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

Gold

Calibre Mining results at Valentine Gold Mine show project’s strong potential

Frank is one of many opportunities in Valentine Lake that highlight strong potential for discovering and expanding Mineral Resources

Calibre Mining results at Valentine Gold Mine show project's strong potential
The Valentine Gold mining property in Newfoundland and Labrador. Image via Calibre Mining.

Calibre Mining Corp. (TSX: CXB) (OTCQX: CXBMF) returned the first set of assays from its recently acquired Valentine Gold Mine property in central Newfoundland and Labrador, Canada.

The company announced the results on Tuesday from its Frank Zone, showing 23 drill holes totalling 3,904 meters. The three open pits in the Valentine Gold Mine account for approximately six kilometers of the 32-kilometer Valentine Lake Shear Zone (VLSZ). Frank is just one of the many additional opportunities along the VLSZ that highlight the strong potential for discovering and expanding Mineral Resources.

Highlights from the recent Frank drilling include:

  • 3.14 g/t Au over 14.8 metres Estimated True Width (ETW) in Hole FZ-23-017;
  • 3.10 g/t Au over 7.3 metres ETW in Hole FZ-23-020;
  • 39.90 g/t Au over 1.8 metres ETW in Hole FZ-23-023;
  • 3.23 g/t Au over 4.5 metres ETW in Hole FZ-23-022, and
  • Frank hosts the same geological characteristics as the nearby Leprechaun, Berry and Marathon deposits which currently total 3.96 Moz Measured and Indicated Mineral Resource (64.62 Mt at 1.90 g/t Au) and an Inferred Mineral Resource of 1.10 Moz (20.75 Mt at 1.65 g/t Au) along the VLSZ.

Previously reported highlights from Frank drilling include:

  • 12.52 g/t Au over 2.9 metres in Hole VL-12-490,
  • 10.87 g/t Au over 3.0 metres in Hole VL-12-500;
  • 2.03 g/t Au over 16.0 metres in Hole VL-12-455;
  • 6.19 g/t Au over 4.3 metres, in Hole VL-12-380; and
  • 7.54 g/t Au over 2.3 metres in Hole VL-12-379.

Calibre has also announced the 2024 exploration program for Valentine.

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

Read more: Calibre Mining intercepts high-grade gold below Jabali mine, identifies 3 new gold targets

Frank has not been drilled in over 10 years

The exploration program will have a budget of between USD$5 to $10 million. It will concentrate on conducting property-wide prospecting to pinpoint targets in regions with limited or no prior exploration along the 32-kilometer VLSZ.

Additionally, the company intends to continue drilling at Frank to build upon the promising outcomes of the 2023 exploration program. The comprehensive generative efforts across the property will encompass geophysics, till-sampling, trenching, and drilling.

Frank has not been drilled since 2012, but it stands as a high-priority opportunity for resource expansion along the 32-kilometer VLSZ. Frank is another discovery of stacked Quartz-Tourmaline-Pyrite-Gold (QTP-Au) vein mineralization in the well-known Valentine style. Currently, Frank stretches 850 meters along strike and lies approximately one kilometer southwest of the active Leprechaun open pit.

Gold is present in QTP-Au veins within granitoid rocks located on the northwest side of the VLSZ. The company has identified up to four vein orientations, with the first set being the most abundant and containing the highest gold content.

At certain deposits such as Leprechaun, Marathon, and Berry, Set 1 veins form concentrated mineralized zones. The extent and characteristics of these zones appear to be influenced by the size and frequency of sheared mafic dikes that run parallel to the shear zone.

Frank exhibits similar mineralization features to the main deposits, with QTP veining occurring between conglomerate layers and mafic dykes. Initial modeling suggests that Set 2 veins at Frank may also host significant gold mineralization.

The Valentine Gold property map. Image via Calibre Gold.

Read more: Calibre Mining secures largest undeveloped gold resource in Atlantic Canada through $345M Marathon Gold merger

Read more: Calibre Mining reports record year-to-date earnings in Q3 financials

Valentine Mine came as part of an acquisition

Calibre recently closed an acquisition with Marathon Gold, expanding its portfolio to include the top-tier Valentine Gold mine in Newfoundland and Labrador. The Valentine project is largely considered to be one of the best gold mines in the world.

The deal also granted Calibre access to various assets in new jurisdictions. These assets comprise the Bonanza Mine, a historic former mine located in Baker County, northeastern Oregon.

Additionally, there is the Gold Reef property, which encompasses approximately 12 hectares of claims near Stewart, British Columbia, and a 2 percent net smelter returns royalty on precious metal sales from the Golden Chest mine in Idaho.

In 2023, Calibre achieved a 27.7 percent increase in gold production, adding 61,495 ounces compared to the previous year. The company also reported a 52 per cent boost in its cash balance by year-end. Calibre produced a total of 283,494 ounces of gold during the year.

During the final quarter of the previous year, the company set its fifth consecutive quarterly gold production record, generating 75,482 ounces. Nicaragua contributed the majority with 64,963 ounces, while Calibre’s Nevada operations yielded 10,519 ounces.

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 Calibre Mining is a sponsor of Mugglehead news coverage

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