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VANCOUVER, British Columbia, Feb. 06, 2024 — Calibre Mining Corp (TSX: CXB; OTCQX: CXBMF) (the “Company” or “Calibre”) is pleased to provide assay results from the recent drill program at the Frank Zone (“Frank”), a high priority gold target one kilometre southwest of reported Mineral Resources on the Valentine Gold Mine property, located in central Newfoundland & Labrador, Canada. The reported results are for 23 drill holes totalling 3,904 metres. The three open pits included in the current life of mine plan for the Valentine Gold Mine (“Valentine” or “VGM”), represent approximately six kilometres of the 32-kilometre Valentine Lake Shear Zone (“VLSZ”). Frank is one of many additional opportunities along the VLSZ highlighting the strong potential for discovery and expansion of Mineral Resources. Calibre is also pleased to provide the 2024 exploration program for Valentine.
Highlights from the recent Frank drilling include:
Previously reported highlights from Frank drilling 2 include:
Darren Hall, President, and Chief Executive Officer of Calibre stated : “Firstly, I would like to thank all employees and stakeholders who continue to contribute to the development of the Valentine Gold Mine. Construction is well advanced, with gold production on track for the first half of 2025. With our dedicated and experienced Newfoundland team we are well positioned to responsibly deliver and grow the Valentine Gold Mine, upholding our commitment to all stakeholders.
In addition to growing existing Mineral Resources, I am excited by the district scale discovery potential along the 32-kilometre Valentine Lake Shear Zone demonstrated by these Frank drill results, which is located one kilometre from the active Leprechaun open pit.”
2024 Valentine Exploration Program
The US$5 – $10 million exploration program will focus on property wide prospecting to identify targets in areas with little or no previous exploration along the 32-kilometre VLSZ and additional diamond drilling at Frank to follow up on the positive results from the 2023 exploration program. Property wide generative efforts will include geophysics, till-sampling, trenching and drilling.
Frank is characterized by large and laterally continuous quartz veins in outcrop, some of which contain visible gold. Frank has not been drilled since 2012 and represents a high priority resource expansion opportunity along the 32-kilometre VLSZ. Frank represents yet another discovery of stacked Quartz-Tourmaline-Pyrite-Gold (“QTP-Au”) vein mineralization in the familiar Valentine style. Currently, Frank extends 850 metres along strike and is located approximately one kilometre southwest of the active Leprechaun open pit.
Valentine Gold Mineralization
Gold mineralization is contained in QTP-Au veins developed within granitoid rocks of the Valentine Intrusive Complex on the hanging wall or northwest side of the VLSZ. Up to four orientations of veins have been measured, with shallowly southwest dipping “Set 1” QTP-Au veins observed to be dominant in both abundance and gold content. At the Leprechaun, Marathon and Berry Deposits, Set 1 QTP-Au veins form densely stacked corridors of mineralization referred to as “Main Zones”. The extent and scale of these mineralized corridors appear related to the size and frequency of sheared mafic dykes which extend northeast-southwest within the granitoid rocks, parallel to the shear zone. Mineralization at Frank exhibits similar characteristics as our main deposits, with concentrated QTP veining constrained between the conglomerate and a series of mafic dykes running sub-parallel to the VLSZ. Initial modeling suggests that Set 2, shear parallel veining may also host significant gold mineralization at Frank.
Quality Assurance/Quality Control
QA/QC protocols followed at the Valentine Gold Mine include the insertion of blanks and standards at regular intervals in each sample batch. Drill core is cut in half with one half retained at site, the other half tagged and sent to Eastern Analytical Limited in Springdale, NL. All reported core samples are analyzed for Au by fire assay (30g) with AA finish. All samples above 0.30 g/t Au in economically interesting intervals are further assayed using metallic screen to mitigate the presence of coarse gold. Significant mineralized intervals are reported as core lengths and estimated true thickness (70 – 95% of core length) and reported with and without a top-cut of 50 g/t Au applied.
The scientific and technical information contained in this news release was approved by David Ross P.Geo (NL), Calibre Mining’s Vice President, Geology and Exploration for Canada, and a “Qualified Person” under National Instrument 43-101.
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, President & Chief Executive Officer
For further information, please contact:
SVP Corporate Development & IR