VANCOUVER, British Columbia, March 21, 2023 (GLOBE NEWSWIRE) -- Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) (the "Company" or "Calibre") is pleased to announce the results from step-out drilling along the Panteon VTEM Gold Corridor within the Limon Mine Complex. These new intercepts continue to demonstrate the potential of the multi-kilometre long structure identified by our 2022 VTEM geophysical survey released on December 8, 2022 (see news release here ). Today’s results are located more than 2 kilometres north of Panteon North which has had numerous bonanza grade gold intercepts to-date as evidenced in our most recent press release here . The Panteon North Maiden Reserve estimate added positively to the Company’s 2022 Mineral Reserve statement adding approximately 244,000 ounces of gold (0.8 Mt at 9.45 g/t) to the Nicaragua Mineral Reserves (see news release dated February 14, 2023 ).

 

 

- 17.45 g/t Au over 4.1 metres Estimated True Width (“ETW”) including 38.45 g/t Au over 1.8 metres ETW in Hole LIM-22-4736

 

 

 

- 11.61 g/t Au over 9.3 metres ETW including 23.93 g/t Au over 1.7 metres ETW, and 15.34 g/t Au over 3.9 metres ETW in Hole LIM-22-4701, 

- 6.73 g/t Au over 2.1 metres ETW in Hole LIM-22-4689, and 3.67 g/t Au over 2.6 metres ETW including 11.10 g/t Au over 0.7 metres ETW in Hole LIM-22-4684.

 

 

 

- 29.68 g/t Au over 4.3 metres ETW in Hole LIM-22-4724;

- 24.03 g/t Au over 2.0 metres ETW in Hole LIM-22-4718, 12.97 g/t Au over 1.1 metres in Hole LIM-22-4712;

- 12.18 g/t Au over 3.7 metres ETW in Hole LIM-22-4710, 11.57 g/t Au over 2.4 metres ETW in Hole LIM-22-4717;

- 6.14 g/t Au over 4.9 metres ETW including 14.47 g/t Au over 1.8 metres ETW in Hole LIM-22-4705, and

- 9.17 g/t Au over 1.1 metres ETW in Hole LIM-22-4732, 5.75 g/t Au over 1.5 metres ETW in Hole LIM-22-4727.

 

Note: Estimated True Widths 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 ETWs 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.

 

 

Darren Hall, President and Chief Executive Officer of Calibre, stated : “Our 2022 drilling campaign was very successful, with the discovery of the high-grade Panteon North gold shoot which hosts a maiden Mineral Reserve of 244,000 ounces of gold (0.8Mt grading 9.45 g/t gold). I am encouraged that our team continues to intersect high-grade drill results along the VTEM Gold Corridor demonstrating the potential to expand the initial Panteon North reserve and make new discoveries. Given the excess capacity in our Libertad plant, and our proven operating strategy, new discoveries can quickly become accretive for us. With two drill rigs active on the Panteon VTEM gold corridor and four rigs across our Nicaraguan projects, we will complete over 60km of drilling in Nicaragua and look forward to the additional drill results from our 2023 program.”

 

 

Link 1 – Figures - https://www.calibremining.com/site/assets/files/7000/20230311_panteon_vtem_gold_corridor_discovery_expansion.pdf

Link 2 – Drilling Tables - https://www.calibremining.com/site/assets/files/7000/20230315_panteon_vtem_results_table_final.pdf 

 

 

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)

 

 

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.

 

 

"Darren Hall"

 

Darren Hall, President and Chief Executive Officer

 

 

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.globenewswire.com/news-release/2023/03/21/2631074/0/en/Calibre-Continues-to-Expand-the-New-High-Grade-Gold-Discovery-at-Panteon-North-Along-the-Multi-Kilometre-VTEM-Gold-Corridor-Additional-Drilling-Intersects-17-45-g-t-Gold-Over-4-1-M.html