Calibre Mining (TSX: CXB) (OTCQX: CXBMF) announced results from step-out drilling along the Panteon VTEM Gold Corridor in the Limon Mine Complex on Tuesday.
The new intercepts demonstrate the potential of the multiple kilometre long structure identified by the company’s earlier 2022 VTEM geophysical survey from Dec. 8, 2022. Tuesday’s results are more than two kilometres north of Panteon North, which has been the site of multiple bonanza grade gold intercepts to-date.
“Our 2022 drilling campaign was very successful, with the discovery of the high-grade Panteon North gold shoot which hosts a maiden Mineral Reserve of 244,000 ounces of gold (0.8Mt grading 9.45 g/t gold),” said Darren Hall, president and CEO of Calibre.
Calibre Continues to Expand the New High-Grade Gold Discovery at Panteon North & Along the Multi-Kilometre VTEM Gold Corridor; Additional Drilling Intersects 17.45 g/t Gold Over 4.1 Metres https://t.co/xMKd3tzMRO
— Calibre Mining Corp. (@CalibreMiningCo) March 21, 2023
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Calibre Mining’s discoveries quickly become accretive: Hall
The drilling campaign also includes a new drill intercept along the Panteon VTEM geophysical gold corridor.
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17.45 g/t Au over 4.1 metres Estimated True Width (“ETW”) including 38.45 g/t Au over 1.8 metres ETW in Hole LIM-22-4736
Also, the company’s Dec. 8, 2022 drill results along the Panteon VTEM gold corridor include:
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11.61 g/t Au over 9.3 metres ETW including 23.93 g/t Au over 1.7 metres ETW, and 15.34 g/t Au over 3.9 metres ETW in Hole LIM-22-4701, 6.73 g/t Au over 2.1 metres ETW in Hole LIM-22-4689, and
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3.67 g/t Au over 2.6 metres ETW including 11.10 g/t Au over 0.7 metres ETW in Hole LIM-22-4684.
El Limon Property. Image via Calibre Mining.
“Given the excess capacity in our Libertad plant, and our proven operating strategy, new discoveries can quickly become accretive for us. With two drill rigs active on the Panteon VTEM gold corridor and four rigs across our Nicaraguan projects, we will complete over 60km of drilling in Nicaragua and look forward to the additional drill results from our 2023 program,” said Hall.
Lastly, the new Panteon North drilling results from outside its year-end 2022 reserve and resources include:
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29.68 g/t Au over 4.3 metres ETW in Hole LIM-22-4724;
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24.03 g/t Au over 2.0 metres ETW in Hole LIM-22-4718, 12.97 g/t Au over 1.1 metres in Hole LIM-22-4712;
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12.18 g/t Au over 3.7 metres ETW in Hole LIM-22-4710, 11.57 g/t Au over 2.4 metres ETW in Hole LIM-22-4717;
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6.14 g/t Au over 4.9 metres ETW including 14.47 g/t Au over 1.8 metres ETW in Hole LIM-22-4705, and
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9.17 g/t Au over 1.1 metres ETW in Hole LIM-22-4732, 5.75 g/t Au over 1.5 metres ETW in Hole LIM-22-4727.
Additionally, estimated true widths for reported vein intercepts are based on 3D models of the individual veins. Estimates are determined in cross-section by measuring the modelled vein thickness perpendicular to the vein margins and also through the midpoint of the drill hole intercept.
Drill hole inclination, vein strike and dip, and geometries of vein systems will cause variation in the percentage-based differences between individual ETWs and down-hole interval lengths. Also, the differences will vary across drill holes.
Calibre Mining shares are trading at $1.19 on the Toronto Stock Exchange.
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