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

Calibre will advance a 38,400 metre drill program in Nevada focusing on new targets and expansion

Joseph Morton

Published

January 17, 2023

Calibre Mining (TSX: CXB) (OTCQX: CXBMF) announced assay results from the 2022 discovery and resource expansion drill program at its Pan Mine property in the Battle Mountain Eureka gold trend in Nevada.

The original results at the new untested Coyote target area demonstrate the property’s potential. It’s located three kilometres south of the Pan open pit. Additionally, the company discovered the results via surface geochemistry and rock chip sampling along with an evolving structural geological interpretation.

“The initial drill results located outside the Pan operating area are encouraging given this target has never been drilled. Additional gold targets have been identified along a 5 kilometre trend south of the resource area and centered on the new Coyote discovery,” said Darren Hall, president and CEO of Calibre.

“Calibre mining’s priority in 2023 will shift to these new targets with a focus on discovery drilling within the mineral concessions at Pan and Gold Rock.”

Also, several results show the potential for expansion while keeping focused on the conversion of the known mineralization zones. Additionally, Calibre will advance a 38,400-metre drill program in Nevada, which includes 28,000 metres at Pan focusing on new targets and the expansion of known resources.

Specifically, the Coyote target mine included significant mineralization.

1.36 g/t Au over 13.7 metres including 2.78 g/t Au over 4.6 metres in Hole PR22-238
0.61 g/t Au over 18.3 metres in Hole PR22-237
Initial results located approximately 3 kilometres south of the Pan South open pit
Open for expansion

Calibre Mining highlights show high-quality mineralization from multiple drill sites

North Dynamite

0.54 g/t Au over 74.7 metres in Hole PR22-211; 0.56 g/t Au over 21.3 metres in Hole PR22-209
0.47 g/t Au over 18.3 metres in Hole PR22-210; 1.67 g/t Au over 12.2 metres including 2.12 g/t Au over 9.1 metres in Hole PR22-224
0.41 g/t Au over 10.7 metres in Hole PR22-228
0.67 g/t Au over 22.9 metres including 1.14 g/t Au over 9.1 metres in Hole PR22-190
Intercepts extend mineralization down-dip and along strike, and are open for further expansion

Syncline Target

1.05 g/t Au over 15.2 metres including 2.12 g/t over 3.0 metres and 1.21 g/t over 6.1 metres in Hole PR22-218
0.67 g/t Au over 7.6 metres in Hole PR22-219
Deeper mineralization north of Syncline will be evaluated considering newly interpreted stratigraphy

Orpiment Alley Target

0.53 g/t Au over 15.2 metres in Hole PR22-182
With favorable mineralogy and trace element geochemistry at depth, Orpiment Alley remains the primary target of a deep, sulfide feeder system at Pan

Benji Target

0.45 g/t Au over 18.3 metres in Hole PR22-203; 0.84 g/t Au over 22.1 metres in Hole PC22-017

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

Calibre Mining shares dipped $0.03 to close at $1.03.

Calibre reports new gold discovery at the Pan Gold Mine in Nevada; initial results include 1.36 G/T gold over 13.7 G/T metres and 0.61 G/T gold over 18.3 metres at the never before drilled Coyote target. #PressRelease https://t.co/llzzzu0PWC

— Calibre Mining Corp. (@CalibreMiningCo) January 17, 2023