Caliber reports the results of exploration drills from the Pan mine, Nevada. First drill results show resource expansion and potential for higher grades, Canadian Business Journal

Vancouver, British Columbia, March 8, 2022 (GLOBE NEWSWIRE) — Caliber Mining Co., Ltd. (TSX: CXB; OTCQX: CXBMF) (“Company” or “Calibre”) analyzes results from an ongoing resource conversion and expansion drill program at the newly acquired 100% owned bread mine (“Bread”). I am happy to announce it. It is located in White Pine County, Nevada. The numerous results outlined below show the potential for resource expansion, focusing on the conversion of known zones of mineralization. These reported results are the first batch from the 4th quarter 2021 drill program. During 2022, Caliber was working on an additional multi-rig 50,000 meter program, with five drill rigs currently in operation in Nevada.

The highlights of the Pandrill program are:

  • Drilling has focused on expanding new zones of mineralization and known zones of estimated mineralization.
  • Hole PR21-045 over 50.3 meters 1.02 g / t Au, hole PCM21-001 over 34.0 meters 0.83 g / t Au;
  • Hole PR21-044 over 45.7 m 0.47 g / t Au, hole PR21-002 over 44.2 m 0.44 g / t Au;
  • Hole PR21-001 over 56.4 meters 0.46 g / t Au and over 62.5 meters 0.40 g / t Au;
  • Hole PR21-022 over 41.2 meters 0.58 g / t Au and over 24.4 meters 0.68 g / t Au;
  • Hole PR21-021 over 30.5 m 0.40 g / t Au and over 16.8 m 0.42 g / t Au;
  • Hole PR21-017 over 9.1 meters 0.65 g / t Au; hole PR21-048 over 13.7 meters 0.59 g / t Au;
  • Hole PR21-044 over 45.7 m 0.48 g / t Au, hole PR21-056 over 16.8 m 0.55 g / t Au

Note: All holes were drilled at an angle of -45 to -90 degrees with an azimuth designed to intersect the target structure as vertically as possible. Some of the drill holes and intercepts reported here do not cross the mineralization vertically and do not represent the exact “true width”.

Darren Hall, President and Chief Executive Officer of Caliber, said:: “These early results show that some targets previously identified by the Nevada exploration team could be added to the entire pan resource, extending the life of the mine. Caliber 2022. The drilling program continues to move forward near opportunities for conversion and expansion of mining resources, testing new targets that have not been drilled within the Pan Exploration Right.

The Nevada team has done a great job of establishing bread as a reliable producer and generating operating cash flow that has been carefully reinvested in the business. Early on, we realize the benefits of a multi-rig, 50,000-meter exploration, and resource expansion drill program. This provides valuable new information for optimizing the production profile of the bread mine. Given Caliber’s strong balance sheet and integrated production guidance for 220,000-235,000 ounces of gold, we generate significant operating cash flow and provide capital to reinvest and unleash the ultimate potential in Pan. increase. “

Tom Gallo, Senior Vice President of Growth of Calibre, said:: “The first drilling in Pan focuses on high-priority growth targets adjacent to known resources, encouraging early results in Pegasus and other regions close to previously reported mineral resources. We believe that the expansion of these areas is favorable. We are excited to continue to explore opportunities for resource expansion and accelerate programs to test new targets at 43km.2 Pan property. “

Panmine target

The first excavations were concentrated near the mine along the strike of the Bramham Fault Zone (“BFZ”). Drilling within the Pegasus Target (“Pegasus”), located at the northeastern end of the South Pan open pit in operation, was carried out to expand and convert resources previously classified as estimates. 3 holes, PR21-001 (0.46 g / t Au over 56.4 meters and 0.40 g / t Au over 62.5 meters), PR21-002 (0.44g / t Au over 44.2 meters) And PR21-045 (1.02g / t Au over 50.3 meters) Indicates that mineralization continues in the northeast, where resources are expected to expand. Hierarchically controlled zones such as Pegasus target the area around the Bramham Fault Zone (“BFZ”), which has historically been the major control of ore-grade mineralization in bread. Pegasus represents a thick piece of gold that continues along the horizon of the preferred host rock, which remains open to the northeast. Also, the hole PR21-021 in Pegasus (0.40 g / t Au 30.5 meters or more and 0.42 g / t Au 16.8 meters or more) And PR21-022 (0.58 g / t Au over 41.2 meters and 0.68 g / t Au over 24.4 meters) Shows the spacing of thick gold that extends down the dip. Many of the holes described in this news release suggest expansion or potential expansion of modeled resources (see the updated technical report dated September 8, 2021). Pegasus continuity can lead to significant additions of resources in this area.

