Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) (the
"Company" or "Calibre") is pleased to announce the results of the
Company’s updated Mineral Resources and Mineral Reserves for its
Nicaragua and Nevada properties as of December 31, 2022.
Nicaragua 2022 Mineral Resource and
Mineral Reserve Highlights
- 16% increase in the Nicaraguan
Mineral Reserve grade to 5.37 g/t gold (2021: 4.62 g/t gold);
- 278% increase in the Nicaraguan
Mineral Reserves to approximately 1,082,000 ounces gold, net of
depletion since acquisition in 2019;
- Largest Nicaraguan Mineral Reserve
estimate, at a record grade of 5.37 g/t gold, for the combined
assets in 12 years;
- Panteon North Maiden Mineral
Reserve estimate, discovered in May 2022, added approximately
244,000 ounces (0.8Mt at 9.45 g/t Au) to the
Nicaraguan Mineral Reserves, and;
- The trend towards higher grades is
anticipated will lead to lower per ounce costs.
Nevada 2022 Mineral Resource and Mineral
Reserve Highlights
- 23% increase in pit-constrained Pan
Mine Mineral Reserves to 234,000 ounces gold, net of depletion;
and
- 12% increase in Pan Mine Measured
and Indicated Mineral Resource to 359,000 ounces gold.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/40f8e46a-1203-4e30-a35b-ed9e134ba17a
Darren Hall, President and Chief
Executive Officer of Calibre stated: “Since acquiring our
Nicaraguan assets in Q4 2019, the teams’ commitment has created
significant value. Year-over-year we have discovered new,
high-grade deposits, increasing overall reserve ounces and grades.
In 2022, the discovery and delineation of the high-grade ore shoot
at Panteon North resulted in 810,000 tonnes at a grade of 9.45 g/t
Au for approximately 244,000 ounces of Mineral Reserves, a
significant achievement for the team. We have a multi-rig drill
program underway following up on the most recent results including
11.61 g/t Au over 9.3m located along the VTEM Gold Corridor
approximately 1.5 km northeast of Panteon North indicating an
additional high-grade opportunity not included in the 2022 Mineral
Resource and Mineral Reserve statement.
Our 2022 Nevada programs yielded a 23% increase
in Mineral Reserves, net of depletion. This, in combination with
the discovery of new Coyote zone proximal to the operating open pit
mine, demonstrates the additional upside that exists.”
Nicaragua 2023 Priority Mineral Resource
Expansion Opportunities
- High-grade expansion opportunities
at Limon include Panteon VTEM Gold Corridor and Talavera extension,
and at Libertad include Veta Azul and Volcan, not included in the
Company’s 2022 Mineral Resource statement;
- Additional Mineral Resource
expansion and grade increase opportunities at our Eastern Borosi
Project (“EBP”) including Blag, La Luna and East Dome, as well as
Riscos de Oro Southwest and Northeast extensions;
- First pass drilling at the recently
permitted Buena Vista and La Fortuna concessions, located near the
Limon and Libertad mine complexes, respectively, and;
- 60,000 metre drill program
underway.
Nevada 2023 Priority Mineral Resource
Expansion Opportunities
- Numerous discovery opportunities
along a 5 km trend south of the Pan resource area and centered on
the new Coyote discovery to be drilled following up on recent
drilling success;
- 40,000 metre drill program
underway, and;
- Generative program underway
including mineral alteration classification and structural
interpretation.
Nicaragua Mineral
Resource and Reserve Statements - December 31,
20221,2,3,4,5,6All notes
with parameters are at the end of the press release.
