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Monday, May 20, 2024
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.


Calibre’s 2024 Valentine exploration program shows vast expansion potential, promising targets

The mid-tier producer has budgeted for regional geophysics, drilling, till sampling and trenching this year

Calibre's 2024 exploration program at Valentine shows vast expansion potential in all directions
The Valentine gold mine's Leprechaun pit. Photo: Calibre Mining

Calibre Mining Corp (TSX: CXB) (OTCQX: CXBMF) will focus on identifying new targets and resource expansion in previously drilled areas this year.

The international mid-tier gold producer provided an update on its activities at Newfoundland’s Valentine gold project this week. The 2024 exploration budget will fund regional geophysics, drilling, till/sediment sampling and trenching throughout the operation’s 250-square-kilometre land package.

“New discoveries combined with several exciting surface anomalies and high-grade exploration results confirm the excellent potential within the Valentine region,” chief executive Darren Hall said. “The mine is expected to yield a continuous flow of exciting discovery and resource-building results throughout 2024 and beyond.”

Calibre is conducting an 8,000-metre maiden drill program in the area southwest of Valentine’s Leprechaun/Frank corridor. High-grade drill results near the Leprechaun deposit earlier this year, including 46.5 g/t gold over 5.3 metres, inspired this new mining endeavour.

The gold producer is also completing a 50,000-metre ore control reverse circulation drill program at the Leprechaun and Marathon deposits. The Leprechaun pit has historically yielded drill results with grades as high as 16.6 g/t Au over 8.1 metres. Furthermore, bonanza-grade core samples have come out of the Marathon pit, including 150.3 g/t Au over 4.3 metres.

The site has five major deposits altogether and is estimated to contain 4 million ounces of measured and indicated gold.

“Below the Marathon, Berry and Leprechaun pits the gold system remains open for expansion and we see excellent potential for additional high-grade gold mineralization as supported by these drill results,” Hall added.

Read more: Calibre secures commissioning contract for Valentine plant; signs gold supply deal with Asahi

Read more: BMO underwriters agree to invest C$100M in Calibre Mining

Calibre secures commissioning contract for Valentine process plant

The mid-tier miner entered into a pre-commissioning and commissioning contract with Utah’s Reliable Controls Corporation for its Valentine mine’s process plant last week.

Calibre says it has received a permit amendment allowing for full exploration of the Valentine property. The company will complete a series of different surveys throughout 2024 to define outcrops, glacial drift prospecting targets and primary structures.

A program involving the collection of 750 till samples will also be completed to analyze the qualities of gold therein.

Calibre will pursue the Western Peninsula and Eastern Arm targets situated along the 32-kilometre Valentine Lake Shear Zone too. A 10,000-metre rotary air blast and Winkie drill program will be completed to test the top of the zone’s bedrock geology. A Winkie is a portable diamond drill used for testing in difficult-to-reach places.

First gold production at Valentine is on schedule for early next year.

Calibre recently secured a gold supply deal with Asahi Refining USA valued at US$60 million and a US$100 million investment from BMO Capital Markets. A portion of that funding will be put toward advancement of the Valentine project. Meanwhile, the rest is used for the company’s international operations.


Calibre Mining is a sponsor of Mugglehead news coverage 


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