Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) announced its operating results for the three months that ended March 31 and saw record numbers in gold production at both of its operations.
On Tuesday, the Vancouver-based gold mining company reported a consolidated quarterly gold production of 65,750 ounces and gold sales of 65,770 ounces, which marks a 27 per cent increase in gold production compared to Q1 2022.
Nicaragua gold production accounted for 54,997 ounces, while Nevada gold production contributed 10,753 ounces. The consolidated 2022 Mineral Reserves rose by 370 per cent since acquisition in 2019, reaching 1,346,000 ounces of gold.
The Nicaragua mineral reserve grade also increased by 16 per cent, with 1,082,000 ounces at a grade of 5.37 g/t gold, while the Nevada mineral reserves increased by 23 per cent to 264,000 ounces at a grade of 0.37 g/t gold. Additionally, the consolidated 2022 M&I Mineral Resources surged to 4,603,000 ounces gold.
Read more: Calibre Mining expands high-grade gold discoveries at Panteon North
Pavon Gold Mine in northwest Nicaragua. Photo via Calibre Mining.
The company started high-grade mining at Pavon Central open pit ahead of schedule, with a delivery rate averaging 1,000 tonnes per day to the Libertad mill. Furthermore, they continued to expand the high-grade gold discovery at Panteon North and along the VTEM Gold Corridor within the Limon Complex.
The Panteon North maiden Reserve estimate added 244,000 ounces at 9.4 g/t gold to the Company’s 2022 Mineral Reserve statement. A new “Coyote” discovery at the Pan Mine in Nevada also suggests potential resource expansion to the south.
Finally, phase 1 drill results from the Golden Eagle Project, located in Washington State, confirmed a robust mineral system with consistent gold grades over broad widths.
Read more: Calibre Mining Nicaraguan operations thrive with hub-and-spoke model: Raymond James
Read more: Calibre Mining’s execution has been very strong in Nicaragua: VIII Eight Capital
“I am very pleased with the teams’ first quarter performance, delivering a record 65,750 ounces,” CEO Darren Hall said.
“Being above budget at the end of the quarter, with Pavon Central ahead of schedule and Eastern Borosi on track for production in Q2 we are well positioned to deliver our full year production guidance of 250,000-275,000 ounces.”
According to Hall, the company’s ongoing exploration investment is generating encouraging outcomes, with several drill rigs currently operating across all its assets. Specifically, the company is extending the high-grade gold discovery at Panteon North and the VTEM Gold Corridor, while also uncovering new findings at Pan, where drilling suggests the strong possibility of expanding resources.
Hall believes that 2023 will be a pivotal year for the company, characterized by substantial growth, including a 20 per cent increase in production, robust free cash flow, and significant exploration aimed at expanding recent high-grade gold discoveries that were not originally part of the company’s long-term, grade-based production increase strategy.
The company will also be releasing its first quarter financial results after the market closes on May 8 and hosting a conference call the following day.
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