|
Tonnage |
Grade |
Grade |
Contained Au |
Contained Ag |
|
(kt) |
(g/t Au) |
(g/t Ag) |
(koz) |
(koz) |
Probable Reserves |
6,269 |
5.37 |
16.25 |
1,082 |
3,275 |
El Limon Complex |
3,714 |
5.50 |
5.21 |
657 |
622 |
La Libertad Complex |
2,556 |
5.18 |
32.29 |
426 |
2,654 |
Measured & Indicated Resources (Inclusive of
probable reserves) |
16,806 |
3.37 |
8.98 |
1,823 |
4,814 |
El Limon Complex |
13,313 |
2.97 |
2.05 |
1,270 |
877 |
La Libertad Complex |
3,493 |
4.92 |
35.38 |
553 |
3,937 |
Inferred Resources |
59,056 |
1.30 |
7.09 |
2,462 |
13,460 |
El Limon Complex |
1,597 |
4.26 |
3.27 |
218 |
167 |
La Libertad Complex |
6,433 |
3.65 |
41.19 |
754 |
8,487 |
Primavera (January 31, 2017) |
44,974 |
0.54 |
1.15 |
782 |
1,661 |
Cerro Aeropuerto (April 11, 2011) |
6,052 |
3.64 |
16.16 |
708 |
3,145 |
US Mineral Resource and Reserve
Statements - December 31,
20227,8,9,10All notes
with parameters are at the end of the press release.
|
Tonnage |
Grade |
Grade |
Contained Au |
Contained Ag |
|
(kt) |
(g/t Au) |
(g/t Ag) |
(koz) |
(koz) |
Proven & Probable Reserves |
19,788 |
0.37 |
|
264 |
|
Pan Mine |
19,788 |
0.37 |
|
264 |
|
Measured & Indicated Resources (Inclusive of
probable reserves) |
98,212 |
0.88 |
6.44 |
2,780 |
9,399 |
Pan Mine |
33,790 |
0.33 |
|
359 |
|
Gold Rock (Mar 31, 2020) |
18,996 |
0.66 |
|
403 |
|
Golden Eagle (Mar 31, 2020) |
45,426 |
1.38 |
6.44 |
2,018 |
9,399 |
Inferred Resources |
11,643 |
0.75 |
4.43 |
281 |
765 |
Pan Mine |
3,246 |
0.40 |
|
42 |
|
Gold Rock (Mar 31, 2020) |
3,027 |
0.87 |
|
84 |
|
Golden Eagle (Mar 31, 2020) |
5,370 |
0.90 |
4.43 |
155 |
765 |
Link – Detailed 2022 Mineral Resource and
Mineral Reserve Tables
Quality Assurance/Quality Control
NicaraguaCalibre 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 a
gravimetric finish. Analyses for silver and other elements of
interest are performed via Induction Coupled Plasma
spectrometry.
NevadaKey elements of the QA/QC
program include the insertion of assay standards, blanks, and
duplicates in the sample stream to ensure the assay lab results are
within specified performance levels. Down hole deviation surveys
are provided by International Directional Services, utilizing a
surface recording gyroscope, and by trained drill crews operating a
north seeking gyroscope supplied by REFLEX. RC drilling was
performed by Boart Longyear of Salt Lake City, Utah and Alford
Drilling from Elko, Nevada. Assays were performed by ALS, Reno
where fire assays were determined on a 30-gram charge with an AAS
finish. An additional cyanide leach assay was also completed. ALS
carries ISO/IEC 17025:2017 certification.
Qualified Persons & Technical
Disclaimers
This news release has been reviewed and approved
by Benjamin Sanfurgo, CHMC(RM), Goran Andric, P.Eng., Jeff Sepp,
P.Eng., Varun Bhundhoo and Daniel Rolph, P.Eng., of SLR Consulting
(Canada) Limited (“SLR”), who prepared or supervised the
preparation of the updated El Limon Complex and La Libertad Complex
(Libertad, Pavon, and EBP districts) Mineral Resource and Mineral
Reserve estimates reported in this news release and are Qualified
Persons (“QPs”) as set out under NI 43-101.
A new technical report the Pan Gold Project (the
“NI 43-101 Updated Technical Report on Resources and Reserves Pan
Gold Project White Pine County, Nevada”) will be prepared by SRK
Consulting (U.S.) Inc. in accordance with NI 43-101. The technical
report will include details regarding the updated Mineral Reserve
and Resource estimates presented herein and 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 Resources and Mineral Reserves.
Please also see the notes to each table
below.
Darren Hall, MAusIMM, President & Chief
Executive Officer, Calibre Mining Corp. has reviewed and approved
the scientific and technical information in this news release.
