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Calibre provides drilling update

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Global Mining Review,

Calibre Mining Corp. has provided an update in regard to the company’s expanded 80 000 m diamond drilling programme.

Drilling resumed early in 3Q20 focused initially on resource infill and expansion drilling, to be followed by first-pass drill testing of prospects. The company currently has 14 diamond rigs drilling and the results represent the initial results (post-resumption of drilling in July) from (i) 5146 m of infill drilling from the Limon open pit, Panteon underground and Jabali West underground deposits, and (ii) 3474 m of initial resource expansion and exploration drilling at the Rosario and Tranca prospects at Libertad.

Tranca Gold Prospect

  • 1.07 g/t Au over 3.8 m ETW from 184.7 – 189.7 m in TR20-013.

Russell Ball, CEO of Calibre, stated: “With roughly 10% of the expected assays in hand, I am encouraged with the numerous opportunities in front of us. The drilling programme has ramped up nicely and we expect to be drilling approximately 12 000 m a month for the balance of the year.

“At Panteon, we are outlining two distinct, high-grade ore shoots, including a new, bonanza grade intercept of 149.4 g/t gold over 4.8 m. We recently transitioned from infill drilling to resource expansion drilling along strike to the southeast where the Panteon and Santa Pancha veins intersect, as well as down plunge at both high-grade ore shoots.

Over the past quarter, we have advanced development from Santa Pancha to Panteon and expect to begin mining ore from Panteon in the 1Q21, which will be processed at the Libertad Complex as part of our ‘Hub-and-Spoke’ strategy to maximise value.”

Panteon Underground Deposit

Panteon is located approximately 150 m west of the Santa Pancha underground mine. Calibre has received assay results for the first nine infill holes, all of which intercepted moderate to strong gold mineralisation over true vein widths ranging from 1 – 5 m, generally confirming expected vein thickness and grade continuity. Approximately 250 m northwest of the area where drilling focused during 1Q20, a second ore shoot appears to be emerging as evidenced by the 149.4 g/t Au over 4.8 m ETW reported from LIM-20-4444.

Calibre is now transitioning from resource infill to step-out exploration drilling to test the potential for additional high-grade mineralisation both down plunge of the known ore shoots and to identify additional ore shoots in both directions along strike of the main Panteon vein structure.

On 3 June 2020, Calibre announced a maiden resource estimate which contained an Indicated Mineral Resource of 90 000 t at an average grade of 9.88 g/t Au for 29 000 contained oz, with an additional inferred mineral resource of 303 000 t at an average grade of 6.79 g/t Au for 66 000 contained oz.

During 1Q20, the company commenced development of a crosscut to connect Panteon with existing infrastructure at Santa Pancha. A total of 280 m of underground development has been completed, putting the company in an excellent position to begin mining ore from Panteon in the 1Q21.

Limon Opencast Deposits (Limon Central, Limon Norte and Tigra-Chaparral)

The Limon opencast deposits occur as a series of structurally con-trolled ore shoots distributed along a more than 2 km, northerly trend-ing fault system in the central part of the Limon district. Since the previous set of drill results were reported in 2Q20, Calibre has completed 12 additional diamond drill infill holes totalling 1971 m. Results for these first 12 holes (from 45 planned infill holes) are reported below, including one at Limon Central, nine at Limon Norte and two at Tigra-Chaparral:

  • Five of the nine holes at Limon Norte intercepted strong gold mineralisation peripheral to a historic underground mine stope in the central portion of the inferred resource, including LIM20-4439 which returned 3.3 m ETW averaging 14.78 g/t Au and LIM20-4447 which returned 7.6 m ETW averaging 7.21 g/t Au.

As of 31 December 2019, opencast mineral reserves along the Limon trend included Probable Reserves of 1.4 million t grading 4.25 g/t Au containing 195 000 oz gold. Additional opencast mineral resources include indicated resources totalling 0.5 million t grading 4.29 g/t Au containing 62 000 oz gold (exclusive of mineral reserves), and inferred resources totalling 3.8 million t grading 5.49 g/t Au containing 679 000 oz gold. Results of the combined infill and step-out exploration drilling will be integrated into an updated mineral resource estimate prepared as of 31 December 2020.

Jabali West Underground Deposit

The Jabali West deposit is located directly below the Jabali Antena opencast. Since the restart of drilling, Calibre has completed 17 holes totalling 2700 m of infill drilling. Results for the first two of these holes indicate that grade continuity and thicknesses are in line with expectations, including 7.3 m ETW averaging 5.46 g/t Au in JB20-492, drilled along the lower limit of the currently defined inferred mineral re-source.

The resource remains open along strike and down plunge to the west. Following the completion of the infill program at the end of August, Calibre initiated step-out drilling to test the potential to extend the resource down plunge to the west. Results of the combined infill and step-out exploration drilling will be integrated into an updated mineral resource estimate prepared as of 31 December 2020.

As of 31 December 2019, the Jabali West Inferred Mineral Re-source totalled 1.2 million t averaging 7.87 g/t Au containing 315 000 oz of gold.

As the infill drilling programme completes, the company is shifting its focus to resource growth opportunities, including:

  • Near-mine extensions to opencast resources along the Limon trend and the high-grade Panteon and Jabali West underground deposits.
  • Resource expansion at partially explored prospects such as the Rosario deposit at Libertad, the Atravesada deposit at Limon and the Pavon North and Central deposits.
  • Follow up drilling at the early stage Tranca, Nancite and Amalia prospects.

In addition, new targets are being readied for first pass drill testing during 4Q20 at the Cosmotillo, Escandalo-Carmen and San Juan-Los Angeles vein trends at Libertad.

Rosario Prospect

The Rosario deposit is located approximately 6 km southwest of the Libertad mill and currently hosts an inferred resource of 260 000 t grading 2.08 g/t Au containing 17 000 oz of gold. Step out drilling to expand the resource laterally and at depth has intercepted significant gold mineralisation in three of the five holes received to date. Results for nine additional step out holes completed in August will be reported in the coming weeks after assay results are received.

The Rosario deposit is localised along a major northeasterly trending structure that marks the northern margin of the Cosmotillo vein system. During 1Q20, Calibre initiated a comprehensive field and data review of available surface and drill hole information to better understand the relationship between structural controls to gold mineralisation and related hydrothermal alteration. This work resulted in the recognition of the Cosmotillo area as an 8+ km2 zone of barren silica-clay lithocap style alteration that characteristically overlies unexposed bonanza style epithermal gold mineralisation, such as the vein systems at Jabali and Panteon.

Calibre recently commenced drilling a series of deeper holes, approximately 150 m below the current Rosario mineral resource, to test the potential for higher grade, bonanza style gold mineralisation at depth. The company also identified several additional blind, bonanza style vein targets which are being advanced for drilling in 4Q20.

Tranca Prospect

The Tranca prospect follows a 4 km east-west trending structure located approximately 500 m south, and parallel to, the Jabali vein trend. Prior to the company’s acquisition of Libertad in October 2019, exploration along the Tranca structure was limited to widely spaced surface trenching. Since the restart of drilling early in 3Q20, Calibre has drilled an additional 19 holes totalling 5584 m of first pass exploration drilling focused on the upper 125 m of a 1 km section of the 4 km east-west trending structure. The drilling results reported here, in combination with previously reported results, will be evaluated to deter-mine whether additional exploration work at Tranca is warranted.

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