VANCOUVER, British Columbia, Feb. 14, 2023 (GLOBE NEWSWIRE) -- Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) (the "Company" or "Calibre") is pleased to announce the results of the Company’s updated Mineral Resources and Mineral Reserves for its Nicaragua and Nevada properties as of December 31, 2022.
Nicaragua 2022 Mineral Resource and Mineral Reserve Highlights
Nevada 2022 Mineral Resource and Mineral Reserve Highlights
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/40f8e46a-1203-4e30-a35b-ed9e134ba17a
Darren Hall, President and Chief Executive Officer of Calibre stated: “Since acquiring our Nicaraguan assets in Q4 2019, the teams’ commitment has created significant value. Year-over-year we have discovered new, high-grade deposits, increasing overall reserve ounces and grades. In 2022, the discovery and delineation of the high-grade ore shoot at Panteon North resulted in 810,000 tonnes at a grade of 9.45 g/t Au for approximately 244,000 ounces of Mineral Reserves, a significant achievement for the team. We have a multi-rig drill program underway following up on the most recent results including 11.61 g/t Au over 9.3m located along the VTEM Gold Corridor approximately 1.5 km northeast of Panteon North indicating an additional high-grade opportunity not included in the 2022 Mineral Resource and Mineral Reserve statement.
Our 2022 Nevada programs yielded a 23% increase in Mineral Reserves, net of depletion. This, in combination with the discovery of new Coyote zone proximal to the operating open pit mine, demonstrates the additional upside that exists.”
Nicaragua 2023 Priority Mineral Resource Expansion Opportunities
Nevada 2023 Priority Mineral Resource Expansion Opportunities
Nicaragua Mineral Resource and Reserve Statements - December 31, 20221,2,3,4,5,6
All notes with parameters are at the end of the press release. TonnageGradeGradeContained AuContained Ag (kt)(g/t Au)(g/t Ag)(koz)(koz)Probable Reserves6,2695.3716.251,0823,275El Limon Complex3,7145.505.21657622La Libertad Complex2,5565.1832.294262,654Measured & Indicated Resources (Inclusive of probable reserves)16,8063.378.981,8234,814El Limon Complex13,3132.972.051,270877La Libertad Complex3,4934.9235.385533,937Inferred Resources59,0561.307.092,46213,460El Limon Complex1,5974.263.27218167La Libertad Complex6,4333.6541.197548,487Primavera (January 31, 2017)44,9740.541.157821,661Cerro Aeropuerto (April 11, 2011)6,0523.6416.167083,145
US Mineral Resource and Reserve Statements - December 31, 20227,8,9,10
All notes with parameters are at the end of the press release. TonnageGradeGradeContained AuContained Ag (kt)(g/t Au)(g/t Ag)(koz)(koz)Proven & Probable Reserves19,7880.37 264 Pan Mine19,7880.37 264 Measured & Indicated Resources (Inclusive of probable reserves)98,2120.886.442,7809,399Pan Mine33,7900.33 359 Gold Rock (Mar 31, 2020)18,9960.66 403 Golden Eagle (Mar 31, 2020)45,4261.386.442,0189,399Inferred Resources11,6430.754.43281765Pan Mine3,2460.40 42 Gold Rock (Mar 31, 2020)3,027 0.87 84 Golden Eagle (Mar 31, 2020)5,3700.904.43155765
Quality Assurance/Quality Control
Nicaragua
Calibre maintains a Quality Assurance/Quality Control ("QA/QC") program for all its exploration projects using industry best practices. Key elements of the QA/QC program include verifiable chain of custody for samples, regular insertion of certified reference standards and blanks, and duplicate check assays. Drill core is halved and shipped in sealed bags to Bureau Veritas in Managua, Nicaragua, an independent analytical services provider with global certifications for Quality Management Systems ISO 9001:2008, Environmental Management: ISO14001 and Safety Management OH SAS 18001 and AS4801. Prior to analysis, samples are prepared at Veritas' Managua facility and then shipped to its analytical facility in Vancouver, Canada. Gold analyses are routinely performed via fire assay/AA finish methods. For greater precision of high-grade material, samples assaying 10 g/t Au or higher are re-assayed by fire assay with a gravimetric finish. Analyses for silver and other elements of interest are performed via Induction Coupled Plasma spectrometry.
