Calibre Mining Corp. (TSX: CXB) (OTCQX: CXBMF) reported strong results from its Marathon Pit ore control drilling at the Valentine Gold Mine, returning 44 per cent more gold on 47 per cent higher grades than previously modelled.
The company announced this on Tuesday as part of its partial ore control RC infill drill results from the Marathon Pit, which is one of three open pits at its Valentine Gold Mine in Newfoundland & Labrador, Canada. Calibre drilled 196 reverse circulation (RC) holes at over 4,915 metres in three benches which they have set for mining in 2025.
The current 14-year mine plan, which includes the Leprechaun, Berry, and Marathon open pits, contains 2022 Mineral Reserves of 51.6 million tonnes grading 1.62 g/t gold, amounting to 2.7 million ounces.
“Given these results, and construction at 77 per cent, our confidence continues to increase as we responsibly advance towards first gold at Valentine during Q2, 2025,” said Darren Hall, president and CEO of Calibre.
These results, along with the Leprechaun ore control results, substantiate the 2022 Mineral Reserve and increase confidence.
The company is already drilling with three rigs targeting new gold along the Valentine Lake Shear Zone. Hall said that the company is looking forward to its first results in the next few weeks.
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Calibre updates environmental assessment
This news comes shortly after Calibre received government approval to add a third open pit to its portfolio at Valentine.
The company updated its environmental assessment and submitted it to the Impact Assessment Agency of Canada (IAAC) in August of last year, detailing the changes to Valentine.
After analyzing the update, which involved consultations with Indigenous groups, communities, and stakeholder organizations, the minister approved the addition.
Valentine spans a series of mineralized deposits across a 20-kilometre trend. The December 2022 Feasibility Study outlines an open pit mining and conventional milling operation with a duration of 14.3 years, including a 22 per cent after-tax rate of return. The project aims to produce an average of 195,000 ounces of gold per year for the first 12 years.
The project estimates proven and probable mineral reserves at 2.7 Moz (51.6 Mt at 1.62 g/t Au). It also estimates total measured and indicated mineral resources at 3.96 Moz (64.62 Mt at 1.90 g/t Au). Additionally, Valentine identifies inferred mineral resources of 1.10 Moz (20.75 Mt at 1.65 g/t Au).
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