VANCOUVER, British Columbia, Feb. 14, 2024 (GLOBE NEWSWIRE) — Calibre (TSX: CXB; OTCQX: CXBMF) (“Calibre” or the “Company”) is pleased to announce ore control reverse circulation (“RC”) drill results from its Leprechaun open pit (2022 Mineral Reserves of 15.1Mt grading 1.73 g/t gold containing 0.84 Moz)¹, one of the three open pits in the Valentine Gold Mine (“Valentine” or “VGM”) in Newfoundland and Labrador, Canada.

The Valentine 14-year life of mine plan including the Leprechaun, Berry and Marathon open pits hosts Mineral Reserves (2022) of 51.6Mt grading 1.62 g/t gold containing 2.7 Moz¹.

At Leprechaun, the Company completed 486 ore control RC drill holes totaling 9,168 metres, with the majority of the holes drilled on a 9 by 9 metre grid spacing.

Drilling identified previously unrecognized high-grade gold mineralization outside of Mineral Reserves which will lead to additional ore tonnes in the drilled area compared to the 2022 Valentine Feasibility Study.

Highlights from the Initial Leprechaun RC ore control drill program include:

• Initial ore control block model shows an increase of +15% ore tonnes and an increase of +12% ounces vs the 2022 Mineral Reserve;
• Additional in-pit gold mineralization discovered adding ore tonnes originally classified as Inferred resources;
• Discovery of high-grade gold mineralization trending southwest towards the Frank Zone indicating strong resource expansion potential. Drill results include:
  • 46.53 g/t Au over 5.3 metres in hole LP-RC-23-235;
  • 17.16 g/t Au over 7.0 metres in hole LP-RC-23-204;
  • 5.53 g/t Au over 14.4 metres in hole LP-RC-23-201;
  • 4.76 g/t Au over 14.0 metres in hole LP-RC-23-273;
  • 2.27 g/t Au over 21.1 metres in hole LP-RC-23-160; and
  • 8.82 g/t Au over 4.0 metres in hole LP-RC-23-275.

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Darren Hall, President and Chief Executive Officer of Calibre, stated:

“The closely spaced ore control drilling within these initial benches of the Leprechaun open pit, substantiates the Leprechaun Mineral Reserve, further de-risking the project as we advance toward first gold production in H1 2025.

“The ore control drilling has also confirmed in-pit gold mineralization previously modelled as Inferred Mineral Resources adding ore tonnes which were not considered in the 2022 Valentine Feasibility Study.

“These results focus on the Leprechaun open pit, but drilling and comparative analysis is ongoing at the Marathon open pit and initial results are encouraging.

“Additionally, high-grade gold mineralization was discovered on the southwest edge of the Leprechaun pit, highlighting strong resource expansion potential along the Valentine Lake Shear Zone (“VLSZ”) toward the new Frank Zone discovery, announced last week.

“I am excited about this opportunity, especially considering the limited past exploration between these two discoveries.

“The gold mineralization along the VLSZ is trending southwest, and Frank is situated approximately one kilometre away from the recent high-grade gold drill results at Leprechaun.

“Due to the significance of this high priority target we will commence a diamond drill program at the southwest Leprechaun target later this month.

“I am pleased to report another notable accomplishment as we advance construction of the Valentine Gold Mine. Over the past week, NL Hydro has successfully connected and delivered power to the site substation.”

If you need clarification of any information contained in this note, or have any questions, I will be delighted to assist – Please email andrew@city-investors-circle.com

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Disclosure

At the time of writing the author holds shares in Calibre Mining.

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