Calibre Mining Corp. (“Calibre” or the
“Company”)(TSX: CXB; OTCQX: CXBMF) is pleased to provide an updated
National Instrument 43-101 (“NI 43-101”) indicated and inferred
resource estimate on its 100%-owned Pavon high-grade, open-pit,
development stage gold project. A NI 43-101 Technical Report
prepared by WSP Canada Inc. (“WSP”) will be filed on SEDAR within
45 days of this release.
Russell Ball, Chief Executive Officer of Calibre stated: “The
positive results from the updated Pavon resource estimate, with an
average indicated resource grade in excess of 5 g/t Au, provides us
with an opportunity to unlock significant value for all our
stakeholders by processing the Pavon open pit material at our
existing La Libertad mill. The Pavon resource is open at
depth and along strike and we will be aggressively investing in
resource expansion drilling and project development in 2020.”
Table 1
Comparison Between 2019 and 2014 Pavon Mineral
Resource
|
|
Tonnes ('000s) |
|
|
|
Au Grade (g/t) |
|
|
|
Contained Au Ounces ('000s) |
|
Indicated Mineral Resources |
Dec2019 (3) |
PriorReport(1)(2) |
Change % |
|
Dec2019 (3) |
PriorReport(1)(2) |
Change % |
|
Dec2019 (3) |
PriorReport(1)(2) |
Change % |
Pavon |
1,388 |
290 |
379 |
|
5.16 |
5.82 |
-11% |
|
230 |
55 |
318 |
Inferred Mineral Resources |
Dec2019 (3) |
PriorReport(1)(2) |
Change % |
|
Dec2019 (3) |
PriorReport(1)(2) |
Change % |
|
Dec2019 (3) |
PriorReport(1)(2) |
Change % |
Pavon |
567 |
130 |
336% |
|
3.38 |
5.5 |
-38% |
|
62 |
23 |
170% |
Notes:(1) Mineral Resource estimates were
compiled as of November 14, 2014.(2) Mineral Resources are
constrained within a pit shell and reported above a cut-off grade
of 2.0 g/t gold, which was calculated using estimated project costs
and a gold price of US$1,500 per ounce.(3) Mineral Resources
are constrained within a pit shell and reported above a cut-off
grade of 1.15 g/t gold, which was calculated using estimated
project costs and a gold price of US$1,400 per ounce.
The Company plans to commence resource expansion drilling in
July 2020 with a budget of 15,000 metres at an estimated cost of
US$3.75 million.
Pavon gold mineralization is associated with low-sulphidation
quartz-adularia epithermal veins similar to gold mineralization at
the Libertad mine. Gold is hosted in colloform banded quartz
veins and multi-phase quartz vein-breccias with local high-grade
gold also present in wall-rock quartz stockwork zones.
Sulphide content is generally low consisting of minor pyrite and
trace amounts of base metal sulphides.
Modeling was performed using GEOVIA Surpac® 2019 software
with gold grades estimated using ordinary kriging (OK)
interpolation methodology. Samples were composited at 2.0
metre down hole and composites were capped at 29.03 g/t Au for
Pavon North, 75 g/t Au for Pavon Central and 17.18 g/t Au for Pavon
South. The resource estimates are based on 14,523 metres in
108 drill holes and 138 surface trenches.
Indicated Mineral Resources are defined as all interpolated
blocks within the first search pass, or with the second search pass
with at least seven contributing composites samples or with in the
third search pass with at least nine contributing composites
samples. All remaining blocks were classified as Inferred
Mineral Resources. No Measured Mineral Resources were
assigned. Block size is five metre (x) by five metre (y) by
five metre (z) with two sub-blocks.
