Calibre Reports Phase Two Drill Results at its Golden Eagle Project and Commences Detailed Metallurgical Studies; Results Include 2.98 g/t Gold Over 87.17 Metres and 3.70 g/t Gold over 48.55 metres
April 12 2023 - 6:00AM
Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) (the
"Company" or "Calibre") is pleased to announce additional drill
results from its second phase diamond drill program at its 100%
owned Golden Eagle Project, USA (“Golden Eagle”). Drill results
from the three holes across the property confirm additional broad
intervals of gold mineralization consistent with the previously
reported Phase One drill results. The Company has commenced work on
a detailed and modern metallurgical program which will explore for
future gold extraction potential and recovery methods and build
upon previous metallurgical work. Studies are underway and results
are expected in the second half of 2023.
New Phase Two drill results from the
Golden Eagle program include:
- 2.98 g/t Au over 87.17 metres in
Hole GEC22-002;
- 2.27 g/t Au over 47.55 metres and
3.70 g/t Au over 48.55 metres and 3.29 g/t Au over 26.82 metres in
Hole GEC22-004;
- 3.36 g/t Au over 37.80 metres in
Hole GEC22-005.
Note: All holes were drilled at
angles of -45 to -90 degrees at azimuths designed to intersect
targeted structures as nearly as possible to perpendicular when
possible. Some drill holes and intercepts reported here did not
cross mineralization perpendicularly, and do not represent exact
‘true widths.
Phase One drill results (see
news release dated January 24, 2023):
- 4.30 g/t Au over 92.42 metres, including 7.80 g/t Au over 17.3
metres in Hole GEC22-001;
- 2.90 g/t Au over 195.1 metres in Hole GEC22-003;
- 2.38 g/t Au over 114.3 metres; 2.66 g/t Au over 19.8 metres and
2.65 g/t Au over 25.7 metres in hole GEC22-006.
Darren Hall, President, and Chief
Executive Officer of Calibre stated: “Today’s drill
results from Golden Eagle confirm consistent gold mineralization
over broad widths, reinforcing the potential of this two million
ounce Mineral Resource. Given the exceptional results from all
drill holes, we have commenced a comprehensive metallurgical
program which will assist in advancing additional technical
studies. Golden Eagle is a key US asset and a meaningful
contributor to the Company’s overall Mineral Resource and, as such,
we are excited to unlock additional upside from the project.”
About Golden Eagle
Golden Eagle is located in the Republic/Eureka
Mining District in Ferry County, Washington, USA approximately 4.8
km north-northwest of the town of Republic, Washington and
approximately 16 km west of Kinross Gold’s Kettle River Mill.
Golden Eagle hosts a pit constrained, Measured and Indicated
resource of 2.02 million ounces at 1.4 g/t gold with an Inferred
resource of 155,000 ounces at 0.9 g/t gold.
Link 1 – FiguresLink
2 – Drilling Table
Quality Assurance/Quality
Control
Calibre Mining 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 the insertion of assay standards, blanks, and
duplicates in the sample stream to ensure the assay lab results are
within specified performance levels. Downhole deviation, utilizing
a surface recording gyroscope, and trained drill crews operating a
north-seeking gyroscope supplied by International Directional
Services. HQ Core drilling was performed by, 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. ALS carries
ISO/IEC 17025:2017 certification.
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 2022 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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