David Schonfeldt, P. Geo, Corporate Chief
Geologist, Calibre Mining Corp. and a "Qualified Person" under
National Instrument 43-101 has reviewed and approved the scientific
and technical information contained in this news 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, 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; the Company's plans for the Pan Mine for
2023, including production and exploration and its contribution to
production growth; the Company’s expectations with respect to Pavon
Central and EBP and their respective contributions 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 three and nine month period ended
September 30, 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 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 and Nicaraguan 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.
Note 1 - La Libertad Complex Mineral Resource
Notes
- CIM (2014) definitions were followed for Mineral
Resources.
- Mineral Resources are estimated assuming a long-term gold price
of US$1,600/oz and a long-term silver price of US$24/oz.
Exceptions:
a. At La
Libertad Mine, Jabalí East Underground (UG), Mojon UG, San Juan UG,
and Tope UG (US$1,500/oz Au and US$23/oz
Ag). b. At
EBP, Blag UG, East Dome UG, and La Luna Open Pit (OP) (US$1,500/oz
Au and US$23/oz
Ag). c. At
Pavon Mine, Pavon Norte OP, Pavon Central OP, and Pavon Sur OP
(US$1,700/oz Au and US$24/oz Ag).
- Mineral Resources are estimated at gold cut-off
grades ranging from 0.42 g/t to 3.59 g/t.
- Open pit Mineral Resources are reported within conceptual open
pits.
- All underground deposits have been modelled considering an
approximate minimum thickness of at least one metre and show good
continuity of mineralization. A minimum mining width of two metres
has been used to model mineralized zones within the Jabalí West,
San Antonio, Rosario, and Socorro deposits.
- Underground Mineral Resources at Jabalí West UG, Riscos de Oro
UG, and EBP (Guapinol UG and Vancouver UG) are reported within
underground constraining shapes. All blocks within the
underground constraining shapes have been included within the
Mineral Resource estimate.
- Bulk densities vary by deposit and weathering stage and range
from 1.70 t/m3 to 2.65 t/m3.
- Mineral Resources are inclusive of Mineral Reserves.
- Mineral Resources that are not Mineral Reserves do not have
demonstrated economic viability.
- Numbers may not add due to rounding.
The Qualified Persons (QPs) are not aware of any
environmental, permitting, legal, title, taxation, socio-economic,
marketing, political, or other relevant factors that could
materially affect the Mineral Resource estimate.
Note 2 - La Libertad Complex
Mineral Reserve
Notes
- CIM (2014) definitions were followed for Mineral Reserves.
- All Mineral Reserves are classified as Probable Mineral
Reserves.
- Mineral Reserves are estimated assuming a long-term gold price
of US$1,500/oz and a long-term silver price of US$23/oz.
Exceptions:
a. Jabalí
West UG and EBP Guapinol OP and Vancouver OP (US$1,500/oz Au and
US$26/oz
Ag). b. Pavon
Norte OP and Pavon Central OP (US$1,600/oz Au and US$23/oz Ag).
4. Open pit Mineral Reserves are
estimated at the following cut-off grades:
a. 0.79
g/t Au for Jabalí Antena
OP. b. 0.74
g/t Au for Rosario
OP. c. 1.51
g/t Au for Pavón Norte OP and Pavón Central
OP. d. 1.81 g/t Au
for EBP (Guapinol OP and Vancouver OP).
5. Pavon Norte OP and Pavon Central OP cut-off grades,
account for the increased hauling costs to mill.
6. All open pit Mineral Reserve estimates incorporate
dilution built in during the re-blocking process and assume 100%
mining recovery. 7. Underground Mineral
Reserves are estimated at fully costed and incremental cut-off
grades of 2.75 g/t Au and 1.65 g/t Au, respectively, for Jabalí
West UG and 3.42 g/t Au and 2.41 g/t Au for Riscos de Oro UG.
8. All Mineral Reserve estimates incorporate estimates
of dilution and mining losses. 9. A minimum mining
width of 1.5 m and 2.0 m was used for underground Mineral Reserves
at Jabalí West UG and Riscos de Oro UG, respectively, and a
dilution skin of 0.5 m was added to the hanging wall and footwall
respectively (total 1.0 m). 10. A mining extraction
factor of 95% was applied to underground stopes at Jabalí West
UG. A 100% extraction factor was assumed for ore encountered
during mine access development. 11. A mining extraction
factor of 90% was applied to underground stopes at Riscos de Oro
UG, with a 70% mining extraction applied to stopes where there is
no top drilling drift. A 90% extraction factor was assumed for ore
encountered during mine access
development. 12. Bulk densities vary by deposit and
weathering stage and range from 1.70 t/m3 to 2.61 t/m3.
