Calibre to Commence an Expanded 100,000 Metre Resource Expansion
and Discovery Drill Program Across its Flagship Valentine Gold Mine
Property
VANCOUVER, British Columbia, July 15, 2024
(GLOBE NEWSWIRE) -- Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF)
(“Calibre” or the “Company”) is pleased to announce a
100,000 metre resource expansion and discovery
drill program at its 100% owned, fully funded Valentine Gold Mine
(“Valentine” or “VGM”) located in the central region of
Newfoundland & Labrador, Canada. The 100,000
metre diamond drilling program is in addition to the
previously announced 50,000 metre ore control reverse circulation
drill program at the Leprechaun and Marathon deposits and the
10,000 metre Winkie/RAB drilling program testing bedrock geology.
The expanded program will include a robust geoscience initiative
including a high-definition property wide LiDAR geophysical survey,
till sampling and enhanced prospecting to assist with resource
expansion and discovery drilling. This will be the largest pure
exploration drilling campaign in Valentine’s history.
Darren Hall, President and Chief
Executive Officer of Calibre, stated: “Valentine currently
hosts a robust +5-million-ounce resource base across 8 kilometres
of the 32 kilometre long main Valentine Lake Shear
Zone (“VLSZ”) which provides significant additional discovery
opportunities from an extremely prospective array of exploration
targets with a similar geological setting to the prolific Val-d’Or
and Timmins camps in the Abitibi gold belt. Between the two main
shear zones, the VLSZ and the parallel Northwest Contact Shear
Zone, there is a combined potential of up to 64 kilometres of
high-value discovery opportunities. As we rapidly expand our
knowledge base with incoming results, this exploration program is
designed to confirm the vast potential of the Valentine mineral
system. The district has the potential to significantly extend mine
life and shape our considerations for the Phase 2 mill
expansion, aiming for increased throughput of the process
plant. Our view has always been that Valentine will become
a gold camp, and we believe a program of this scale will begin to
uncover the incredible opportunity.”
Tom Gallo, Senior Vice President, Growth
of Calibre, stated: “The discovery potential across the
250km2 Valentine land package is very strong considering
VGM’s orogenic gold setting. The 100,000 metre expanded drill
program represents the most extensive pure exploration drilling
initiative in Valentine’s history. Outside of the three open pit
mine plan which covers only a small portion of the VLSZ, there is
considerable district scale potential across what we believe to be
64 kilometres of shear zone. Several targets that have not yet been
drilled but are considered high priority include the Eastern Arm,
Northwest Contact, Western Peninsula, and Marathon Northeast where
discovery and delineation drilling will commence this summer.
Additionally, initial 2024 drill results from the Leprechaun and
Frank deposits highlight resource expansion potential as well as
bolster confidence in model performance, substantiating the Mineral
Reserve estimate indicating an increase in ore tonnes and ounces
(see news release dated February 14, 2024). Strong down plunge
potential of the existing Leprechaun, Berry and Marathon open pits
highlights an additional underground mining opportunity outside of
the current 14 year open pit mine plan, warranting deep drilling to
follow up on historical drilling of high-grade zones (see news
release dated April 3, 2024).”
Click here for figures demonstrating the
opportunity along the multiple kilometres of shear along with
highlight intercepts below the open pit mine plans.
To view the interactive VRIFY 3D model
use the following link:
https://vrify.com/decks/16209
Qualified Person
The scientific and technical information
contained in this news release was approved by Nic Capps, Calibre
Mining’s Senior Exploration Manager for Newfoundland, and a
“Qualified Person” under National Instrument 43-101.
About Calibre
Calibre is a Canadian-listed, Americas focused,
growing mid-tier gold producer with a strong pipeline of
development and exploration opportunities across Newfoundland &
Labrador in Canada, 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.
ON BEHALF OF THE BOARD
“Darren Hall”
Darren Hall, President & Chief Executive Officer
For further information, please contact:
Ryan King
SVP Corporate Development & IR
T: 604.628.1012
E: calibre@calibremining.com
W: www.calibremining.com
Calibre’s head office is located at Suite 1560,
200 Burrard St., Vancouver, British Columbia, V6C 3L6.
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reviewed nor accepts responsibility for the adequacy or accuracy of
this news release.
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, including statements
regarding the plans, intentions, beliefs and current expectations
of Calibre with respect to future business activities and operating
performance. All statements in this news release that address
events or developments that Calibre expects to occur in the future
are forward-looking statements. Forward-looking statements are
statements that are not historical facts and are often 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, and include
information regarding: (i) expectations regarding the ability of
the Company to successfully achieve business objectives, including
the effects of unexpected costs, liabilities or delays, (ii)
expectations regarding future exploration and development, growth
potential for Calibre’s operations, and (iii) expectations for
other economic, business, and/or competitive factors. For a listing
of risk factors applicable to the Company, please refer to
Calibre’s annual information form for the year ended December 31,
2023, and its management discussion and analysis for the year ended
December 31, 2023, 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 of Calibre at such time.
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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