Calibre Intercepts High-Grade Gold Below the Jabali Mine and Resource and Identifies Three Additional Gold Targets All Within 10 km of the Libertad Mill; Initial Jabali Results Include 10.80 g/t Gold Over 14.3 Metres and 8.44 g/t Gold Over 8.9 Metres
31 Ottobre 2023 - 11:00AM
Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) (the
"Company" or "Calibre") is pleased to announce a series of drill
results from its 2023 resource expansion drill program within the
Libertad Mine complex. High-grade gold from underground drilling,
approximately 100 metres below the main Jabali resource, confirms
mineralization and continuity down-dip with strong potential for
resource expansion. Additionally, scout level drilling across the
property has identified three new target areas located within 10 km
of the Libertad mill. First pass results shown in the Figures
linked below demonstrate the potential for additional, near surface
gold resources.
Highlights at the Jabali Underground
Mine include:
- 10.80 g/t Au over 14.3 metres
Estimated True Width (“ETW”) including 26.72 g/t Au over 4.5 metres
ETW in Hole JB-23-538A;
- 18.84 g/t Au over 3.1 metres ETW
including 31.30 g/t Au over 1.8 metres ETW in Hole JB-23-539;
- 4.51 g/t Au over 3.1 metres ETW
including 9.04 g/t Au over 1.5 metres ETW in Hole JB-23-540,
and
- 8.44 g/t Au over 8.9 metres ETW
including 22.08 g/t Au over 3.0 metres ETW in Hole JB-23-541
Darren Hall, President, and Chief
Executive Officer of Calibre stated: “Its exciting to see
high-grade gold mineralization intercepted close to the existing
underground development, signaling potential expansion of the
Jabali Underground Mine. Mineral Resource grades at Jabali average
4 g/t gold; with higher grades indicating the potential for
significant upside at depth where the deposit remains open for
expansion.
Initial drill results, along the same trend as
the recently announced Volcan open pit resource, demonstrate strong
potential to expand resources and discover new zones. As a result,
several high-grade areas at the Calvario, Salvadorita, Mestiza vein
systems are scheduled for immediate follow-up.”
Highlights from our scout level drill
program include:
- 14.39 g/t Au over 2.3 metres ETW
including 48.91 g/t Au over 1.2 metres ETW in Hole CV-23-022;
- 32.84 g/t Au over 2.1 metres ETW in
Hole CV-23-032;
- 17.40 g/t Au over 1.2 metres ETW in
Hole CV-23-023;
- 156.7 g/t Au over 0.44 metres ETW
in Hole SAL-23-004;
- 9.65 g/t Au over 2.1 metres ETW
including 20.00 g/t Au over 0.8 metres ETW in Hole VN-23-137;
- 4.22 g/t Au over 1.8 metres ETW
including 8.00 g/t Au over 1.0 metres ETW in Hole SAL-23-009;
- 4.08 g/t Au over 1.4 metres ETW in
Hole CV-23-030;
- 2.29 g/t Au over 3.0 metres ETW
including 4.73 g/t Au over 1.4 metres ETW and 2.73 g/t Au over 4.2
metres ETW including 7.40 g/t Au over 1.0 metres ETW in Hole
MZ-23-023, and
- 6.88 g/t Au
over 2.1 metres ETW and 1.69 g/t Au over 1.5 metres ETW in Hole
MZ-23-0252.00 g/t Au over 6.9 metres ETW including 6.15 g/t Au over
1.8 metres in Hole VN-23-142
Link 1 – Figures
Link 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
https://twitter.com/CalibreMiningCo
https://www.facebook.com/CalibreMining
https://ca.linkedin.com/company/calibre-mining-corp-cxb-
https://www.youtube.com/@calibreminingcorp
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.sedarplus.ca. 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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