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High-Grade Drilling Intersects 66.03 g/t Gold over 5.6 metres and 30.33 g/t Gold Over 5.0 Metres
VANCOUVER, British Columbia, June 27, 2022 (GLOBE NEWSWIRE) -- Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) (the "Company" or "Calibre") is pleased to report additional high-grade drill results from its Panteon North zone within the Limon Mine Complex, part of the Company’s 85,000 metre resource expansion and discovery drilling program.
Additional High Grade Drill Results from Panteon North
66.03 g/t Au over 5.6 metres Estimated True Width (“ETW”), including 167.27 g/t Au over 2.3 metres and 14.95 g/t Au over 1.9 metres ETW in Hole LIM-22-4630;
30.33 g/t Au over 5.0 metres ETW, including 40.62 g/t Au over 3.8 metres in Hole LIM-22-4628;
22.55 g/t Au over 4.9 metres ETW, including 68.51 g/t Au over 1.7 metres in Hole LIM-22-4632;
17.58 g/t Au over 2.4 metres ETW, including 28.67 g/t Au over 1.9 metres in Hole LIM-22-4627; and
4.66 g/t Au over 1.7 metres ETW, including 8.20 g/t Au over 0.8 metres in Hole LIM-22-4637.
Darren Hall, President and Chief Executive Officer of Calibre, stated: “I am excited by these exceptionally high-grade drill results from the Panteon North zone, located one kilometre northwest of the high-grade producing Panteon underground mine, as they continue to present significant opportunities for discovery and resource growth within the Limon Mine Complex. Panteon North is open down plunge and along strike to the northwest for further expansion. These results are considerably higher grade than we expected, especially considering the underground reserve grade at Panteon of 7.17 g/t Au. This drilling reinforces our grade driven production growth strategy, though important to note that the high-grade Panteon North discovery was not considered in our recent multi-year production outlook (see news release here).
“Calibre recently completed a VTEM geophysical survey within the Limon Mine Complex which, after review of the data, clearly demonstrates a significant opportunity for additional discovery and resource expansion along both the Panteon and Santa Pancha vein trends. The Santa Pancha vein system historically produced over 1.3 million ounces over a strike length of 2.5 km, where the majority of that gold was discovered along the VTEM resistivity low/high contact, which can be viewed here or in the figures linked below. The VTEM resistivity low/high contact has been traced for over 6.0 km from current drilling on both the Santa Pancha and Panteon vein systems and represents a high-priority exploration and resource building opportunity for the Company. Calibre has five active rigs at Limon and will continue to follow both trends with the new exploration data.”
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' 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 re-assayed by fire assay with gravimetric finish. Analyses for silver and other elements of interest are performed via Induction Coupled Plasmaspectrometry ("ICP").
Estimated True Widths for reported vein intercepts are based on 3D models of the individual veins. Estimates are determined in cross-section by measuring the modelled vein thickness perpendicular to the vein margins and through the midpoint of the drill hole intercept. Percentage based differences between individual ETW’s and down-hole interval lengths will vary between drill holes depending on drill hole inclination, variations in vein strike and dip, and overall geometries of the different vein systems.
The scientific and technical information contained in this news release was approved by David Schonfeldt P.GEO, Calibre Mining’s Corporate Chief Geologist and a "Qualified Person" under National Instrument 43-101.
ON BEHALF OF THE BOARD
Darren Hall, President and Chief Executive Officer
For further information, please contact:
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 USA, 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.
Cautionary Note Regarding Forward Looking Information
This news release includes certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements in this news release that address events or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are identified by words such as "expect", "plan", "anticipate", "project", "target", "potential", "schedule", "forecast", "budget", "estimate", "intend" or "believe" and similar expressions or their negative connotations, or that events or conditions "will", "would", "may", "could", "should" or "might" occur. Forward-looking statements in this news release include, but are not limited to: the 'Company's expectations toward higher grades mined and processed going forward; statements relating to the 'Company's 2022 priority resource expansion opportunities; the 'Company's metal price and cut-off grade assumptions; the 'Company's plans for the Pan Mine for 2022, including production and exploration and its contribution to production growth. Forward-looking statements necessarily involve assumptions, risks and uncertainties, certain of which are beyond Calibre's control. For a listing of risk factors applicable to the Company, please refer to Calibre's annual information form ("AIF") for the year ended December 31, 2021, and its management discussion and analysis ("MD&A") for the year ended December 31, 2021, all available on the 'Company's SEDAR profile at www.sedar.com. This list is not exhaustive of the factors that may affect Calibre's forward-looking statements.
Calibre's forward-looking statements are based on the applicable assumptions and factors management considers reasonable as of the date hereof, based on the information available to management at such time. Such assumptions include but are not limited to: the Company being able to mine and process higher grades and keep production costs relatively flat going forward; there not being an increase in production costs as a result of any supply chain issues or ongoing COVID-19 restrictions; there being no adverse drop in metal price or cut-off grade at the 'Company's Nevada properties. Calibre does not assume any obligation to update forward-looking statements if circumstances or management's beliefs, expectations or opinions should change other than as required by applicable securities laws. There can be no assurance that forward-looking statements will prove to be accurate, and actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements. Accordingly, undue reliance should not be placed on forward-looking statements.