Calibre Mining (TSX: CXB) (OTCQX: CXBMF) has reported new drill results from its Golden Eagle project in Washington and the company’s CEO Darren Hall believes they have further solidified the potential for a two-million-ounce mineral resource at the project.
The Vancouver-based gold producer announced the developments on Wednesday and has started metallurgical studies at the site to investigate the potential for future gold extraction and recovery methods.
Calibre expects to have results from the metallurgical studies by H2 this year and says the new intercepts confirm broad intervals of gold consistent with the Phase I results released in January.
“Given the exceptional results from all drill holes, we have commenced a comprehensive metallurgical program which will assist in advancing additional technical studies,” said Hall.
Highlights from the new drill results include the following:
- Hole GEC22-002: 2.98 g/t Au over 87.17 metres
- Hole GEC22-004: 2.27 g/t Au over 47.55 metres, 3.70 g/t Au over 48.55 metres and 3.29 g/t Au over 26.82 metres
- Hole GEC22-005: 3.36 g/t Au over 37.80 metres
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
The Golden Eagle project has a measured and indicated resource of 2.02 million ounces at 1.4 g/t Au and an inferred resource of 155,000 ounces at 0.9 g/t Au.
Calibre recently released its results for Q1 2023 ending March 31 and reported record gold production of 65,770 ounces, a 27 per cent increase from Q1, 2022. Nicaragua gold production accounted for 54,997 ounces, while Nevada gold production contributed 10,753 ounces.
Calibre is very well positioned to deliver our full year production guidance of 250,000 – 275,000 ounces. #Nicaragua #Nevada #exploration #drilling #resources #WeAreCalibreMining #miningindustry #Gold #production #shareholders #PressRelease #Growth #mining #GoldMining #business pic.twitter.com/HHabMLlMUa
— Calibre Mining Corp. (@CalibreMiningCo) April 10, 2023
Calibre had several visitors to its operations in Nicaragua last month such as the financial firms Raymond James, VIII Eight Capital, Cormark Securities and Canaccord Genuity.
Each firm left with a favourable view of Calibre’s future potential in the country for reasons such as the efficiency of the company’s hub and spoke model there, the excellent road infrastructure in Nicaragua and the positive relationship Calibre has established with the Nicaraguan government.
The company produced a record amount of gold last year thanks to its operations in Nicaragua and has budgeted $29 million for its exploration endeavours there and in Nevada this year.
Calibre’s stock rose by 2.32 per cent Wednesday to $1.54 on the Toronto Stock Exchange and has steadily increased over the past month, rising by over 35 per cent since March 12.
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rowan@mugglehead.com
