Calibre Mining Corp. (TSX: CXB) (OTCQX: CXBMF) recovered high grade gold assay results from its 2023 expansion drilling program at Pan Mine at the Battle Mountain Eureka gold trend in Nevada.
The company stated on Wednesday that the results from the Palomino target south of the pit operation show higher grades than demonstrated at the Pan mine than in the present mineral resource. These results include:
- 2.08 g/t Au over 27.4 metres including 2.67 g/t Au over 19.8 metres in Hole PR23-058
- 3.84 g/t Au over 15.2 metres including 4.19 g/t Au over 13.7 metres in Hole PR23-026
- 2.02 g/t Au over 27.4 metres including 2.19 g/t Au over 24.4 metres in Hole PR23-030
- 1.89 g/t Au over 12.2 metres including 2.45 g/t Au over 9.1 metres in Hole PR23-062
- 1.15 g/t Au over 15.2 metres including 2.44 g/t Au over 3.1 metres in Hole PR23-036
- 1.09 g/t Au over 25.9 metres in Hole PR23-034
- 1.02 g/t Au over 27.4 metres including 1.18 g/t Au over 13.7 g/t Au in Hole PR23-037 and
- All drill targets are located near surface in oxidized limestone.
“Pan’s average reserve grade is 0.4 g/t gold, therefore these higher-grade near surface results are very encouraging,” said Darren Hall, president and CEO of Calibre.
“Although a small amount of material at Palomino exists in the Inferred Resource category, we expect to see substantially more ounces at higher grades. “
There is currently a significant opportunity to substantially increase the amount of mineral resources, the quality of the ore and the level of confidence in the area south of the Pan mine. The Palomino deposit has the potential for expansion in the southeastern direction and at shallow depths.
The Pan Mine is an open-pit, Carlin-style gold mine located in east-central Nevada. It is situated about 28 kilometers southeast of the town of Eureka.
According to recent reports by analysts from Global Equity Research published by the Bank of Nova Scotia (TSX: BNS), Calibre Mining’s open pit operations will boost its gold production and cash flow for the remainder of 2023.
After conducting a thorough evaluation, Bank of Montreal (TSX: BMO) (NYSE: BMO) has raised its target price for Calibre Mining from $1.80 to $2.00 per share. The BMO report maintains an Outperform rating for Calibre Mining, suggesting a positive outlook for the company in the coming year.
Investment analysis firm, Haywood Securities, released a glowing, positive report on the results from the Palomino results on Wednesday.
Shares of Calibre Mining rose 1.1 per cent to $1.39 on Wednesday on the Toronto Stock Exchange.
Read more: Calibre reports high-grade results from Talavera deposit in Nicaragua
Read more: Calibre Mining’s discoveries at Eastern Borosi hold promise for extended lifespan
Nevada assets command a premium
The assets within Nevada have proven to be a large draw for multiple mining firms seeking their fortunes.
Junior gold explorer Orogen Royalties Inc. (TSXV: OGN) (OTCQX: OGNRF) acquired the Firenze gold-silver project, a 7.4 square kilometre gold-silver project located 170 kilometres east of Reno on Wednesday.
Golden Lake Exploration Inc. (CSE: GLM) (OTCQB: GOLXF) and i-80 Gold Corp. (TSX: IAU) (NYSE: IAUX) and North Peak Resources Ltd. (TSXV: NPR) joined forces on Wednesday on a high-resolution done magnetic survey over all the company’s properties in the South Eureka Gold Belt in Eureka County, Nevada.
It will cover Golden Lake’s Jewel Ridge property, i-80’s Ruby Hill property, and North Peak’s Prospect Mountain property. Importantly, all these properties are contiguous with one another.
CEO Mark Bristow of Barrick Gold Corp (TSX: ABX) (NYSE: GOLD) told Reuters in February that the company would be willing to acquire Newmont Corporation‘s (TSX: NGT) (NYSE: NEM) stake in the Nevada Gold Mines joint venture. Reuters reported this announcement comes after Newmont’s $16.9 billion bid for Newcrest Mining (TSX: NCM) (ASX: NCM), which has increased the urgency for gold miners to pursue strategic partnerships and acquisitions.
Bristow believes that as Newmont grows, it may need to shed some of its assets and he wants Barrick in position to be the beneficiary by acquiring Newmont’s stake in the Nevada Gold Mines asset, indicating a potential buyout.
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