Calibre Mining Corp.‘s (TSX: CXB) (OTCQX: CXBMF) released high grade drill results on Tuesday from its 2023 exploration program from the Volcan Gold Deposit in Nicaragua.
The company had used previous results to fuel its declaration of an initial open pit mineral resource estimate in 2023. It intends on using these new results towards a mining decision in mid-2024 while permitting is ongoing.
Highlights from 2023 Volcan drilling include:
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2.05 g/t Au over 5.9 metres Estimated True Width (ETW) including 3.48 g/t Au over 1.6 metres ETW in Hole VN-23-170;
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1.87 g/t Au over 12.7 metres ETW including 3.21 g/t Au over 3.6 metres ETW in Hole NV-23-182;
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3.13 g/t Au over 15.0 metres ETW including 6.33 g/t Au over 1.9 metres ETW and including 6.51 g/t Au over 2.7 metres ETW in Hole VN-23-163;
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4.01 g/t Au over 4.8 metres ETW including 6.74 g/t Au over 1.6 metres ETW in Hole VN-23-175;
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15.01 g/t Au over 2.6 metres ETW including 22.90 g/t Au over 1.4 metres ETW in Hole VN-23-171;
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2.51 g/t Au over 9.3 metres ETW including 6.84 g/t Au over 2.5 metres ETW in Hole VN-23-179; and
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6.37 g/t Au over 3.3 metres ETW including 11.87 g/t Au over 1.7 metres ETW in Hole VN-23-187.
Darren Hall, CEO of Calibre Mining, said that Calibre has demonstrated the value of its hub and spoke operating strategy, due to Volcan’s proximity to the Libertad Mill. He expects the deposit to contribute to the overall mining plan and the second half of 2024.
Read more: Calibre Mining intercepts rich gold mineralization at Nicaragua’s Limon complex
Read more: Calibre Mining reports 96% net income rise for 2023, exceeds production guidance
Deposit contributions show efficacy of hub and spoke strategy
Anticipated contributions from the deposit to the mine plan by the latter half of 2024 affirm their industry-leading “drill to mill” timeline. It was achieved within a year from the initial resource declaration in September 2023. Additionally, Calibre maintains its construction schedule at the Valentine Gold Mine in Newfoundland & Labrador, Canada. The grinding building is now fully enclosed, and the structural, mechanical, and piping contract awarded to The Gisborne Group.
“With Volcan having an initial open pit resource averaging 2.0 g/t Au, the 2023 exploration and infill drilling confirms that the deposit can host higher grade, near surface gold mineralization,” Hall said.
The Libertad district has produced approximately two million ounces of gold and with consistent exploration. Calibre continues to discover new opportunities to expand resources and extend mine life along this highly prospective trend.
This saves time and money by sharing infrastructure and simplifying the process of getting permits. By placing deposits close to existing facilities, Calibre can start producing faster and more affordably. This approach also helps quickly determine resource availability and speeds up the journey from exploring to mining.
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