Calibre to Commence an Expanded 100,000 Metre Resource Expansion and Discovery Drill Program Across Its Flagship Valenti
Calibre Mining announces a groundbreaking 100,000-meter drill program at their flagship Valentine Gold Mine.
VANCOUVER, British Columbia, July 15, 2024 (GLOBE NEWSWIRE) — Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) (“Calibre” or the “Company”) is pleased to announce a 100,000 metre resource expansion and discovery drill program at its 100% owned, fully funded Valentine Gold Mine (“Valentine” or “VGM”) located in the central region of Newfoundland & Labrador, Canada. The 100,000 metre diamond drilling program is in addition to the previously announced 50,000 metre ore control reverse circulation drill program at the Leprechaun and Marathon deposits and the 10,000 metre Winkie/RAB drilling program testing bedrock geology. The expanded program will include a robust geoscience initiative including a high-definition property wide LiDAR geophysical survey, till sampling and enhanced prospecting to assist with resource expansion and discovery drilling. This will be the largest pure exploration drilling campaign in Valentine’s history.
Darren Hall, President and Chief Executive Officer of Calibre, stated: “Valentine currently hosts a robust +5-million-ounce resource base across 8 kilometres of the 32 kilometre long main Valentine Lake Shear Zone (“VLSZ”) which provides significant additional discovery opportunities from an extremely prospective array of exploration targets with a similar geological setting to the prolific Val-d’Or and Timmins camps in the Abitibi gold belt. Between the two main shear zones, the VLSZ and the parallel Northwest Contact Shear Zone, there is a combined potential of up to 64 kilometres of high-value discovery opportunities. As we rapidly expand our knowledge base with incoming results, this exploration program is designed to confirm the vast potential of the Valentine mineral system. The district has the potential to significantly extend mine life and shape our considerations for the Phase 2 mill expansion, aiming for increased throughput of the process plant . Our view has always been that Valentine will become a gold camp, and we believe a program of this scale will begin to uncover the incredible opportunity.”
Tom Gallo, Senior Vice President, Growth of Calibre, stated: “The discovery potential across the 250km 2 Valentine land package is very strong considering VGM’s orogenic gold setting. The 100,000 metre expanded drill program represents the most extensive pure exploration drilling initiative in Valentine’s history. Outside of the three open pit mine plan which covers only a small portion of the VLSZ, there is considerable district scale potential across what we believe to be 64 kilometres of shear zone. Several targets that have not yet been drilled but are considered high priority include the Eastern Arm, Northwest Contact, Western Peninsula, and Marathon Northeast where discovery and delineation drilling will commence this summer. Additionally, initial 2024 drill results from the Leprechaun and Frank deposits highlight resource expansion potential as well as bolster confidence in model performance, substantiating the Mineral Reserve estimate indicating an increase in ore tonnes and ounces (see news release dated February 14, 2024 ). Strong down plunge potential of the existing Leprechaun, Berry and Marathon open pits highlights an additional underground mining opportunity outside of the current 14 year open pit mine plan, warranting deep drilling to follow up on historical drilling of high-grade zones (see news release dated April 3, 2024 ).”
Click here for figures demonstrating the opportunity along the multiple kilometres of shear along with highlight intercepts below the open pit mine plans.
To view the interactive VRIFY 3D model use the following link: https://vrify.com/decks/16209
Qualified Person
The scientific and technical information contained in this news release was approved by Nic Capps, Calibre Mining’s Senior Exploration Manager for Newfoundland, and a “Qualified Person” under National Instrument 43-101.
About Calibre
Calibre is a Canadian-listed, Americas focused, growing mid-tier gold producer with a strong pipeline of development and exploration opportunities across Newfoundland & Labrador in Canada, Nevada and Washington in the USA, and Nicaragua. Calibre is focused on delivering sustainable value for shareholders, local communities and all stakeholders through responsible operations and a disciplined approach to growth. With a strong balance sheet, a proven management team, strong operating cash flow, accretive development projects and district-scale exploration opportunities Calibre will unlock significant value.
ON BEHALF OF THE BOARD
“Darren Hall”
Darren Hall, President & Chief Executive Officer
For further information, please contact:
Ryan King
SVP Corporate Development & IR
T: 604.628.1012
E: [email protected]
W: www.calibremining.com
Calibre’s head office is located at Suite 1560, 200 Burrard St., Vancouver, British Columbia, V6C 3L6.
The Toronto Stock Exchange has neither reviewed nor accepts responsibility for the adequacy or accuracy of this news release.