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Saturday, Jun 15, 2024
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.


Calibre Mining’s new core samples highlight strong resource expansion potential at Valentine

A favourable 46.5 g/t gold was intercepted over 5.3 metres outside of the Newfoundland site’s Leprechaun deposit

Calibre Mining's new core samples highlight strong resource expansion potential at Newfoundland's Valentine project
The Valentine gold mine, Central Newfoundland. Photo credit: Calibre Mining

New high-grade drill results from Calibre Mining Corp’s (TSX: CXB) (OTCQX: CXBMF) recently acquired Valentine gold mine in Newfoundland indicate strong resource expansion potential.

The international mid-tier gold producer announced Wednesday that it had intercepted 46.5 g/t gold over 5.3 metres outside of the site’s currently defined mineral reserves. Other notable core samples from the surrounding area of Valentine’s Leprechaun deposit included 17.16 g/t Au over 7 metres and 5.5 g/t Au in a 14.4-metre length.

The drill program yielding these intercepts shows an increase of 15 per cent or more in tonnage and over 12 per cent in ounces compared to the mineral reserve defined by a feasibility study in 2022.

“The closely spaced ore control drilling within these initial benches of the Leprechaun open pit substantiates the Leprechaun mineral reserve,” CEO Darren Hall said, “further de-risking the project as we advance toward first gold production in H1 2025.”

He added that the new drill program has confirmed in-pit gold mineralization previously considered to be inferred mineral resources. This adds ore tonnes to the Leprechaun open pit that were not considered in the aforementioned study two years ago.

“Additionally, high-grade gold mineralization was discovered on the southwest edge of the Leprechaun pit, highlighting strong resource expansion potential along the Valentine Lake Shear Zone toward the new Frank Zone discovery, announced last week,” Hall said.

This newly discovered gold mineralization has prompted the company to commence a diamond drill program targeting the area southwest of Leprechaun next month.

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

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

Valentine substation powered up

Calibre also announced that Newfoundland & Labrador Hydro has connected and supplied power to the mine’s substation.

The acquisition of Marathon Gold through which the project was acquired closed late last month. Calibre has now expanded its stature and influence into eastern Canada after being previously focused on Nevada and Nicaragua.

The vast majority of Calibre’s gold is produced in Nicaragua. However, Nevada will become a more significant contributor this year with the start of production at the Gold Rock mine near the Pan operation.

Calibre pulled a bonanza-grade core sample out of its Limon Mine Complex at the end of January containing 111.9 g/t Au in a 4.1-metre interval.

The company produced 283,494 gold ounces last year, a 27.7 per cent increase from 2022. Calibre also reported a 52 per cent increase in its cash balance, finishing 2023 with C$86 million in working capital.


Calibre Mining is a sponsor of Mugglehead news coverage 


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