Underground backfill density is 1.00 t/m3. 13. Mineral
Reserves are reported in dry metric tonnes. 14. Numbers
may not add due to rounding.The Qualified Persons (QPs) are not
aware of any environmental, permitting, legal, title, taxation,
socio-economic, marketing, political, or other relevant factors
that could materially affect the Mineral Reserves estimate.
Note 3 - El Limon Complex Mineral
Resource Notes
- CIM (2014) definitions were followed for Mineral
Resources.
- Mineral Resources are inclusive of Mineral Reserves.
- Mineral Resources are estimated assuming a long-term gold (Au)
price of US$1,600/ounce (oz) and a long-term silver (Ag) price of
$US24/oz.
- Open Pit (OP) Mineral Resources are estimated at cut-off grades
of 1.00 g/t Au.
- Underground (UG) Mineral Resources are estimated at cut-off
grades ranging from 2.00 g/t Au to 2.82 g/t Au.
- Bulk densities vary by deposit and weathering stage and range
from 1.86 t/m3 to 2.85 t/m3. Bulk densities for Tailings
material range from 1.29 t/m3 to 1.33 t/m3.
- Mineral Resources are not Mineral Reserves and do not have
demonstrated economic viability.
- Numbers may not add due to rounding.The Qualified Person (QP)
is not aware of any environmental, permitting, legal, title,
taxation, socio-economic, marketing, political, or other relevant
factors that could materially affect the Mineral Resource
estimate.
Note 4 - El Limon Complex Mineral
Reserve Notes
- CIM (2014) definitions were followed for Mineral Reserves.
- All Mineral Reserves are classified as Probable Mineral
Reserves.
- Mineral Reserves are estimated assuming a long-term gold price
of US$1,500/oz and a long-term silver price of US$23/oz.
Panteón Norte – Shaft 9 Mineral Reserves are estimated assuming a
long-term gold price of US$1,600/oz and a long-term silver price of
US$20/oz.
- Open pit Mineral Reserves are estimated at the following
cut-off grades:
a.
1.05 g/t Au for Limón Central OP.
b. 1.11 g/t Au for Limón
Norte OP. c. 1.07 g/t Au
for Pozo Bono/Limón Sur OP.
d. 1.10 g/t Au
for Tigra OP.
- All open pit Mineral Reserve estimates incorporate
dilution built in during the re-blocking process and assume 100%
mining recovery.
- Underground Mineral Reserves are estimated at the following
fully costed and incremental cut-off grades, respectively:
a.
2.90 g/t Au and 2.30 g/t Au for Panteón UG
(existing). b. 3.17 g/t Au
and 2.74 g/t Au for Panteón Norte – Shaft 9
UG. c. 3.01 g/t Au and
2.44 g/t Au for Santa Pancha 1
UG. d. 2.13 g/t Au and
1.91 g/t Au for Veta Nueva UG.
e. 2.30 g/t Au and
1.92 g/t Au for Atravesada UG.
- All Mineral Reserve estimates incorporate estimates
of dilution and mining losses.
- A mining extraction factor of 95% was applied to underground
stopes. Where required, a pillar factor was also applied for
sill or crown pillars. A 100% extraction factor is assumed
for ore encountered during mine access development.
- Minimum mining widths of four metres, three metres, 1.5 m, and
two metres were used for Santa Pancha 1, Veta Nueva, Panteón
(including Panteon Norte – Shaft 9), and Atravesada,
respectively.
- Bulk densities vary between 2.30 t/m3 and 2.41 t/m3 for all
open pit Mineral Reserves and between 2.47 t/m3 to 2.50 t/m3 for
all underground Mineral Reserves.
- Mineral Reserves are reported in dry metric tonnes.
- Numbers may not add due to rounding.The Qualified Persons (QPs)
are not aware of any environmental, permitting, legal, title,
taxation, socio-economic, marketing, political, or other relevant
factors that could materially affect the Mineral Reserves
estimate.
