Calibre Mining Corp (TSE: CXB) (OTMRKTS: CXBMF) discovered high grade gold during its expanded 100,000 metre drill program at its Valentine Gold Mine in Newfoundland and Labrador, Canada.
New drill results released on Tuesday show shallow, broad zones of continuous mineralization. This expands the volume of the high-grade gold intercepts to the surface.
The new results show similarities to previous high grade trenching and grab sample data. Furthermore, all the results shown here are well outside of known mineral resources.
Highlights include:
-
3.08 g/t Au over 48.2 metres Estimated True Width (ETW) in Hole FZ-24-062;
-
At surface, 97.87 g/t Au over 3.9 metres ETW and 1.62 g/t Au over 44.6 metres ETW including 2.58 g/t Au over 22.8 metres ETW and 10.11 g/t Au over 0.9 metres ETW in Hole FZ-24-064;
-
1.94 g/t Au over 36.4 metres ETW and 1.25 g/t Au over 19.1 metres ETW in Hole FZ-24-066;
-
1.00 g/t Au over 56.1 metres ETW including 12.67 g/t Au over 0.9 metres ETW in Hole FZ-24-050;
-
0.87 g/t Au over 78.3 metres ETW in hole FZ-24-055; and
-
2.87 g/t Au over 5.4 metres ETW including 11.09 g/t Au over 0.9 metres ETW and 1.28 g/t Au over 20.7 metres ETW and 3.47 g/t Au over 12.6 metres ETW including 31.37 g/t Au over 0.9 metres ETW in Hole FZ-24-047.
Darren Hall, president and CEO of Calibre Mining, indicated that follow-up discovery drilling at the Frank Zone, situated one kilometre southwest of the defined Mineral Resources, continues to yield broad gold mineralization. Notably, the drilling has now confirmed mineralization extending to the surface, reinforcing the potential for another open-pit operation.
Read more: Calibre Mining’s mineral resource estimate in Talavera gives reasons for optimism
Read more: Calibre Mining demonstrates gold standard for principled mining
Drilling focused on 8 kilometre stretch
Furthermore, Hall said that the latest drill results indicate geological similarities between the Frank Zone mineralization and the ore found at the Marathon, Berry, and Leprechaun pits.
While exploration at the Frank Zone is still in its early stages, current data suggests the mineralization extends over a strike length of more than one kilometre and reaches depths of about 500 metres, remaining open to the north and southwest. Historically, drilling at Valentine has primarily focused on the 8-kilometre stretch between the Leprechaun and Marathon pits along the Valentine Lake Shear Zone (VLSZ).
“This 32 km long structure remains highly prospective for discovering additional gold resources and represents only a small fraction of the broader 250 km2 land package,” Hall said.
“With construction progressing on plan, Valentine remains on schedule to achieve first gold in Q2 of this year, positioning Calibre into a mid-tier gold producer with annual production of 450,000 to 500,000 ounces.”
The expansion at the Valentine Gold Mine by Calibre Mining is indicative of a broader trend in Newfoundland where mining companies are leveraging the province’s rich mineral endowment.
Calibre is aiming to increase its gold production and also to explore and potentially develop other mineral deposits along the VLSZ and beyond.
Calibre’s proactive approach in exploring new zones like the Frank Zone, coupled with their commitment to sustainable mining practices, positions them as a significant player in the region’s mining sector. The ongoing exploration and expansion activities are expected to keep Newfoundland on the map as a burgeoning area for gold mining, potentially leading to further discoveries and developments in the near future.
.
Calibre Mining is a sponsor of Mugglehead news coverage
.
joseph@mugglehead.com