The drilling-defined deposit is divided into three spatial
domains for modeling purposes, these being (1) Pavon North, (2)
Pavon Central and (3) Pavon South. At a long-term metal price
of US$1,400 per ounce, reasonable prospects are considered to exist
for eventual economic extraction of Mineral Resources defined at a
1.15 g/t Au cut-off value within limits of the conceptual final pit
shell prepared by WSP Canada Inc. Additional information
about the Mineral Resource modeling methodology will be documented
in the upcoming NI 43-101 technical report (the “Technical
Report”). Table 2 summarizes the pit constrained mineral
resource at Pavon by resource classification, domain, and rock
type.
Table 2
2019 Pavon Mineral Resource Summary
Classification |
Domain |
Rock Code |
Tonnes |
Au (g/t) |
Ag (g/t) |
Au (Ounces) |
Ag (ounces) |
Indicated |
Pavon North |
Saprolite |
260,000 |
3.46 |
2.16 |
28,914 |
18,056 |
Vein |
612,000 |
3.58 |
5.82 |
70,418 |
114,563 |
Total |
872,000 |
3.54 |
4.73 |
99,332 |
132,619 |
Pavon Central |
Saprolite |
65,000 |
4.49 |
5.31 |
9,374 |
11,106 |
Vein |
451,000 |
8.38 |
13.88 |
121,469 |
201,191 |
Total |
516,000 |
7.89 |
12.80 |
130,843 |
212,297 |
Total |
Saprolite |
325,000 |
3.66 |
2.79 |
38,288 |
29,162 |
Vein |
1,063,000 |
5.61 |
9.24 |
191,887 |
315,754 |
Total |
1,388,000 |
5.16 |
7.73 |
230,175 |
344,915 |
|
|
|
|
|
|
|
|
Inferred |
Pavon North |
Saprolite |
47,000 |
2.41 |
4.02 |
3,644 |
6,070 |
Vein |
113,000 |
3.46 |
5.85 |
12,563 |
21,249 |
Total |
160,000 |
3.15 |
5.31 |
16,207 |
27,318 |
Pavon Central |
Saprolite |
61,000 |
4.96 |
4.48 |
9,720 |
8,786 |
Vein |
89,000 |
4.20 |
9.98 |
12,007 |
28,566 |
Total |
150,000 |
4.51 |
7.74 |
21,727 |
37,352 |
Pavon South |
Vein |
257,000 |
2.87 |
2.98 |
23,690 |
24,623 |
Total |
257,000 |
2.87 |
2.98 |
23,690 |
24,623 |
Total |
Total |
567,000 |
3.38 |
4.90 |
61,624 |
89,293 |
Mineral Resource Estimate Notes:(1)
Mineral Resources were prepared in accordance with NI 43-101 and
the CIM Definition Standards (2014). Mineral resources that
are not mineral reserves do not have demonstrated economic
viability.(2) This estimate of mineral resources may be
materially affected by environmental, permitting, legal, title,
taxation, sociopolitical, marketing, or other relevant
issues.(3) Open pit Mineral Resources are reported at a
cut-off grade of 1.15 g/t gold that is based on a gold price of
US$1,400/oz, an operating cost of US$50.68/tonne and a gold
processing recovery factor of 94%.(4) Appropriate mining
costs, processing costs, metal recoveries, and inter ramp pit slope
angles were used by WSP to generate the pit shell.(5)
Rounding may result in apparent summation differences between
tonnes, grade, and contained metal content.(6) Tonnage and
grade measurements are in metric units. Contained gold ounces
are in troy ounces.(7) Composites completed at 2 m down the
hole.(8) Contributing assay composites were capped at 29.03
g/t Au at Pavon North, 75 g/t Au at Pavon Central and 17.18 g/t Au
at Pavon South.(9) A specific gravity value of 2.49 was
applied to all blocks in rock and 2.30 was applied to all blocks in
saprolite.(10) Modeling was performed use in GEOVIA Surpac
2019 software with grades estimated using ordinary kriging (OK)
interpolation methodology.(11) Blocks are 5x5x5 with 2
sub-blocks.
In 2014, 7 samples from Pavon North were
submitted to SGS Lakefield for metallurgical test work with a focus
on the amenability of the material to whole ore cyanidation.