Nevada
Key elements of the QA/QC program include the insertion of assay standards, blanks, and duplicates in the sample stream to ensure the assay lab results are within specified performance levels. Down hole deviation surveys are provided by International Directional Services, utilizing a surface recording gyroscope, and by trained drill crews operating a north seeking gyroscope supplied by REFLEX. RC drilling was performed by Boart Longyear of Salt Lake City, Utah and Alford Drilling from Elko, Nevada. Assays were performed by ALS, Reno where fire assays were determined on a 30-gram charge with an AAS finish. An additional cyanide leach assay was also completed. ALS carries ISO/IEC 17025:2017 certification.
Qualified Persons & Technical Disclaimers
This news release has been reviewed and approved by Benjamin Sanfurgo, CHMC(RM), Goran Andric, P.Eng., Jeff Sepp, P.Eng., Varun Bhundhoo and Daniel Rolph, P.Eng., of SLR Consulting (Canada) Limited (“SLR”), who prepared or supervised the preparation of the updated El Limon Complex and La Libertad Complex (Libertad, Pavon, and EBP districts) Mineral Resource and Mineral Reserve estimates reported in this news release and are Qualified Persons (“QPs”) as set out under NI 43-101.
A new technical report the Pan Gold Project (the “NI 43-101 Updated Technical Report on Resources and Reserves Pan Gold Project White Pine County, Nevada”) will be prepared by SRK Consulting (U.S.) Inc. in accordance with NI 43-101. The technical report will include details regarding the updated Mineral Reserve and Resource estimates presented herein and will be filed on SEDAR ( www.sedar.com ) within 45 days of this news release. Readers are encouraged to read the Technical Report in its entirety, including all qualifications, assumptions, and exclusions that relate to the Mineral Resources and Mineral Reserves.
Please also see the notes to each table below.
Darren Hall, MAusIMM, President & Chief Executive Officer, Calibre Mining Corp. has reviewed and approved the scientific and technical information in this news release.
David Schonfeldt, P. Geo, Corporate Chief Geologist, Calibre Mining Corp. and a "Qualified Person" under National Instrument 43-101 has reviewed and approved the scientific and technical information contained in this news release.
ON BEHALF OF THE BOARD
"Darren Hall"
Darren Hall, President and Chief Executive Officer
For further information, please contact:
Ryan King
Senior Vice President, Corporate Development & IR
T: (604) 628-1012
E: calibre@calibremining.com
W: www.calibremining.com
About Calibre Mining Corp.
Calibre Mining is a Canadian-listed, Americas focused, growing mid-tier gold producer with a strong pipeline of development and exploration opportunities across 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.
Cautionary Note Regarding Forward Looking Information
This news release includes certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements in this news release that address events or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are identified by words such as "expect", "plan", "anticipate", "project", "target", "potential", "schedule", "forecast", "budget", "estimate", "intend" or "believe" and similar expressions or their negative connotations, or that events or conditions "will", "would", "may", "could", "should" or "might" occur. Forward-looking statements in this news release include, but are not limited to: the Company's expectations toward higher grades mined and processed going forward; statements relating to the Company's 2023 priority resource expansion opportunities; the 'Company's metal price and cut-off grade assumptions; the Company's plans for the Pan Mine for 2023, including production and exploration and its contribution to production growth; the Company’s expectations with respect to Pavon Central and EBP and their respective contributions to production growth. Forward-looking statements necessarily involve assumptions, risks and uncertainties, certain of which are beyond Calibre's control. For a listing of risk factors applicable to the Company, please refer to Calibre's annual information form ("AIF") for the year ended December 31, 2021, and its management discussion and analysis ("MD&A") for the three and nine month period ended September 30, 2022, all available on the Company's SEDAR profile at www.sedar.com. This list is not exhaustive of the factors that may affect Calibre's forward-looking statements This list is not exhaustive of the factors that may affect Calibre’s forward-looking statements such as potential sanctions implemented as a result of the United States Executive Order 13851 dated October 24, 2022.
Calibre's forward-looking statements are based on the applicable assumptions and factors management considers reasonable as of the date hereof, based on the information available to management at such time. Such assumptions include but are not limited to: the Company being able to mine and process higher grades and keep production costs relatively flat going forward; there not being an increase in production costs as a result of any supply chain issues or ongoing COVID-19 restrictions; there being no adverse drop in metal price or cut-off grade at the Company's Nevada and Nicaraguan properties. Calibre does not assume any obligation to update forward-looking statements if circumstances or management's beliefs, expectations or opinions should change other than as required by applicable securities laws. There can be no assurance that forward-looking statements will prove to be accurate, and actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements. Accordingly, undue reliance should not be placed on forward-looking statements.
