Calibre Mining (TSE: CXB) (OTCMKTS: CXBMF) reported favourable drill results exceeding its Pan gold mine’s stated resource grade this week. Substantial gold mineralization intercepted over significant lengths indicates the potential for resource expansion and a robust mine life.
These new core samples most notably consisted of 0.45 g/t gold (Au) over 117.4 metres estimated true width (ETW); and 0.56 g/t Au over 59.4 metres ETW. The latter also included 1.31 g/t Au over 9.1 metres ETW.
“Since acquiring Pan in early 2022, we have successfully increased mineral reserves by 50 per cent net of two years of production depletion and with exploration success,” chief executive Darren Hall said. “We anticipate this trend could continue.”
Many of these new results reported Tuesday come from areas outside of the site’s mineral reserve pit shell. Hall says they bode well for Pan’s future mine life.
Calibre is currently focused on drill campaigns at its two Nevada sites and international operations.
“We continue to drill Pan and Gold Rock in Nevada, the multi-million-ounce Valentine Gold Mine in Newfoundland and Labrador with an additional 100,000 metre drill program underway and a multi-rig discovery and resource expansion drill program in Nicaragua,” Hall explained.
In March this year, Calibre reported having a 12 per cent increase to its Nevada reserves net of production depletion throughout 2023. The Pan Mine is estimated to hold over 33,000 kilotons of ore, at an average grade of 0.33 g/t Au, with 359,000 ounces of gold.
Our Pan Mine in Nevada is a true pillar of health and safety success, having recently marked half-a-million hours worked without a major injury – among our employees and contractors. 👏Get more details about how we do it in our recent blog post.https://t.co/Nudn5K3zkQ pic.twitter.com/VMKpt2NWCP
— Calibre Mining Corp. (@CalibreMiningCo) August 15, 2024
Read more: Calibre Mining’s latest results may extend life of mine at Eastern Borosi
Read more: Calibre Mining’s latest finances show fifth straight year of growth
Calibre celebrates safety successes at Pan
In June, the aspiring mid-tier gold producer achieved a significant milestone. Three years passed by without a lost time incident at the Pan Mine.
Additionally, Nevada employees at the site have now worked over half a million hours without any major injuries.
The Pan gold mine uses a popular gold extraction technique called open-pit heap leaching. Most gold mines throughout the world use this method.
It involves piling ore and spraying a chemical solution over top of it, which then separates the precious metal. A gold-rich solution gets collected from the bottom of the heap which is then processed further.
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