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Friday, Feb 14, 2025
Mugglehead Investment Magazine
Alternative investment news based in Vancouver, B.C.

Gold

Calibre expands Valentine’s 2024 drill program by 40%, largest to date

An extensive LiDAR geophysical survey will be employed across the property to gain new insights

Calibre Mining expands Valentine's 2024 drill program by 40%, largest to date
The Valentine mine's camp in early 2024. Photo: Calibre Mining

Calibre Mining Corp (TSX: CXB) (OTCQX: CXBMF) is conducting its largest drill campaign and resource expansion program to date at Newfoundland’s Valentine gold project this year. Production at the operation remains on schedule to commence before the end of H1, 2025.

Atlantic Canada’s future gold producer announced a 40 per cent expansion to the campaign and program on Monday. New additions will include a property-wide light detection and ranging (LiDAR) survey, till sampling and other augmented prospecting initiatives. LiDAR technology is highly efficient at creating detailed 3D models for geologists, assessing hazards on-site and other applications.

“The 100,000-metre expanded drill program represents the most extensive pure exploration drilling initiative in Valentine’s history,” Calibre’s Senior Vice President of Strategy and Growth, Tom Gallo, said.

The expansion builds on the previously announced 50,000-metre reverse circulation (RC) drilling campaign and 10,000-metre rotary air blast (RAB)/Winkie drill program.

“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,” chief executive Darren Hall said in a statement. He emphasized that the site’s currently defined resources, over 5 million gold ounces, only represent a fraction of the area’s probable gold reserves.

Between Valentine’s two main shear zones — Valentine Lake (VLSZ) and Northwest Contact — he says there are numerous areas for new potential discoveries along a 64-kilometre trend. The operation’s land package spans a considerable 250 square kilometres.

“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,” Gallo stated. He says the project’s three-open-pit mine plan currently only comprises a small portion of the VLSZ. The majority of surrounding gold deposits remain untouched, yet.

Read more: Calibre Mining’s Valentine Mine in Newfoundland nearly complete

Read more: Calibre Mining gets environmental permits for Volcan deposit in Nicaragua

Calibre partners with Qualipu First Nation

A significant partnership and scholarship initiative was recently initiated between the gold producer and a local Indigenous group in Newfoundland & Labrador.

“Calibre’s Valentine Gold Mine is pleased to partner with Qalipu First Nation in administering this important scholarship program,” Calibre’s VP of Regulatory and Government Affairs in Canada, James Powell, said on Jul. 12, “and to support the 2024 scholarship recipients in their continuing education.”

Through this collaboration, five scholarships were bestowed to band members this month.

“We congratulate each recipient for their academic achievements and community involvement and wish them every success in their future endeavours,” Powell added.

Only 1/4 of Valentine’s construction work remains

Calibre revealed last week that construction at Valentine was nearly 75 per cent complete. Meanwhile, the site’s detailed engineering work is 98 per cent concluded.

The Canadian Institute for Mining, Metallurgy and Petroleum awarded Calibre for outstanding safety protocols at the project in May.

The gold miner was recently added to Canada’s principal stock market index: the S&P/TSX Composite. It monitors the largest companies on the Toronto Stock Exchange.

 

Calibre Mining is a sponsor of Mugglehead news coverage 

 

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