Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) has announced a series of high-grade gold discoveries in previously unexplored regions as a result of their 2023 exploration drill program along the Panteon VTEM corridor.
On Tuesday, the company announced impressive results, including intersections of 15.64 g/t gold over 2.5 metres and 31.30 g/t gold over 1.4 metres.
These findings, located on the west side of the VTEM corridor and extending approximately two kilometres from the Panteon North project, underscore the potential of this multi-kilometre-long structure, initially identified in the 2022 VTEM geophysical survey.
“Following a successful 2022 drill campaign, I am excited to report the first batch of 2023 high-grade drill results from the multi-kilometre VTEM gold corridor located within the Limon Mine Complex which further validate the expansion opportunity,” Calibre CEO Darren Hall said.
“At this stage, we have only tested a small portion of the strike extent along the corridor, yet strong potential exists on both the west and east of the resistivity contact,” Hall added.
Given Calibre’s strong operating cash flow and ability to self-fund growth and exploration, it has nine drill rigs active across its near mine and satellite targets in Nicaragua.
Map via Calibre Mining.
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“I am pleased with the 2023 drill success along the VTEM Gold Corridor. Initial delineation of three main areas outside the known Panteon North Reserve area should have a positive impact on our year-end mineral resource statement,” Calibre’s senior vice president Tom Gallo said.
New drill intercept highlights along the Panteon VTEM Geophysical Gold Corridor include:
- 15.64 g/t Au over 2.5 metres Estimated True Width (ETW) in Hole LIM-23-4765
- 3.57 g/t Au over 13.4 metres ETW including 7.09 g/t Au over 6.0 metres ETW in Hole LIM-23-4759
- 19.67 g/t Au over 1.9 metres ETW and 6.87 g/t Au over 7.0 metres including 19.80 g/t Au over 1.1 metres ETW in Hole LIM-23-4752
- 21.62 g/t Au over 2.0 metres ETW including 31.30 g/t Au 1.4 metres ETW in Hole LIM-23-4743
- 20.89 g/t Au over 1.3 metres ETW in Hole LIM-23-4745
- 19.90 g/t Au over 1.2 metres ETW in Hole LIM-23-4758
- 8.50 g/t Au over 3.1 metres ETW including 21.40 g/t Au over 1.2 metres ETW in Hole LIM-23-4763
- 24.40 g/t Au over 1.3 metres ETW in Hole LIM-23-4738
On March 21, the following intercepts along the Panteon VTEM Geophysical Gold Corridor and Panteon North were found:
- 17.45 g/t Au over 4.1 metres ETW including 38.45 g/t Au over 1.8 metres ETW in Hole LIM-22-4736;
- 29.68 g/t Au over 4.3 metres ETW in Hole LIM-22-4724.
Graph via Calibre Mining.
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Calibre operates in Nevada, Washington and Nicaragua. It started mining the high-grade Guapinol open-pit at Eastern Borosi, Nicaragua in April and began sending ore to the Libertad mill in mid-May.
This development was a key factor in Calibre’s success this year and recent reports from the Bank of Montreal Financial Group (TSX: BMO) and Bank of Nova Scotia (TSX: BNS) have indicated that the initiation of open-pit mining at Eastern Borosi and Pavon Central will continue to positively contribute to the company’s production results for the remainder of the year.
In a different report by Haywood Securities Inc. Calibre’s drill results at Palomino target impressed analysts with its high-grade numbers. The results have been described as the best ever seen on Pan, not only in terms of grade and grade-thickness characteristics but also the inherent continuity of such mineralization within the plane of the system, and its shallow nature.
Calibre’s stock went up Tuesday by 3.57 per cent to $1.74 on the Toronto Stock Exchange.
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