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Thursday, Feb 22, 2024
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Gold

Calibre Mining reports bonanza grade drill results at Nicaragua’s Limon mine

A particularly notable intercept contained 111.9 g/t gold over 4.1 metres

Calibre Mining intercepts bonanza grade drill results at Nicaragua's Limon mine
Gold pour. Photo credit: Calibre Mining

Calibre Mining (TSX: CXB) (OTCQX: CXBMF) pulled some rich core samples out of the ground at its Limon Mine Complex in Nicaragua during last year’s drill program.

The mid-tier gold producer announced Tuesday that it intercepted 111.9 g/t gold over 4.1 metres and 33.6 g/t Au in a 2.6-metre interval at the site’s Panteon VTEM Gold Corridor. Previous favourable drill results like these led to the discovery of the Panteon North deposit, which yielded 240,000 ounces of proven and probable mineral reserves.

“The latest results are impressive and show a combination of new high grades and broad widths which should prove beneficial for future production,” Calibre CEO Darren Hall said. “This provides further opportunity to leverage the surplus processing capacity at our Libertad mill.”

Calibre’s consistent success at Limon continues to indicate strong potential for resource expansion in the region.

“Limon is a priority during our 2024 drill program with approximately 50,000 metres of drilling planned in and around the complex,” Tom Gallo, Senior Vice President, Strategy and Growth of Calibre, said.

Gallo says the company has drilled 250 metres below the surface to date and that mineralization remains open at depth.

Calibre recently changed its logo and completed the transformational acquisition of Atlantic Canada’s Marathon Gold (TSX: MOZ). Marathon’s shares will soon be delisted from the Toronto Stock Exchange.

Read more: Calibre Mining closes top tier gold merger with Marathon Gold

Read more: Calibre Mining sets gold production record in 2023, reports 52% cash balance increase

Calibre to produce half a million gold ounces per year

Calibre’s acquisition of Marathon has resulted in a company that will be capable of producing 500 kilo ounces annually. This will be made possible once Newfoundland’s Valentine gold project is fully developed.

Marathon had already completed about 50 per cent of its construction prior to the transfer of ownership. Calibre now expects to have strong yearly cash flow of about C$508.4 million.

The company continues to have favourable production results. Calibre produced 61,495 more gold ounces last year than it did in 2022.

In Q4, Calibre produced 75,482 gold ounces from its Nicaragua and Nevada operations. Only 10,519 came out of Nevada but the company expects to potentially double its production in the state with the start of operations at Gold Rock this year.

Calibre reported having C$10.86 million in debt at the end of Q3 last year.

However, the gold miner’s cash balance rose significantly at the end of December by 52 per cent. Calibre finished 2023 with C$86 million on hand.

 

Calibre Mining is a sponsor of Mugglehead news coverage

 

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