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

Gold

Calibre Mining starts drilling high-grade gold at Eastern Borosi open pit

The EBP covers an area of 176 square kilometers and contains Inferred Mineral Resources with 700,500 ounces of gold and 11.4 million ounces of silver

Calibre Mining starts mining operations at Eastern Borosi
Image via Calibre Mining.

Calibre Mining (TSX: CXB) (OTCQX: CXBMF) announced it has started mining operations at its high-grade Eastern Borosi open pit mine operation.

On Tuesday, the company announced that it has two rigs drilling in the Eastern Borosi land package (EBP), taking advantage of the low sulphidation gold-silver vein deposits.

“With Eastern Borosi open pit reserves at Guapinol of 6.8 g/t gold, we remain on track to deliver consolidated production of 250,000 – 275,000 ounces in 2023, a 20 per cent increase over 2022,” said Darren Hall, president and CEO of Calibre.

The EBP covers an area of 176 square kilometers and contains NI 43-101 Inferred Mineral Resources with 700,500 ounces of gold and 11.4 million ounces of silver. These resources are found in six epithermal vein-style deposits with a combined 4.4 million tonnes averaging 4.93 g/t Au and 80 g/t Ag.

These mineral resources have been defined in six vein systems exposed along an eight-by-ten kilometer structural corridor that remains open for resource expansion and discovery to the northeast and southwest. The mineral resource summary was prepared by Roscoe Postle Associates.

Eastern Borosi map. Image via Calibre Mining.

Read more: Calibre Mining reports record gold production in Q1 2023

Read more: Calibre Mining Nicaraguan operations thrive with hub-and-spoke model: Raymond James

Calibre Mining’s Eastern Borosi located in underexplored Mining Triangle

The EBP is located in the “Mining Triangle” of northeast Nicaragua, which has produced over eight million ounces of gold. However, this area remains significantly underexplored.

The initial infill and geotechnical drilling program is focused on the Guapinol, Vancouver, and Riscos de Oro (Riscos) deposits, which contain combined inferred resources of 1.97 million tonnes averaging 8.15 g/t Au and 6.9 g/t Ag. These deposits contain 515,000 ounces of gold and 4,371,000 ounces of silver.

“Our success in developing and mining at Eastern Borosi is due, in large part, to our positive stakeholder engagement and focus on sustainability, contributing to tangible improvements in the quality of life of our host communities in the region,” said Hall.

“To date, 43 per cent of the population around our Eastern Borosi operation has benefited directly from vocational training initiatives, procurement opportunities or employment.”

During Q1, 2021, Calibre made significant progress in acquiring surface land rights and commencing technical work and baseline environmental studies to support an Environmental Impact Assessment. The EBP is approximately 400 km by road from the Company’s 2.2 million tonne per annum Libertad Mill, which is currently less than 50 per cent utilized.

Cormark Securities, an independent investment firm, visited the gold mining company’s operations in Nicaragua and released a report concluding that the company’s development and production numbers are on track to make it an attractive investment, even when compared to larger companies in the industry.

Calibre Mining shares rose 2.6 per cent on Tuesday and are presently trading at $1.58 on the TSX Venture Exchange.

 

Calibre Mining is a sponsor of Mugglehead news coverage

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