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Calibre reports Pan Mine drill results

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Global Mining Review,

Calibre Mining Corp. has announced assay results from the ongoing resource conversion and expansion drill programme at the newly acquired, 100% owned Pan mine, located in White Pine County, Nevada, USA. Numerous results outlined below indicate the potential for resource expansion while focusing on converting known zones of mineralisation. These reported results are the initial batch from the 4Q21 drill programme. During 2022, Calibre is advancing an additional multi-rig 50 000 m programme which is currently underway with five drill rigs operating in Nevada.

Drill programme highlights

  • Drilling has focused on new zones of mineralisation and expanding known zones of inferred mineralisation:
    • 1.02 g/t gold (Au) over 50.3 m in Hole PR21-045, 0.83 g/t Au over 34 m in hole PCM21-001.
    • 0.47 g/t Au over 45.7 m in Hole PR21-044, 0.44 g/t Au over 44.2 m in Hole PR21-002.
    • 0.46 g/t Au over 56.4 m and 0.4 g/t Au over 62.5 m in Hole PR21-001.
    • 0.58 g/t Au over 41.2 m and 0.68 g/t Au over 24.4 m in Hole PR21-022.
    • 0.4 g/t Au over 30.5 m and 0.42 g/t Au over 16.8 m in Hole PR21-021.
    • 0.65 g/t Au over 9.1 m in Hole PR21-017, 0.59 g/t Au over 13.7 m in Hole PR21-048.
    • 0.48 g/t Au over 45.7 m in Hole PR21-044, 0.55 g/t Au over 16.8 m in Hole PR21-056.

Darren Hall, President, and CEO of Calibre, stated: “These initial results indicate that several targets previously identified by the Nevada exploration team have the potential to add to the overall Pan resource and extend the mine life. Calibre’s 2022 drill programme will continue to advance near mine resource conversion and expansion opportunities and test new targets that have not been drilled within the Pan exploration concession.

“The team in Nevada have done a commendable job in establishing Pan as a reliable producer, generating operating cash flow which was prudently reinvested into the business. While it is early, we are seeing the benefits of our muti-rig, 50 000 m exploration and resource expansion drill programme, which will give us valuable new information to optimise the Pan mine production profile. Given Calibre’s strong balance sheet and consolidated production guidance of 220 000 – 235 000 oz Au, the company will generate significant operating cash flow, providing the capital to reinvest and unlock the ultimate potential at Pan.”

Tom Gallo, Senior Vice President, Growth of Calibre, added: “Initial drilling at Pan is focused on high priority growth targets adjacent to known resources. We are encouraged by the early results at Pegasus and other areas proximal to previously reported mineral resources and believe expansion of these areas is favourable. We are excited to continue to drill resource expansion opportunities and accelerate our programme to test new targets on the 43 km2 Pan property.”

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