Calibre Mining increases Nicaraguan mineral reserves

Mineral reserves and mineral resources highlights, since acquisition in 4Q19:

• 254% increase in mineral reserves to 1 013 000 oz gold (Au).
• 62% increase in indicated mineral resources to 1 806 000 oz Au.
• Largest reserve and record grade of 4.62 g/t Au for the combined Nicaragua assets over the last 12 years.
• Increased Libertad Complex mineral reserves from zero to 484 000 oz Au.
• With continued mineral reserve growth and a trend towards higher grades, it is anticipated that 2023 and 2024 annual production will increase leading to lower per ounce costs.

Darren Hall, President and CEO of Calibre stated : “In the two years since acquiring our Nicaraguan assets, Calibre’s commitment to exploration has grown reserves from 286 000 – 1 013 000 oz Au after producing 353 000 ounces, establishing an excellent foundation for future growth.

“As a result of continued mineral reserve growth, mine sequencing and generation of resource discovery and expansion the company anticipates a trend toward higher grades mined and processed going forward, increasing overall annual production in 2023 and 2024 while overall volumed mined remains flat leading to lower per ounce costs.

“Our 85 km 2022 drilling programme is underway with 11 rigs in operation focused on discovery and Mineral Resource expansion as we continue to realise value from the prospective and under-explored potential our Nicaraguan portfolio has to offer.”

New 2022 priority resource expansion opportunities

• Drill programmes have been designed to focus on targets with the potential for discovery of 250 000 oz or greater sized gold deposits to further bolster the company’s project pipeline.
• New 2021 high-grade Volcan discovery (not included in 2021 mineral resource estimate ), high-grade drill results announced in 16 November 2021 including 15.6 g/t Au over 4.9 m.
• High-grade, resource expansion opportunities at the newly discovered Volcan vein trend, Tranca, Panteon Northeast, Talavera extension and EBP.
• Advance the newly approved Buena Vista concession, located near the Limon mine complex where multiple prospective gold vein trends have been identified through surface field reconnaissance work.
• 10 000-line km airborne geophysical survey to identify new areas of prospective gold mineralisation concealed beneath surface cover.

Read the article online at: https://www.globalminingreview.com/exploration-development/25022022/calibre-mining-increases-nicaraguan-mineral-reserves/