Note 1 - La Libertad Complex Mineral Resource Notes
a. At La Libertad Mine, Jabalí East Underground (UG), Mojon UG, San Juan UG, and Tope UG (US$1,500/oz Au and US$23/oz Ag).
b. At EBP, Blag UG, East Dome UG, and La Luna Open Pit (OP) (US$1,500/oz Au and US$23/oz Ag).
c. At Pavon Mine, Pavon Norte OP, Pavon Central OP, and Pavon Sur OP (US$1,700/oz Au and US$24/oz Ag).
The Qualified Persons (QPs) are not aware of any environmental, permitting, legal, title, taxation, socio-economic, marketing, political, or other relevant factors that could materially affect the Mineral Resource estimate.
Note 2 - La Libertad ComplexMineralReserve Notes
a. Jabalí West UG and EBP Guapinol OP and Vancouver OP (US$1,500/oz Au and US$26/oz Ag).
b. Pavon Norte OP and Pavon Central OP (US$1,600/oz Au and US$23/oz Ag).
4. Open pit Mineral Reserves are estimated at the following cut-off grades:
a. 0.79 g/t Au for Jabalí Antena OP.
b. 0.74 g/t Au for Rosario OP.
c. 1.51 g/t Au for Pavón Norte OP and Pavón Central OP.
d. 1.81 g/t Au for EBP (Guapinol OP and Vancouver OP).
5. Pavon Norte OP and Pavon Central OP cut-off grades, account for the increased hauling costs to mill.
6. All open pit Mineral Reserve estimates incorporate dilution built in during the re-blocking process and assume 100% mining recovery.
7. Underground Mineral Reserves are estimated at fully costed and incremental cut-off grades of 2.75 g/t Au and 1.65 g/t Au, respectively, for Jabalí West UG and 3.42 g/t Au and 2.41 g/t Au for Riscos de Oro UG.
8. All Mineral Reserve estimates incorporate estimates of dilution and mining losses.
9. A minimum mining width of 1.5 m and 2.0 m was used for underground Mineral Reserves at Jabalí West UG and Riscos de Oro UG, respectively, and a dilution skin of 0.5 m was added to the hanging wall and footwall respectively (total 1.0 m).
10. A mining extraction factor of 95% was applied to underground stopes at Jabalí West UG. A 100% extraction factor was assumed for ore encountered during mine access development.
11. A mining extraction factor of 90% was applied to underground stopes at Riscos de Oro UG, with a 70% mining extraction applied to stopes where there is no top drilling drift. A 90% extraction factor was assumed for ore encountered during mine access development.
12. Bulk densities vary by deposit and weathering stage and range from 1.70 t/m3 to 2.61 t/m3. Underground backfill density is 1.00 t/m3.
13. Mineral Reserves are reported in dry metric tonnes.
14. Numbers may not add due to rounding.
The Qualified Persons (QPs) are not aware of any environmental, permitting, legal, title, taxation, socio-economic, marketing, political, or other relevant factors that could materially affect the Mineral Reserves estimate.
Note 3 - El Limon Complex Mineral Resource Notes
Note 4 - El Limon Complex Mineral Reserve Notes
a. 1.05 g/t Au for Limón Central OP.
b. 1.11 g/t Au for Limón Norte OP.
c. 1.07 g/t Au for Pozo Bono/Limón Sur OP.
d. 1.10 g/t Au for Tigra OP.
a. 2.90 g/t Au and 2.30 g/t Au for Panteón UG (existing).
b. 3.17 g/t Au and 2.74 g/t Au for Panteón Norte – Shaft 9 UG.
c. 3.01 g/t Au and 2.44 g/t Au for Santa Pancha 1 UG.
d. 2.13 g/t Au and 1.91 g/t Au for Veta Nueva UG.
e. 2.30 g/t Au and 1.92 g/t Au for Atravesada UG.
Note 5 – Cerro Aeropuerto (Borosi) Mineral Resource Notes
Note 6 – Primavera (Borosi) Mineral Resource Notes
Note 7 – Pan Open Pit Mineral Reserve Notes
Note 8 – Pan Open Pit Mineral Resource Notes
Note 9 – Gold Rock Mineral Resource Notes
Note 10 – Golden Eagle Mineral Resource Notes