Calibre Mining Corp. (TSE: CXB) (OTMRKTS: CXBMF) discovered gold mineralization approximately a 1,000 metres beyond the Valentine Gold Mine resource in Newfoundland & Labrador.
Announced on Monday, the drilling intercepts come as part of its expanded 100,000 metre drilling initiative. Calibre is presently focused on discovering new gold mineralization beyond the known resources on its 250 kilometer property.
Drilling launched earlier this year highlights the vast potential beyond the three pits outlined in the 2022 Feasibility Study.
This study identifies 64.6 Mt at 1.90 g/t gold, containing 3.95 Moz of Measured and Indicated Resources, and 20.7 Mt at 1.65 g/t gold, containing 1.10 Moz of Inferred Resources. These resources span only 8 km of the highly prospective 32 km-long Valentine Lake Shear Zone (VLSZ).
The drill results reveal numerous intercepts with visible gold, high-grade intersections, and broad zones of continuous mineralization in several holes, all located outside the known resource areas.
Highlights from the Frank Zone drill program, southwest of the Leprechaun pit include:
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2.43 g/t Au over 172.8 metres Estimated True Width (ETW) including 3.84 g/t Au over 90.9 metres ETW in Hole FZ-24-048;
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2.12 g/t Au over 95.4 metres ETW in Hole FZ-24- 046;
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2.26 g/t Au over 78.3 metres ETW in Hole FZ-24- 040;
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10.21 g/t Au over 2.9 metres ETW in Hole FZ-24-028;
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Valentine Mine construction is 85% complete
“We acquired the 5-million-ounce Valentine Gold Mine in Canada primarily for its near-term production of approximately 200,000 ounces per year for the first 12 years of its 14-year reserve life,” said Darren Hall, president and CEO of Calibre Mining.
“With construction 85 per cent complete, the funded project remains on schedule for first gold in Q2 2025. Successfully delivering Valentine will transform Calibre into a mid-tier gold producer with annual production of 450,000 to 500,000 ounces.”
Hall emphasized the team’s excitement about the Valentine Gold Mine property, noting its highly prospective district potential, which mirrors the geological characteristics of the Val d’Or and Timmins camps in the Abitibi gold belt.
Additionally, Hall pointed to initial drill results, including Hole FZ-24-048 with 2.43 g/t gold over 172.8 metres and Hole FZ-24-046 with 2.12 g/t gold over 95.4 metres. These encouraging results show significant grades and widths, with mineralization remaining open laterally, vertically, and up-dip.
In just a few months, drilling has revealed broad zones of gold mineralization up to 1,000 metres southwest of the Leprechaun open pit. This includes grades exceeding the reserve grade by over 40 per cent.
These findings bolster confidence in the 250 km² property’s potential as a new gold district. Meanwhile, ongoing drilling northeast of the Marathon deposit has identified several high-priority exploration targets. Hall expressed enthusiasm for the continued progress, citing the expanded multi-rig drill program and advancements toward construction completion.
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Calibre Mining is a sponsor of Mugglehead news coverage
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joseph@mugglehead.com
