Calibre Mining’s (TSX: CXB) (OTCQX: CXBMF) newest intercepts at Talavera demonstrate the resource and discovery potential at the Limon mine complex.
On Wednesday, the company announced the results from its drill program at the Talavera Mine in the Limon Mine Complex in Nicaragua, displaying high-grade gold.
The Talavera results included:
- 10.22 grams per tonne (g/t) gold (Au) over 4.2 metres, including 15.25 g/t Au over two metres, 15.46 g/t Au over 6.7 metres, including 18.09 g/t Au over 5.7 metres, and 10.58 g/t Au over 7.9 metres, including 15.18 g/t Au over 2.9 metres in hole LIM-22-4688
- 3.89 g/t Au over 2.5 metres, including 5.85 g/t Au over 1.5 metres, 4.45 g/t Au over 20.9 metres, including 8.09 g/t Au over 5.4 metres and 6.69 g/t Au over 3.5 metres, and 9.31 g/t Au over 3.1 metres in hole LIM-22-4677
- 3.92 g/t Au over 3.6 metres in hole LIM-22-4673
- 4.10 g/t Au over 4.2 metres in hole LIM-22-4721
Initial drilling efforts will primarily concentrate on exploring the southwest extensions along strike. The project site is a former underground mine that has previously yielded approximately 800,000 ounces of gold. Encouragingly, there is considerable potential for expanding the resource base through the identification of parallel veins within the area. This makes the Talavera Extension project an attractive prospect for further exploration and potential resource expansion endeavours.
Talavera is situated to the west of the primary El Limon trend and mill. It’s a former underground mining region that witnessed significant production in the 1990s, yielding approximately 800,000 ounces of high-grade, low-sulphidation gold. This mining area shows potential for further resource expansion along parallel veins.
The Talavera deposit encompasses an epithermal vein trend, characterized by rich vein shoots extending alongside the productive Veta Nueva and Atravesada vein systems.
Read more: Calibre Mining starts drilling high-grade gold at Eastern Borosi open pit
Read more: Calibre Mining reports record gold production in Q1 2023
Drilling efforts concentrate on southwest extensions
The Talavera site holds promise for continued exploration and development due to its proven past production and the presence of parallel vein structures that offer the potential for resource expansion.
With a history of substantial gold extraction, this former underground mining area presents an opportunity for further high-grade discoveries. Ongoing exploration efforts aim to unlock the full potential of Talavera, utilizing its geological characteristics and past drilling results as valuable indicators for future operations.
“I am encouraged by these initial results from the drill program at Talavera, which is located only 3 km west of the Limon processing plant,” said Darren Hall, president and CEO of Calibre.
“While not currently included in the company’s Mineral Resources, Talavera is a former underground producer with past production of 800,000 ounces of high-grade ore and represents another opportunity to grow our resource base given the multiple high-grade vein sets.”
The Talavera Extension project historic drill results include LIM-05-3334, which recorded a grade of 7.4 grams per tonne (g/t) of gold over a length of 10.42 meters. Additionally, LIM-04-3355 exhibited an impressive grade of 18.0 g/t over 5.93 meters, while LIM-97-2205 displayed a grade of 2.1 g/t over 5.84 meters.
Recently, Calibre Mining made significant discoveries at its Eastern Borosi Mine Complex in Nicaragua that could prolong on the lifespan of the mine. The company discovered mineralization outside of its current reserves, consisting of several gold-silver vein systems characterized by low sulphidation. The company also sold 65,770 ounces of gold, setting a new sales record in Q1, 2023.
Calibre Mining shares rose by 0.6 per cent on Wednesday and are trading at $1.70 on the Toronto Stock Exchange.
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