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CALIBRE INCREASES NICARAGUAN MINERAL RESERVE GRADE BY 16% AND NEVADA MINERAL RESERVES GROW BY 23%, NET OF PRODUCTION DEPLETION

VANCOUVER, British Columbia, Feb. 14, 2023 (GLOBE NEWSWIRE) -- 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.

Nicaragua Mineral Reserves (Dec 31, 2022)



A photo accompanying this announcement is available at globenewswire.com

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.

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Nicaragua Mineral Resource and Reserve Statements - December 31, 2022 1,2,3,4 ,5,6
All notes with parameters are at the end of the press release.

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US Mineral Resource and Reserve Statements - December 31, 2022 7,8 ,9,10
All notes with parameters are at the end of the press release.

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Link – Detailed 2022 Mineral Resource and Mineral Reserve Tables

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Quality Assurance/Quality Control

Nicaragua


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 a gravimetric finish. Analyses for silver and other elements of interest are performed via Induction Coupled Plasma spectrometry.

Nevada


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. 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 King
Senior Vice President, Corporate Development & IR
T: (604) 628-1012
E: calibre@calibremining.com
W: 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.

Source:
https://www.calibremining.com/news/calibre-increases-nicaraguan-mineral-reserve-grade-4957/