Note 5 – Cerro Aeropuerto (Borosi)
Mineral Resource Notes
- The effective date of the Mineral
Resource is April 11, 2011.
- CIM definition standards were
followed for the resource estimate.
- The 2011 resource models used
Inverse Distance grade estimation within a three-dimensional block
model with mineralized zones defined by wireframed solids and
- A base cutoff grade of 0.6 g/t AuEq
was used for reporting mineral resources.
- Gold Equivalent (AuEq) grades were
calculated using $1,058/oz Au for gold and $16.75/oz Ag for silver
and metallurgical recoveries and net smelter returns are assumed to
be 100%
- Resource Estimates for Cerro
Aeropuerto are detailed in the technical report titled ‘NI 43-101
Technical Report and Resource Estimation of the Cerro Aeropuerto
and La Luna Deposits, Borosi Concessions, Nicaragua’ by Todd
McCracken, dated April 11, 2011.
- The quantity and grade of reported
inferred resources in this estimation are uncertain in nature and
there has been insufficient exploration to define these inferred
resources as an indicated or measured mineral resource. It is
uncertain if further exploration will result in upgrading them to
an indicated or measured mineral resource category.
- Numbers may not add exactly due to
rounding.
- Mineral Resources that are not
mineral reserves do not have demonstrated economic viability.
Note 6 – Primavera (Borosi) Mineral
Resource Notes
- The effective date of the Mineral
Resource is January 31, 2017.
- CIM definition standards were
followed for the resource estimate.
- The 2016 resource models used
Ordinary Kriging grade estimation within a three-dimensional block
model with mineralized zones defined by wireframed solids (HG=high
grade, LG= low grade, sap=saprolite).
- A base cutoff grade of 0.5 g/t
AuEq was used for reporting mineral resources.
- Gold Equivalent (AuEq) grades have
been calculated using $1300/oz Au for gold, $2.40/lb for Copper,
and $20.00/oz Ag for silver and metallurgical recoveries are
assumed to be equal for all metals.
- Resource Estimates for the
Primavera project are detailed in the NI 43-101 Technical Report
titled ‘Primavera Project ‘by Todd McCracken, dated January 31,
2017.
- The quantity and grade of reported
Inferred resources in this estimation are uncertain in nature and
there has been insufficient exploration to define these Inferred
resources as an indicated or measured resource. It is uncertain if
further exploration will result in upgrading them to indicated or
measure mineral resource category.
- Numbers may not add exactly due to
rounding.
- Mineral Resources that are not
mineral reserves do not have demonstrated economic viability.
- Primavera copper resource includes
218,670,000 pounds of copper at a grade of 0.22% Cu, 0.84 g/t
AuEq.
Note 7 – Pan Open Pit Mineral Reserve Notes
- Reserves stated in the table are
contained within an engineered pit design following the US$1,600/oz
Au sales price Lerchs-Grossmann pit. Date of topography is December
31, 2022.
- In subsequent text, the
abbreviation “st” denotes US short tons.
- Mineral Reserves are stated in
terms of delivered tons and grade before process recovery. The
exception is leach pad inventory, which is stated in terms of
recoverable Au ounces.
- Costs used include a mining cost of
US$2.11/st and an ore processing and G&A cost of
US$3.88/st.
- Reserves for Argillic (soft) ore
are based upon a minimum 0.004 oz/st Au cut off grade (“CoG”),
using a US$1,600/oz Au sales price and a Au Recovery of 80%.
- Reserves for Silicic (hard) ore are
based upon a minimum 0.006 oz/st Au CoG, using a US$1,600/oz Au
sales price and a Au Recovery of 60%.
- Mineral Reserves stated above are
contained within and are not additional to the Mineral Resource,
the exception being leach pad inventory.
- Numbers in the table have been
rounded to reflect the accuracy of the estimate and may not sum due
to rounding.
Note 8 – Pan Open Pit Mineral Resource
Notes
- CIM (2014. 2019) definitions were
followed for Mineral Resources.
- Mineral Resources are based on 100%
ownership.
- Mineral Resources are estimated
using a long term gold price of US$1,700/ounce (oz).
