Calibre Mining Corp. (TSX: CXB) (OTCQX: CXBMF) continues achieving remarkable success with high-grade gold discoveries at its operations in Nicaragua.
On Tuesday, the mining company announced drill results for its 2023 resource expansion drill program within the Libertad Mine complex. Underground drilling has uncovered high-grade gold deposits situated about 100 meters below the primary Jabali resource, confirming both mineralization and its down-dip continuity.
This discovery shows strong potential for resource expansion. In addition, scout-level drilling conducted across the property has pinpointed three new target areas located within 10 kilometres of the Libertad mill.
Highlights at the Jabali mine include:
- 10.80 g/t Au over 14.3 metres Estimated True Width (ETW) including 26.72 g/t Au over 4.5 metres ETW in Hole JB-23-538A
- 18.84 g/t Au over 3.1 metres ETW including 31.30 g/t Au over 1.8 metres ETW in Hole JB-23-539
- 4.51 g/t Au over 3.1 metres ETW including 9.04 g/t Au over 1.5 metres ETW in Hole JB-23-540
- 8.44 g/t Au over 8.9 metres ETW including 22.08 g/t Au over 3.0 metres ETW in Hole JB-23-541
“It’s exciting to see high-grade gold mineralization intercepted close to the existing underground development, signalling potential expansion of the Jabali Underground Mine,” Calibre’s CEO Darren Hall said in a statement. “Mineral Resource grades at Jabali average 4 g/t gold; with higher grades indicating the potential for significant upside at a depth where the deposit remains open for expansion.”
Hall added that initial drill results, along the same trend as the recently announced Volcan open pit resource, demonstrate strong potential to expand resources and discover new zones.
“As a result, several high-grade areas at the Calvario, Salvadorita, Mestiza vein systems are scheduled for immediate follow-up.”
Libertad Complex – Jabali, Volcan, Calvario, Salvadorita and Mestiza – Plan View. Map via Calibre Mining.
Read more: Calibre Mining Q3 gold production numbers exceed analyst expectations: Canaccord Genuity
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The company also reported its scout-level drill program results which included:
- 14.39 g/t Au over 2.3 metres ETW including 48.91 g/t Au over 1.2 metres ETW in Hole CV-23-022;
- 32.84 g/t Au over 2.1 metres ETW in Hole CV-23-032;
- 17.40 g/t Au over 1.2 metres ETW in Hole CV-23-023;
- 156.7 g/t Au over 0.44 metres ETW in Hole SAL-23-004;
- 9.65 g/t Au over 2.1 metres ETW including 20.00 g/t Au over 0.8 metres ETW in Hole VN-23-137;
- 4.22 g/t Au over 1.8 metres ETW including 8.00 g/t Au over 1.0 metres ETW in Hole SAL-23-009;
- 4.08 g/t Au over 1.4 metres ETW in Hole CV-23-030;
- 2.29 g/t Au over 3.0 metres ETW including 4.73 g/t Au over 1.4 metres ETW and 2.73 g/t Au over 4.2 metres ETW including 7.40 g/t Au over 1.0 metres ETW in Hole MZ-23-023, and
- 6.88 g/t Au over 2.1 metres ETW and 1.69 g/t Au over 1.5 metres ETW in Hole MZ-23-0252.00 g/t Au over 6.9 metres ETW including 6.15 g/t Au over 1.8 metres in Hole VN-23-142
Jabali Mine Longitudinal section. Graph via Calibre Mining.
Calibre’s results have been leaving analysts with a positive outlook on the miner as it continues to show high-grade results quarter over quarter. Analyst reports by Toronto-Dominion Bank (TSX: TD), Bank of Nova Scotia (TSX: BNS), Cormark Securities, Haywood Securities Inc. have given the company positive grades and a share target price in of $2.00-$2.50.
These exceptional results, in addition to positive assessments from leading analysts, signal a bright future for Calibre Mining as it continues to deliver high-grade results quarter after quarter. With strong momentum and a growing presence, Calibre is positioning itself as a force to be reckoned within the gold mining industry.
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