The samples responded well to the plant conditions with average
gold and silver extraction of 95.4% and 76.3% respectively.
Technical Report and Qualified Person
A Technical Report prepared in accordance with NI 43-101 for the
Pavon Gold Project will be filed on SEDAR (www.sedar.com) within 45
days of this news release. Readers are encouraged to read the
Technical Report in its entirety, including all qualifications,
assumptions, and exclusions that relate to the Mineral
Resource. The Technical Report is intended to be read as a
whole, and sections should not be read or relied upon out of
context.
This news release has been reviewed and approved by Todd
McCracken, P. Geo., Manager – Mining, WSP Canada Inc., an
“Independent Qualified Person” under National Instrument 43-101
Standard for Disclosure for Mineral Projects.
ON BEHALF OF THE BOARD
“Russell Ball”
Russell Ball, Chief Executive Officer
For further information, please contact:
Ryan King Vice President, Corporate Development
& IR Calibre Mining Corp. T: 604.628.1010 E:
calibre@calibremining.comW: www.calibremining.com
About Calibre Mining Corp.
Calibre Mining is a Canadian-listed gold mining and exploration
company with two 100%-owned operating gold mines in Nicaragua. The
Company is focused on sustainable operating performance and a
disciplined approach to growth.
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, including: the Company's intention to commence
resource expansion drilling in July 2020. 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 generally, although not always, 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. All such forward-looking
statements are based on the opinions and estimates of management as
of the date such statements are made.
Forward-looking statements necessarily involve assumptions,
risks and uncertainties, certain of which are beyond Calibre’s
control, including risks associated with or related to: the
volatility of metal prices; changes in tax laws; the dangers
inherent in exploration, development and mining activities; the
uncertainty of reserve and resource estimates; cost or other
estimates; actual production, development plans and costs differing
materially the Company's expectations; the ability to obtain and
maintain any necessary permits, consents or authorizations required
for mining activities; the current ongoing instability in Nicaragua
and the ramifications thereof; environmental regulations or hazards
and compliance with complex regulations associated with mining
activities; the availability of financing and debt activities,
including potential restrictions imposed on Calibre’s operations as
a result thereof and the ability to generate sufficient cash flows;
remote operations and the availability of adequate infrastructure;
fluctuations in price and availability of energy and other inputs
necessary for mining operations; shortages or cost increases in
necessary equipment, supplies and labour; the reliance upon
contractors, third parties and joint venture partners; the
dependence on key personnel and the ability to attract and retain
skilled personnel; the risk of an uninsurable or uninsured loss;
adverse climate and weather conditions; litigation risk;
competition with other mining companies; community support for
Calibre’s operations, including risks related to strikes and the
halting of such operations from time to time; conflicts with small
scale miners; failures of information systems or information
security threats; compliance with anti-corruption laws, and
sanctions or other similar measures. The 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. These assumptions and factors include, but are not
limited to, assumptions and factors related to Calibre’s ability to
carry on current and future operations, including: development and
exploration activities; the timing, extent, duration and economic
viability of such operations, including any mineral resources or
reserves identified thereby; the accuracy and reliability of
estimates, projections, forecasts, studies and assessments; the
availability and cost of inputs; the price and market for outputs,
including gold; the timely receipt of necessary approvals or
permits; the ability to meet current and future obligations; the
ability to obtain timely financing on reasonable terms when
required; the current and future social, economic and political
conditions; and other assumptions and factors generally associated
with the mining industry.
Calibre's forward-looking statements are based on the opinions
and estimates of management and reflect their current expectations
regarding future events and operating performance and speak only as
of the date hereof. 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, no assurance can be given that any events
anticipated by the forward-looking statements will transpire or
occur, or if any of them do, what benefits or liabilities Calibre
will derive therefrom. For the reasons set forth above, undue
reliance should not be placed on forward-looking statements.
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