- In alignment with Calibre’s other
reported mineral resources, Pan Mineral Resources have been
reported in metric units which have been converted from Imperial
system units currently in use at the Pan mine operating site.
- Resources are stated as contained
within a constrained pit shell; pit optimization was based on an
assumed gold price of US$1,700/oz, Silicic (hard) ore recoveries of
60% for Au and an Argillic (soft) ore recovery of 80% for Au, an
ore mining cost of US$2.09/st, a waste mining cost of $1.97/st, an
ore processing and G&A cost of US$3.13/st, and pit slopes
between 45-50 degrees.
- Resources are partially diluted and
reported using a minimum internal gold cut off grade of 0.003 oz/st
Au (0.10 g/t Au) for blocks flagged as Argillic altered or as
unaltered and a minimum cutoff grade (“CoG”) of 0.004 oz/st Au
(0.14 g/t Au) for blocks flagged as Silicic altered.
- Measured and Indicated Mineral
Resources presented are inclusive of Mineral Reserves. Inferred
Mineral Resources are not included in Mineral Reserves.
- Minerals Resources are not Mineral
Reserves and do not have demonstrated economic viability. There is
no certainty that any part of the Mineral Resources estimated will
be converted into Mineral Reserves.
- Numbers in the table have been
rounded to reflect the accuracy of the estimate and may not sum due
to rounding.
- Mr. Michael Dufresne, M.Sc., P.
Geol., P. Geo. of APEX Geoscience Ltd. Is responsible for reviewing
and approving the Pan mine open pit Mineral Resource Estimate. Mr.
Dufresne is a Qualified Person (“QP”) as set out in NI 43-101.
Note 9 – Gold Rock Mineral Resource
Notes
- The effective date of the Mineral
Resource is Mar 31, 2020.
- Mineral Resources are not Mineral
Reserves and do not have demonstrated economic viability. There is
no certainty that any part of the Mineral Resources estimated will
be converted into Mineral Reserves;
- The preliminary economic assessment
for Gold Rock is preliminary in nature and includes Inferred
Mineral Resources that are too speculative geologically to have the
economic considerations applied to them that would enable them to
be categorized as Mineral Reserves, and there is no certainty that
the preliminary economic assessment will be realized;
- In the table above and subsequent
text, the abbreviation “st” denotes US short tons;
- Mineral resources stated as
contained within a constrained pit shell; pit optimization was
based on an assumed gold price of US$1,700/oz, an ore mining cost
of US$2.09/st, a waste mining cost of $1.97/st, an ore processing
and G&A cost of US$3.13/st, and pit slopes between 45-50
degrees;
- Mineral resources are reported
using an internal gold cut off grade of 0.003 oz/st Au for blocks
flagged as Argillic altered or as unaltered and a cutoff of 0.004
oz/st Au for blocks flagged as Silicic altered.; and,
- Numbers in the table have been
rounded to reflect the accuracy of the estimate and may not sum due
to rounding.
Note 10 – Golden Eagle Mineral Resource
Notes
- The effective date of the Mineral
Resource is Mar 31, 2020
- The Qualified Person for this
estimate is Terre Lane of GRE
- Mineral Resources are not Mineral
Reserves and do not demonstrate economic viability.
- Numbers in the table have been
rounded to reflect accuracy of the estimate and may not sum due to
rounding.
- The Mineral Resource is based on
gold cutoff grade of 0.014 troy ounces per short ton (0.48 grams
per tonne) at an assumed gold price of $1,500/tr oz, assumed mining
cost of $1.06/st waste, assumed mining costs of $2.02/st
mineralized mineral, assumed processing case of $12.75/st
mineralized material, assumed G&A cost of $0.74/st mineralized
material, an assumed metallurgical recovery of 80% and pit slopes
of 45 degrees.
- The pit layback is not constrained
to Fiore controlled land. Additional land must be acquired or
otherwise made available for the pit layback, waste rock dumps,
tailings facilities, and other surface infrastructure.
Calibre Mining (TSX:CXB)
Historical Stock Chart
From Jun 2024 to Jul 2024
Calibre Mining (TSX:CXB)
Historical Stock Chart
From Jul 2023 to Jul 2024