Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) has unveiled a significantly upgraded Nicaraguan Mineral Reserves and Mineral Resources report.
Mineral Reserves and Mineral Resources Highlights, since acquisition in Q4 2019:
- 254% increase in Mineral Reserves to 1,013,000 ounces gold;
- 62% increase in Indicated Mineral Resources to 1,806,000 ounces gold;
- Largest Reserve and record grade of 4.62 g/t Au for the combined Nicaragua assets over the last twelve years;
- Increased Libertad Complex Mineral Reserves from zero to 484,000 ounces gold;
- 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.
“In the two years since acquiring our Nicaraguan assets Calibre’s commitment to exploration has grown reserves from 286,000 to 1,013,000 ounces gold after producing 353,000 ounces, establishing an excellent foundation for future growth,” President and CEO, Darren Hall, said.
“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 kilometre 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 ounce 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 November 2021 including 15.6 g/t Gold over 4.9 metres;
- 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; and
- 10,000-line km airborne geophysical survey to identify new areas of prospective gold mineralisation concealed beneath surface cover.
For further information please visit: https://www.calibremining.com/
