High-Grade Gold Drill Results at the Limon Complex Panteon North Zone Demonstrate Strong Potential to Add Resources and Expand Panteon Mine
May 16 2022 - 6:00AM
Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) (the
"Company" or "Calibre") is pleased to provide an update of the
Company’s 2022, 85,000 metre resource expansion and discovery
drilling program in Nicaragua, highlighting new high-grade drill
results at the Panteon North zone within the Company’s producing
Limon Mine Complex.
Highlights from Panteon North
- 17.80 g/t Au over 7.3 metres
Estimated True Width (“ETW”), including 6.69 g/t Au over 1.9
metres, 26.37 g/t Au over 2.8 metres and 16.84 g/t over 3.2 metres
in Hole LIM-22-4619;
- 9.72 g/t Au over 3.9 metres ETW,
including 27.80 g/t Au over 1.4 metres and 1.29 g/t Au over 3.0
metres in Hole LIM-22-4616;
- 8.84 g/t Au over 1.1 metres ETW,
including 1.96 g/t Au over 1.0 metres and 20.30 g/t over 0.6 metres
in Hole LIM-22-4620;
- 12.75 g/t Au over 2.4 metres ETW,
including 33.70 g/t Au over 1.0 metres and 2.78 g/t Au over 2.1
metres in Hole LIM-22-4622;
- 9.38 g/t Au over 2.7 metres,
including 34.50 g/t Au over 0.6 metres and 3.24 g/t Au over 2.3
metres in Hole LIM-22-4625;
- Panteon North is located
approximately one km northwest from the high-grade Panteon
underground mine;
- Open along strike to the northwest
for further expansion.
Darren Hall, President and Chief
Executive Officer of Calibre stated: “The high-grade
Panteon mine continues to expand with the discovery of the Panteon
North zone located 1 km from existing operations. Panteon North is
open along strike and down plunge to the northwest and, to date, we
have intercepted high-grade results over approximately 500
metres.
I am encouraged by these high-grade drill
results at Limon as they continue to present significant
opportunities for discovery and resource growth at the Limon Mine
Complex which has produced more than three million ounces.
Calibre will continue to advance our 85,000
metre discovery and expansion drilling program at Panteon North and
other targets across our portfolio of assets with the focus on
growing resources and extending mine life.”
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 Plasmaspectrometry ("ICP").
Estimated True Widths (‘ETW’) 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.Qualified Person
Dr. Greg Myers, Senior Manager Generative
Exploration for Calibre Mining is an AUSIMM Member 210863 and
Chartered Professional Geologist, Washington State Professional
Geologist 2576. Member since 2002 reviewed and confirmed the
technical data included in this release.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, 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, 2020, 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.
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