the recent drill program at the Frank zone, a high-priority gold target one kilometre southwest of reported mineral resources on the Valentine gold mine property, located in central Newfoundland and Labrador, Canada. The reported results are for 23 drill holes totalling 3,904 metres. The three open pits included in the current life of mine plan for the Valentine gold mine (VGM) represent approximately six kilometres of the 32-kilometre Valentine Lake shear zone (VLSZ). Frank is one of many additional opportunities along the VLSZ highlighting the strong potential for discovery and expansion of mineral resources. Calibre has also provided the 2024 exploration program for Valentine.

Highlights from the recent Frank drilling include:

  • 3.14 grams per tonne Au over 14.8 metres estimated true width (ETW) in hole FZ-23-017;
  • 3.10 g/t Au over 7.3 metres ETW in hole FZ-23-020;
  • 39.90 g/t Au over 1.8 metres ETW in hole FZ-23-023;
  • 3.23 g/t Au over 4.5 metres ETW in hole FZ-23-022;
  • Frank hosts the same geological characteristics as the nearby Leprechaun, Berry and Marathon deposits which currently total 3.96 million ounces measured and indicated mineral resource (64.62 million tonnes at 1.90 g/t Au) and an inferred mineral resource of 1.10 Moz (20.75 Mt at 1.65 g/t Au) along the VLSZ.

Previously reported highlights from Frank drilling include:

  • 12.52 g/t Au over 2.9 metres in hole VL-12-490;
  • 10.87 g/t Au over three metres in hole VL-12-500;
  • 2.03 g/t Au over 16 metres in hole VL-12-455;
  • 6.19 g/t Au over 4.3 metres in hole VL-12-380;
  • 7.54 g/t Au over 2.3 metres in hole VL-12-379.

Darren Hall, president and chief executive officer of Calibre, stated: "Firstly, I would like to thank all employees and stakeholders who continue to contribute to the development of the Valentine gold mine. Construction is well advanced, with gold production on track for the first half of 2025. With our dedicated and experienced Newfoundland team we are well positioned to responsibly deliver and grow the Valentine gold mine, upholding our commitment to all stakeholders.

"In addition to growing existing mineral resources, I am excited by the district-scale discovery potential along the 32-kilometre Valentine Lake shear zone demonstrated by these Frank drill results, which is located one kilometre from the active Leprechaun open pit."

2024 Valentine exploration program

The $5-million (U.S.) to $10-million (U.S.) exploration program will focus on property-wide prospecting to identify targets in areas with little or no previous exploration along the 32-kilometre VLSZ and additional diamond drilling at Frank to follow up on the positive results from the 2023 exploration program. Property-wide generative efforts will include geophysics, till sampling, trenching and drilling.

Frank zone

Frank is characterized by large and laterally continuous quartz veins in outcrop, some of which contain visible gold. Frank has not been drilled since 2012 and represents a high-priority resource expansion opportunity along the 32-kilometre VLSZ. Frank represents yet another discovery of stacked quartz-tourmaline-pyrite-gold (QTP-Au) vein mineralization in the familiar Valentine style. Currently, Frank extends 850 metres along strike and is located approximately one kilometre southwest of the active Leprechaun open pit.

Valentine gold mineralization

Gold mineralization is contained in QTP-Au veins developed within granitoid rocks of the Valentine intrusive complex on the hangingwall or northwest side of the VLSZ. Up to four orientations of veins have been measured, with shallowly southwest-dipping Set 1 QTP-Au veins observed to be dominant in both abundance and gold content. At the Leprechaun, Marathon and Berry deposits, Set 1 QTP-Au veins form densely stacked corridors of mineralization referred to as main zones. The extent and scale of these mineralized corridors appear related to the size and frequency of sheared mafic dikes which extend northeast-southwest within the granitoid rocks, parallel to the shear zone. Mineralization at Frank exhibits similar characteristics as Calibre's main deposits, with concentrated QTP veining constrained between the conglomerate and a series of mafic dikes running subparallel to the VLSZ. Initial modelling suggests that Set 2, shear parallel veining may also host significant gold mineralization at Frank.

Quality assurance/quality control

QA/QC protocols followed at the Valentine gold mine include the insertion of blanks and standards at regular intervals in each sample batch. Drill core is cut in half with one-half retained at site, the other half tagged and sent to Eastern Analytical Ltd. in Springdale, Nfld. All reported core samples are analyzed for Au by fire assay (30 grams) with atomic absorption finish. All samples above 0.30 g/t Au in economically interesting intervals are further assayed using metallic screen to mitigate the presence of coarse gold. Significant mineralized intervals are reported as core lengths and estimated true thickness (70 to 95 per cent of core length) and reported with and without a top cut of 50 g/t Au applied.

Qualified person

The scientific and technical information contained in this news release was approved by David Ross, PGeo (Newfoundland and Labrador), Calibre Mining's vice-president, geology and exploration, for Canada 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 Newfoundland and Labrador in Canada, 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, 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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