Calibre Mining Corp. (TSX: CXB) (OTCQX: CXBMF) published an open pit mineral resource estimate for its Cerro Volcan Gold Deposit, which is approximately five kilometers away from the company’s Libertad processing facility.
Announced on Monday, the resource was not included in Calibre’s 2022 Mineral Resource statement and includes 508,000 tonnes of Indicated Mineral Resource with an average of 1.83 g/t and 1.7 million tonnes of Inferred Mineral Resource with an average of 2.28 g/t.
This open-pit gold deposit, averaging 2.0 grams per ton, presents a promising opportunity due to its close proximity to the Libertad processing facility. With over one million tonnes of excess capacity available, this deposit holds significant potential. Calibre is also currently in the process of obtaining the necessary environmental permits, and anticipates production to commence in 2025.
Volcan is part of a cluster of sub-parallel vein structures that stretch across the promising Cosmatillo area.
The orientation of this vein trend is from the northeast to the southwest, which aligns with historical vein trends in the Libertad district, particularly the Mahon vein. This announcement comes on the heels of successful exploration and drilling campaigns carried out by the Company in 2021 and 2022 within the Libertad concessions.
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Calibre verifies gold mineralization along surface at Volcán
The initial findings from this year’s drilling program have verified the existence of gold mineralization near the surface along the Volcán trend.
This mineralization extends both along the same path and into deeper layers, with the potential for further expansion. The company intends to persist with drilling activities at Volcán, initiating a second campaign of exploration holes positioned along the same path to examine the consistency of mineralization between the two zones and to assess the possibility of discovering high-grade mineralization at greater depths.
Highlights at Volcán Vein
• 11.37 g/t Au over 5.4 metres ETW (Estimated True Width) from 61.4 metres (VN-21-026)
• 9.26 g/t Au over 1.7 metres ETW from 76.9 metres (VN-21-030A)
• 2.37 g/t Au over 6.2 metres ETW from 67.2 metres (VN-21-032)
Notably, the Libertad district has a track record of producing approximately two million ounces of gold.
Tom Gallo, Senior Vice President of Growth, is optimistic about the additional geoscience indicators resembling Volcan that are scattered across the Libertad property. The company eagerly anticipates the results from these promising new prospects surrounding the underutilized Libertad mill.
“Two target areas, Calvario and Salvadorita contain high-grade surface samples including 21.2g/t Au, 14.2g/t Au, 9.9g/t Au, 34.2 and 15.0g/t Au as seen in the accompanying figures,” Gallo said.
Calibre Mining shares declined 1 per cent to $1.46 on Monday on the Toronto Stock Exchange.
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