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Calibre Mining Corp (2)
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Calibre Mining drills 9.8 m of 8.92 g/t Au at Limon

2021-02-23 08:34 ET - News Release

Mr. Russell Ball reports


Calibre Mining Corp. has provided an update in respect of the company's 2020 drilling program, highlighting the new Atravesada underground zones at Limon where no current gold resource is reported. The 2020 resource expansion and infill drilling programs will lead to significant reserve increases at Limon and Libertad when the company reports at the end of the first quarter of 2021. Calibre's 2021 exploration program is now well under way and is expected to include approximately 60,000 metres of drilling.

New resource opportunity highlights

Atravesada underground zones (Limon complex)

  • 7.98 grams per tonne Au over 6.8-metres estimated true width (ETW) from 232.0 metres (LIM-20-4497);
  • 3.64 g/t Au over 8.2-metre ETW from 231.3 metres (LIM-20-4493);
  • 8.92 g/t Au over 9.8-metre ETW from 201.0 metres (LIM-20-4515);
  • 7.82 g/t Au over 2.5-metre ETW from 247.8 metres (LIM20-4520).

Resource expansion highlights

Veta Nueva underground zone (Limon)

  • 3.80 g/t Au over 5.8-metre ETW from 229.7 metres (LIM-20-4523);
  • 4.78 g/t Au over 13.6-metre ETW from 209.9 metres (LIM-20-4524);
  • 10.94 g/t Au over 3.1-metre ETW from 299.2 metres (LIM20-4528).

Panteon underground (Limon)

  • 6.97 g/t Au over 6.1-metre ETW from 159.7 metres (LIM-20-4510).

Socorro open-pit target (Libertad)

  • 3.13 g/t Au over 3.7-metre ETW from 200.44 metres (CH-20-034);
  • 4.43 g/t Au over 3.1-metre ETW from 141.6 metres (CH-20-041);
  • 21.90 g/t Au over 1.1-metre ETW from 69.3 metres (CH-20-043).

Jabali underground (Libertad)

  • 6.70 g/t Au over 1.9-metre ETW from 180.8 metres (JB-20-529).

Pavon Norte open pit

  • 2.13 g/t Au over 10.0-metre ETW from 71.1 metres (PVN-20-033).

Russell Ball, chief executive officer of Calibre, stated: "Our 2020 drilling program was initially focused on infilling existing deposits, but starting in the fourth quarter the focus shifted to identifying new zones and expanding known resources at Limon, Libertad and Pavon. I am excited about the early results from Veta Nueva and the neighbouring Atravesada zone, where no resource is currently reported. Underground development to Atravesada is anticipated to commence in Q2 2021 which is expected to provide mill feed to Libertad in the third quarter of 2022, in line with our 'hub-and-spoke' operating philosophy.

"We are in the process of finalizing year-end 2020 reserve and resource statements, reflecting the positive results from both the infill and resource expansion drilling programs, which support our expectations of significant reserve increases at both Limon and Libertad."

New resource opportunity drilling

Atravesada, located approximately two kilometres west of the Limon Central open pit, returned multiple high-grade intercepts from step-out drilling along a steep westerly plunging zone of gold mineralization that was partially drilled by B2Gold in 2018. In addition to the results presented here, highlights from B2Gold's program include 31.38 g/t Au over 2.68-metre ETW, 18.42 g/t Au over 4.07-metre ETW and 51.65 g/t Au over 1.19-metre ETW (see Oct. 31, 2019, release). Atravesada was not considered as a potential mill feed source for the Libertad complex in the PEA announced in 2020 as no resources were reported (see Aug. 11, 2020 release). The company believes that Atravesada will host significant resources and likely be added as a spoke in future.

Resource expansion drilling

At Veta Nueva, located 600 metres west of Atravesada, expansion and infill drilling returned multiple high-grade intercepts along a down-dip extension to the current 57,000-ounce reserve of 312,000 tonnes at 5.66 g/t Au (1).

At Libertad, drilling to upgrade resource classification and test for potential extensions of gold mineralization along strike and at depth was completed at Jabali underground and the Soccoro open-pit resource.

At Pavon Norte, step-out drilling to the northwest and southeast beyond the limits of the current resource demonstrates the continuation of gold mineralization along strike and down dip, indicating good potential to expand the resource as exploration drilling continues to advance in 2021.

Infill drilling highlights

Pavon Central open pit

  • 4.81 g/t Au over 17.5-metre ETW from 66.5 metres (PVC-20-023);
  • 4.44 g/t Au over 5.8-metre ETW from 28.8 metres (PVC-20-026);
  • 2.33 g/t Au over 9.5-metre ETW from 83.0 metres (PVC-20-027).

Pavon Norte open pit

  • 6.67 g/t Au over 2.4-metre ETW from 29.3 metres (PVN-20-029).

Limon Central open pit

  • 2.51 g/t Au over 21.6-metre ETW from 266.5 metres (LIM-20-4491);
  • 5.35 g/t Au over 6.0-metre ETW from 221.8 metres (LIM-20-4495);
  • 2.78 g/t Au over 15.3-metre ETW from 240.5 metres (LIM-20-4496).

Limon Norte open pit

  • 251.90 g/t Au over 1.0 metres ETW from 200.4 metres (LIM-20-4516);
  • 2.25 g/t Au over 14.7 metres ETW from 185.2 metres (LIM-20-4525).

Panteon underground

  • 5.43 g/t Au over 2.1-metre ETW from 128.0 metres (LIM-20-4514);
  • 4.01 g/t AU over 1.9-metre ETW from 90.4 metres (LIM-20-4517).

Jabali underground

  • 6.00 g/t Au over 11.5-metre ETW from 113.4 metres (JB-20-511);
  • 3.26 g/t Au over 2.7-metre ETW from 61.3 metres (JB-20-512);
  • 4.75 g/t Au over 1.2-metre ETW from 184.0 metres (JB-20-531).

Infill drilling to upgrade open-pit resources along the Limon trend (including Limon Central, Norte, Tigra and Chapparal) continues to confirm the continuity of gold grades along the two-kilometre vein system.

Drilling at Pavon Norte intercepted near-surface mineralization in line with expectations as the company looks to convert a portion of Pavon's 1,392,000 tonnes at 5.16 g/t Au of indicated resource (1) into reserves. With mill feed delivered from Pavon Norte to Libertad in January, 2021, ahead of schedule and under budget (see Jan. 21, 2021, release), the company expects to increase ore haulage rates to 1,000 tonnes per day by the end of the year.

Quality assurance/quality control

Calibre 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 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 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).

Qualified person

The scientific and technical data contained in this news release have been reviewed and approved by Mark A. Petersen, PGeo, vice-president of exploration and a qualified person as defined by National Instrument 43-101.

About Calibre Mining Corp.

Calibre Mining is a Canadian-listed gold mining and exploration company with two 100-per-cent-owned operating gold mines in Nicaragua. The company is focused on sustainable operating performance and a disciplined approach to growth.

(1) Calibre Mining annual information form, Dec. 31, 2019. Prepared by Darren Hall, MAusIMM, Calibre's senior vice-president and chief operating officer, has reviewed and approved these mineral reserve estimates. Mr. Hall is a qualified person responsible for the purposes of NI 43-101.

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