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Wednesday, Feb 8, 2023
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Gold

Calibre Mining finds robust drill results from Golden Eagle project

Initial results include 4.30 g/t gold over 92.4 metres and 2.90 g/t gold over 195.1 meters

Calibre finds robust drill results at its Golden Eagle project in Washington3
Golden Eagle Project. Photo via Calibre Mining.

Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) got positive assay results from the first phase diamond drill program at its Golden Eagle Project in Washington.

On Tuesday, the company announced the assay results from the Golden Eagle area which is located in the Republic/Eureka Mining District in Ferry County, Washington, USA and found the following initial drill results:

  • 4.30 g/t Au over 92.42 metres including 7.80 g/t Au over 17.3 metres in Hole GEC22-001
  • 2.90 g/t Au over 195.1 metres in Hole GEC22-003
  • 2.38 g/t Au over 114.3 metres; 2.66 g/t Au over 19.8 metres and 2.65 g/t Au over 25.7 metres in Hole GEC22-006

Note: All holes were drilled at angles of -45 to -90 degrees at azimuths designed to intersect targeted structures as nearly as possible to perpendicular when possible. Some drill holes and intercepts reported here did not cross mineralization perpendicularly and do not represent exact true widths.

Golden Eagle hosts a pit-constrained, measured and indicated resource of 2.02 million ounces at 1.4 g/t gold with an Inferred resource of 155,000 ounces at 0.9 g/t gold.

Calibre finds robust drill results at its Golden Eagle project in Washington2

Drill results at Golden Eagle program. Table via Calibre

Golden Eagle, a low-sulfidation, epithermal hot-spring-related deposit

A major part of the Golden Eagle deposit is a large body of silicified hydrothermal breccia, but high-grade gold and silver-rich quartz veins are present in and near the area of hydrothermal breccia.

The deposit has a strike length of approximately 750 metres, a variable width of up to approximately 300 metres and a depth of approximately 600 metres. Mineralization occurs at the surface on the west and southwest areas of the deposit.

The deposit will provide future value to Calibre shareholders through additional drilling and modern metallurgical testing.

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

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

Calibre finds robust drill results at its Golden Eagle project in Washington

Map via Calibre Mining Corp.

Golden Eagle is located in the northwestern portion of the Republic/Eureka district and includes the former Mountain Lion Mine which was active from 1898 to 1947.

The Republic/Eureka Mining District has produced nearly 4 million ounces of gold at an average grade of 19.89 g/t gold over the last 130 years, principally from high-grade underground narrow vein deposits. The last operating gold mine in the district was Kinross’ Buckhorn/Kettle River operation which closed in 2017.

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

Read more: Calibre releases short doc on environmental initiatives in Nicaragua

“Today’s results from Golden Eagle reinforce the potential for this project to provide significant value to Calibre shareholders,” said Calibre’s CEO Darren Hall.

“The first phase of this drill program confirms a robust mineral system with consistent gold grades over broad widths.”

Hall said the Golden Eagle Project is a key asset within Calibre’s United States operating platform which includes the Pan Mine, Gold Rock and Illipah projects in Nevada.

“Golden Eagle is a meaningful contributor to the Company’s overall mineral resource estimate with 2.0 million ounces in Measured and Indicated Mineral Resources, adding positively to our organic growth strategy,” Hall explained.

Calibre has operations in Nevada, Washington and Nicaragua. It focuses on delivering sustainable value for shareholders, local communities and all stakeholders through responsible operations and a disciplined approach to growth.

Company stock went up by 3.64 per cent on Tuesday to $1.14 on the Toronto Securities Exchange.

 

Calibre Mining is a sponsor of Mugglehead news coverage

 

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natalia@mugglehead.com

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