Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) (the
"Company" or "Calibre") is pleased to announce an initial open pit
Mineral Resource Estimate for its 100% owned Cerro Volcan Gold
Deposit (“Volcan”) located five kilometres from the Libertad
processing facility. The Resource, which was not included in the
Company’s 2022 Mineral Resource statement, includes 508,000 tonnes
of Indicated Mineral Resource averaging 1.83 g/t, yielding 30,000
ounces of gold and 1,788,000 tonnes of Inferred Mineral Resource
averaging 2.28 g/t, yielding 131,000 ounces of gold. Combined, this
average 2.0 g/t gold open pit deposit represents another
opportunity given its proximity to the Libertad processing facility
with in-excess of one million tonnes of surplus capacity. Requisite
environmental permitting initiatives are underway with production
anticipated in 2025.
Darren Hall, President, and Chief
Executive Officer of Calibre stated: “Since 2020, we have
demonstrated the value of our operating strategy by responsibly
permitting and developing satellite deposits to increase production
utilizing existing processing infrastructure. We have self funded
production growth of approximately 20% year over year, and grown
reserves over 270% since acquiring the assets. With our installed
infrastructure and surplus processing capacity and the economic
value of our exploration successes, as demonstrated by Volcan, we
expect to yield substantial returns while contributing to a
promising future.”
Tom Gallo, Senior Vice President, Growth
stated: “Our exploration team has had tremendous success
in identifying economic deposits including the high-grade Panteon
North deposit employing modern geoscience initiatives, absent of
surface artisanal miners. Volcan is an excellent example of how the
team used this concept to make a novel discovery without any
meaningful past artisanal production. I am encouraged by additional
geoscience indicators that appear similar to Volcan, situated
across the Libertad property and we look forward to results from
these exciting new targets that surround our under-utilized
Libertad mill. Two target areas, Calvario and Salvadorita contain
high-grade surface samples including 21.2g/t Au, 14.2g/t
Au, 9.9g/t Au, 34.2 and 15.0g/t Au as seen in the
accompanying figures.”
About Cerro Volcan Gold
Deposit
Volcan is a vein trend located approximately
five kilometres south of the Libertad mill. It is one of several
sub-parallel vein structures that extend across the highly
prospective Cosmatillo area, a zone of widespread epithermal style
hydrothermal alteration. The vein trends north-east to south-west,
consistent with past producing vein trends in the Libertad
district, most notably, Mahon. Today’s announcement follows the
successful 2021 and 2022 exploration and drill campaigns at the
Company’s Libertad concessions (see news releases dated November
16, 2021 and June 8, 2021). The Libertad district has produced
approximately two million ounces of gold.
Link 1 – Figures
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
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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