Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) (the
"Company" or "Calibre") is pleased to announce drill results from
the resource conversion and expansion program within its 100%
owned, Eastern Borosi Mine Complex (“Eastern Borosi” or “EBM”)
located in northeastern Nicaragua.
Highlights of the Eastern Borosi infill drill
program:
- 12.9 g/t Au
over 8.5 metres Estimated True Width (“ETW”) including 23.30 g/t Au
over 1.6 metres ETW and 35.50 g/t Au over 1.24 metres ETW in Hole
BL-23-097;
- 10.61 g/t Au
over 7.2 metres ETW including 27.47 g/t Au over 2.3 metres ETW in
Hole BL-23-099;
- 7.1 g/t Au over
5.0 metres ETW including 14.75 g/t Au over 2.3 metres in Hole
BL-23-102.
Note: 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 ETWs 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.
Darren Hall, President and Chief
Executive Officer of Calibre, stated: “Following the
successful commencement of a new satellite mining operation from
our high-grade Guapinol open pit at Eastern Borosi (see news
release dated April 18, 2023), today’s results reinforce the
potential for discovery and resource expansion within the 176 km2
Eastern Borosi land package. With a solid initial resource base
coupled with a rejuvenated approach to discovery and expansion
within the district, I anticipate we will continue to have success
given the numerous high priority targets. Importantly, these
results lie outside of our current reserves and thus any success
had here will contribute to mine life extension.
A recently completed cross-country road network
combined with the new satellite mining operation, present expanded
opportunities in the region for Calibre. Over the past few years,
we have significantly expanded our 100% owned Atlantic region land
package, now at 7,281 km2. Prior to the B2Gold transaction in 2019,
the Company discovered the near surface, Primavera copper-gold
porphyry system where the Company is advancing target delineation
work. Additionally, Calibre owns a 100% interest in the Cerro
Aeropuerto project in the past producing Siuna district, which,
presents another opportunity for expansion or additional discovery
in the region.”
About Eastern Borosi and Atlantic
Mineral Concessions
The 176 km2 Eastern Borosi land package consists
of open pit and underground known resources including Riscos de
Oro, East Dome, Blag and La Luna, in addition to the now operating,
Guapinol/Vancouver open pit mine. These deposits consist of
numerous low sulphidation gold-silver vein systems. Currently,
Eastern Borosi hosts an Indicated Mineral Resource of 1.031 million
tonnes at 8.48 g/t gold for contained gold of 281,000 ounces and an
Inferred Mineral Resource of 2.895 million tonnes at 3.18 g/t gold
for contained gold of 296,000 ounces (refer to the Annual
Information Form for the Year Ended December 31, 2022 dated March
17, 2023).
Surrounding the Eastern Borosi project is a
large 7,281 km2 land package 100% owned by Calibre Mining. The land
package is prospective for porphyry, skarn and epithermal vein
deposits, which include the Primavera and Cerro Aeropuerto deposits
both of which contain an Inferred Mineral Resource. Primavera is a
gold-copper porphyry deposit which hosts an Inferred Mineral
Resource of 44,974,000 tonnes at 0.54 g/t gold, 1.15 g/t silver and
0.22% copper for 782,000 ounces of gold, 1,661,000 ounces of silver
and 218,670,000 pounds of copper, yielding a gold grade equivalent
of 0.84 g/t (see NI 43-101 Technical Report dated January 31,
2017). Cerro Aeropuerto contains gold and base metal bearing quartz
and replacement style skarn mineralization which hosts an Inferred
Mineral Resource of 6,052,000 tonnes at 3.64 g/t gold and 16.16 g/t
silver for 707,750 ounces of gold and 3,144,500 ounces of silver
yielding a gold grade equivalent of 3.89 g/t (see NI 43-101
Technical Report dated April 11, 2011).
Link 1 – FiguresLink
2 – Drilling Tables
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 Plasma (ICP)
Qualified Person
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"
Darren Hall, President and Chief Executive
Officer
For further information, please contact:
Ryan KingSenior Vice President, Corporate
Development & IRT: (604) 628-1012E: calibre@calibremining.comW:
www.calibremining.com
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, 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 2023 priority
resource expansion opportunities; the Company's metal price and
cut-off grade assumptions. 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, 2022, and its management
discussion and analysis ("MD&A") for the year ended December
31, 2022, 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 such as potential
sanctions implemented as a result of the United States Executive
Order 13851 dated October 24, 2022.
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.
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