Other highlights of the drill program are:

  • Hole PR21-017: 0.65 g / t Au over 9.14 m, shallow mineralization extends south and east, expanding and upgrading the mineralization encountered in historic drilling (dated September 8, 2021). (See updated technical report), showing expansion of the block of estimated mineralization;
  • Hole PR21-056: 0.55 g / t Au over 16.8 m including 1.17 g / t Au over 3.1 m is the thicker, higher grade ore west of BFZ, the main mineral control structure of bread, as mentioned above. Represents a chemical effect;
  • Hole PR21-048: 0.36 g / t over 15.2 meters and 0.60 g / t over 13.7 meters indicate zones with increased thickness compared to recent resource models for this target zone.
  • Hole PR21-045: 1.02 g / t over 50.29 meters represents an additional resource as it is within the Pegasus target.When
  • Holes PR21-027 and PR21-025 in the Black Stallion region have identified shallow oxide mineralization that has the potential to expand this “satellite” open pit. The two holes contain 1.08 g / t (PR21-027) over 4.56 meters and 0.41 g / t (PR21-025) over 9.1 meters, with all sections within 30 meters of the surface.

Pan Gold Mine Overview and Opportunities

Panmine is a carlin-style open-pit heap reach mine located about 28 km southeast of the town of Eureka in central eastern Nevada, rich in battle mountain and Eureka gold trends. Bread has been steadily increasing since it resumed operations in September 2017, and has a track record of exchanging reserves and resources. Gold production has increased year-on-year since 2017, reaching 45,397 ounces in 2021. In 2022, Caliber is undertaking a multi-rig 50,000-meter resource expansion and conversion drilling program at Pan.

Link 1 – Numbers
Link 2 – Drilling table

Quality Assurance / Quality Control

Calibre Mining uses industry best practices to maintain a quality assurance / quality control (“QA / QC”) program for all exploration projects. An important element of the QA / QC program is the insertion of assay standards, blanks, and replicas into the sample stream to ensure that assay lab results are within specified performance levels. Downhaul deviation surveys are provided by International Directional Services utilizing surface-recorded gyroscopes and a trained drill crew operating the north-seeking gyroscope provided by REFLEX. RC drilling was done by Boat Longyear in Salt Lake City, Utah, and Alford Drilling in Elko, Nevada. The assay was performed by ALS, Reno and the fire assay was determined with a 30 gram charge of AAS finish. An additional cyanide leaching assay has also been completed. ALS is ISO / IEC 17025: 2017 accredited.

Qualified person

The scientific and technical information contained in this news release has been approved by Paul Noland (AIPG CPG-11293), Vice President of Exploration, Nevada, and “Qualified Person” of National Instrument 43-101.

On behalf of the board

“Darren Hall”

Darren Hall, President and Chief Executive Officer

For more information, please contact:

Ryan King
Senior Vice President of Corporate Development and Investor Relations
T: (604) 628-1012

About Caliber Mining Corp

Calibre Mining is a Canadian-listed, North-South American-focused, growing middle-tier gold producer with a strong pipeline of development and exploration opportunities throughout Nevada and Washington, and Nicaragua, USA. I have. Caliber focuses on providing sustainable value to shareholders, communities, and all stakeholders through a responsible business and a disciplined approach to growth. With a strong balance sheet, no debt, proven management, strong operating cash flow, additional development projects, and district-wide exploration opportunities, Caliber unleashes great value.

Precautions regarding future prospects

This news release contains certain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities law. It has been. All statements in this news release that correspond to events and developments that are expected to occur in the future are forward-looking statements. Forward-looking statements are not historical facts, but “expect,” “plan,” “expect,” “plan,” “goal,” “potential,” and “schedule.” , A description identified by words such as “predict”. “Budget”, “estimate”, “intention” or “believe” and similar expressions or their negative meanings, or their events or conditions “do”, “may”, “may”, “done” , “Should” or “May” “occurs. The forward-looking statements in this news release include, but are not limited to, our 2022 Priority. Statement on resource expansion opportunities. Company metal price and cutoff grade assumptions. Our plans for the 2022 bread mine, including contributions to production and exploration and production growth. Forward-looking statements are inevitable. Includes assumptions, risks, and uncertainties, some of which are beyond Calibre’s control. A list of risk factors applicable to us is available for the fiscal year ended December 31, 2020. See Caliber’s annual information form (“AIF”) and management discussions and analysis (“MD & A”) for the fiscal year ended December 31. Available in 2021, all in the company’s SEDAR profile at This list does not cover all the factors that may influence Caliber’s forward-looking statements.

Caliber’s forward-looking statements are based on the information available to management at that time and based on applicable assumptions and factors that management considers reasonable as of the date of this document. Such assumptions include, but are not limited to: Companies can mine and process higher grades and keep future production costs relatively flat. Production costs do not increase as a result of supply chain issues or ongoing COVID-19 restrictions. Our Nevada real estate has no adverse declines in metal prices or cut-off grades. Caliber undertakes no obligation to update any forward-looking statement if circumstances or management’s beliefs, expectations or opinions change, except as required by applicable securities law. There is no guarantee that forward-looking statements are accurate, and actual results, performance, or outcomes may differ materially from those expressed or implied in these forward-looking statements. I have. Therefore, you should not place excessive reliance on forward-looking statements.

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Caliber reports the results of exploration drills from the Pan mine, Nevada. First drill results show resource expansion and potential for higher grades, Canadian Business Journal

Source link Caliber reports the results of exploration drills from the Pan mine, Nevada. First drill results show resource expansion and potential for higher grades, Canadian Business Journal

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