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Thursday, Jul 25, 2024
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Gold

Calibre Mining pulls promising high grades from Valentine Lake Sheer Zone

The initial 2024 drill results tested new targets up to hundreds of meters from the high-grade ore control reverse circulation holes

Calibre Mining pulls promising high grades from Valentine Lake Sheer Zone
Valentine Gold Mine plant site. Image via Calibre Mining.

Calibre Mining (TSX: CXB) (OTCQX: CXBMF) reported high grade drilling results including 24.68 grams per ton of gold (g/t Au) over 0.85 metres estimated true width at its Valentine Gold Mine complex in Newfoundland and Labrador.

The company announced these drill results from its 2024 exploration campaign on Wednesday. The results came about immediately southwest of the Leprechaun deposit on the edge of one of the three open pits at Valentine.

Some of the other highlights from the Leprechaus southwest drilling program include:

  • 1.87 g/t Au over 11.57 metres ETW including 9.26 g/t Au over 0.89 metres in Hole LS-14-007;

  • 36.83 g/t Au over 0.91 metres ETW in Hole LS-24-010;

  • 13.32 g/t Au over 0.85 metres ETW in Hole LS-24-011.

The initial 2024 drill results tested new targets up to hundreds of meters from the high-grade ore control reverse circulation (RC) holes. The team discovered several high-grade intercepts from that infill program, including 46.53 g/t over 5.3 meters. This indicates significant gold mineralization outside of the current Mineral Reserve block model, which remains open for expansion.

“Initial 2024 drilling intersected near surface gold mineralization outside of the current Mineral Reserve block model and in two holes outside of the Leprechaun Mineral Resource model,” Darren Hall, president and CEO, said.

“This new mineralization is located between 100 and 175 metres south of the recent high grade ore control drilling and both areas remain open for expansion.”

Read more: Calibre Mining displays sustainability successes with new report

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Valentine Lake Sheer Zone largely underexplored

The team also uncovered new, near-surface, in-pit gold mineralization, demonstrating upside potential to the 2022 Mineral Resource statement. Additional zones of mineralization were identified and remain open along strike and at depth. Calibre plans to follow-up in upcoming drill programs.

These results are within the three-pit mine plan, covering only six kilometers of the under-explored 32-kilometer Valentine Lake Sheer Zone (VLSZ). This zone is the main control of gold mineralization at Valentine.

The 14-year life of mine plan for Valentine hosts Mineral Reserves of 51.6 metric tonnes grading 1.62 g/t gold, containing 2.7 million ounces (Moz). The mine plan includes the Leprechaun, Berry, and Marathon open pits,

Prior to these latest developments, the company had completed 486 ore control RC drill holes totalling 9,168 meters at Leprechaun. The company drilled the majority of these on a 9 by 9 meter grid spacing. This drilling identified previously unrecognized high-grade gold mineralization outside of Mineral Reserves. These will lead to additional ore tonnes in the drilled area compared to the 2022 Valentine Feasibility Study.

“Coupled with earlier positive results from the Frank Zone, located approximately one kilometre south of today’s Leprechaun results, indicates potential for further expansion at near mine targets,” Hall said.

The company intends to follow up with more drilling on various targets in this area along the VLSZ towards Frank.

 

Calibre Mining is a sponsor of Mugglehead news coverage

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