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

Gold

Calibre Mining’s Valentine Mine in Newfoundland nearly complete

Detailed engineering at the project is 98 per cent finished

Calibre Mining's Valentine Mine in Newfoundland nearly complete
Valentine Gold Mine process plant leach tank assembly. Image via Calibre Mining.

Calibre Mining Corp. (TSX: CXB) (OTCQX: CXBMF) has nearly completed construction on its multi-million ounce Valentine Gold Mine in Newfoundland and Labrador.

On Tuesday, the company announced that the mine had passed the 73 per cent completion mark during a Q2 and first half operational update for 2024.

Detailed engineering at the project is 98 per cent finished, and the operations leadership team is employed. Pre-commissioning planning is underway. The Tailings Management Facility is advancing, with the embankment liner now at 96 per cent. Construction of the CIL leaching area tanks is well underway. The reclaim tunnel and coarse ore stockpile are progressing, and the primary crusher is on site, with installation planned for July.

The company has also initiated a 250 km² property-wide exploration program at Valentine, aiming for significant resource expansion and discovery potential. The initial exploration focuses on identifying new regional targets and expanding resources in previously drilled areas. Continuous gold mineralization discoveries at the Valentine Gold Mine highlight the vast potential of the Valentine Lake Shear Zone, including:

  • 2.25 g/t Au over 15.3 metres Estimated True Width (ETW), with a section of 24.68 g/t Au over 0.85 metres ETW
  • 36.83 g/t Au over 0.91 metres ETW

During the quarter, the mine was awarded the John T. Ryan National Safety Trophy by the Canadian Institute of Mining, Metallurgy and Petroleum for its 2023 safety record.

The company has its first gold pour scheduled for Q2 of 2025, which CEO Darren Hall says will mark a milestone as Calibre moves towards becoming a mid-tier gold producer.

Read more: Calibre Mining gets environmental permits for Volcan deposit in Nicaragua

Read more: Big name shareholder sells high percentage of its stake in Calibre Mining

Calibre’s numbers show its positive growth

The company has also reported a total 58,754 ounces of gold this quarter, with Nicaragua contributing 49,208 ounces and Nevada contributing 9,546 ounces. The company’s year to date production includes a consolidated total of 120,521 ounces of gold, with Nicaragua contributing 104,215 ounces and Nevada contributing 16,306 ounces.

“Calibre continues to evolve and expand its effective hub and spoke operating strategy as areas adjacent to the Limon mill and along the VTEM gold corridor reveal bonanza-grade gold mineralization,” said Hall.

“The Volcan deposit, in the Libertad Mine Complex, recently received permit approvals for construction and production, so H2 production will benefit from additional 2 g/t open pit gold mineralization located within 5 kilometres of the Libertad mill.

Gold and silver drill results from Eastern Borosi (EBP) reinforce the significant mineral endowment and potential for discovery and resource expansion within the 176 km² EBP land package. These results include:

  • 10.81 g/t Au over 3.4 metres ETW, including 19.10 g/t Au over 1.8 metres ETW
  • 9.64 g/t Au over 3.3 metres ETW
  • 1,431.6 g/t Ag over 2.9 metres ETW

Calibre also published its 2023 Sustainability Report this quarter. Additionally, the company’s inclusion in the S&P/TSX Composite Index reflects its growth and value generation for shareholders.

 

Calibre Mining is a sponsor of Mugglehead news coverage

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