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Wednesday, Jun 12, 2024
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.


Calibre Mining budgets $29M for 2023 exploration in Nevada and Nicaragua

The budget will be utilized for 100 km of drilling focused on resource expansion and discovery

Pan Gold Mine, Nevada. Photo via Calibre Mining

Calibre Mining (TSX: CXB) (OTCQX: CXBMF) has approved a $29 million exploration budget for 2023 to be utilized at its operations in Nevada and Nicaragua.

On Tuesday, the Vancouver gold producer provided its plans and key objectives for this year and outlined its exploration highlights from 2022.

The 2023 budget will go towards 100 kilometres of drilling focused on resource discovery and expansion across the company’s operations and their surrounding area.

Read more: Calibre Mining finds robust drill results from Golden Eagle project

Read more: Calibre Mining offers a ‘very attractive’ value-risk proposition: Haywood Securities

The funding will be divided between Nicaragua and Nevada, with $20 million being utilized for 60 kilometres of drilling in Nicaragua and $9 million being used for 40 kilometres of exploration in Nevada.

Seven drill rigs will be used in Nicaragua for high-grade expansion opportunities at the Panteon VTEM Corridor, Talavera extension, Veta Azul and Volcan. Calibre also says its Eastern Borosi Project in the country has the potential for grade increase opportunities and resource expansion.

In Nevada, Calibre will be focused on drilling near its Pan Gold Mine and Gold Rock Project. The company says there are multiple discovery opportunities along a 5-kilometre trend located south of Pan’s resource area.

Calibre will also prioritize drilling at its new Coyote discovery after the recent success it has had there. Significant mineralization intersected there last month includes:

  • 1.36 g/t Au over 13.7 metres including 2.78 g/t Au over 4.6 metres in Hole PR22-238

  • 0.61 g/t Au over 18.3 metres in Hole PR22-237

2022 highlights for Calibre’s Nicaragua operations include the discovery of the bonanza-grade Panteon North Zone at the Limon Mine. The company intersected high-grade mineralization there last year including 66.0 g/t Au over 5.6 metres, 52.5 g/t Au over 3.8 metres and 26.0 g/t Au over 8.1 metres.

Read more: Calibre Mining Pan Mine assays show strong potential for Coyote mine target

Read more: Calibre Mining 2022 operating results show year round gold production of 222K ounces

Last year’s highlights in Nevada include the successful completion of Calibre’s drill programs there and the discovery of “Carlin Style” sulphide mineralization at Gold Rock.

Carlin-type gold deposits contain large quantities of gold and are commonly found throughout Nevada, the first of which was discovered in 1961. They’re known for being among the richest gold deposits in the world and also contain an abundance of microscopic gold particles.

“I am very pleased with the outcome of our 2022 drill programs in both jurisdictions. The team were able to deliver our objective of identifying new, robust deposits, confirming the significant discovery and resource expansion potential across our underexplored assets,” said Darren Hall, CEO of Calibre Mining.

“The high-grade Panteon North zone and the multi-kilometre long VTEM Gold Corridor remain our top priorities in Nicaragua, while the Coyote gold discovery at Pan and deeper Carlin-style targets at Gold Rock have the team very excited in Nevada,” added Hall.

Calibre’s stock price rose by 2.86 per cent today to $1.08 on the TSX.


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