Calibre hits 4.30 g/t gold over 92.4 metres at Golden Eagle
Calibre Mining Corp. [CXB-TSXV, CXBMF-OTC] has released positive initial results from a phase 1.0 diamond drilling program on its 100%-owned Golden Eagle project in Washington State, U.S.
Drilling highlights include 4.30 g/t gold over 92 metres from 97 metres downhole, 2.90 g/t over 195 metres from 106 metres downhole, and 2.38 g/t gold over 114 metres from 43 metres downhole.
Golden Eagle is located in the Republic/Eureka Mining District in Ferry County, Wash., approximately 16 kilometres west of Kinross Gold Corp.’s (K-TSX, KGC-NYSE) Kettle River mill. The Republic/Eureka Mining District has produced nearly 4.0 million ounces of gold at an average grade of 19.89 g/t over the past 130 years, principally from high grade underground narrow vein deposits.
The last operating gold mine in the district was Kinross’ Buckhorn/Kettle River operation. It closed in 2017.
Golden Eagle currently hosts a measured and indicated resource of 2.20 million ounces at 1.4 g/t gold.
The Golden Eagle deposit is characterized as a low-sulphidation epithermal hot springs related deposit, with a strike length of approximately 750 metres, a variable width of up of 300 metres and a depth of approximately 600 metres.
A major part of the deposit is a large body of silicified hydrothermal breccia, but high-grade gold and silver-rich quartz veins are present in and near the area of the hydrothermal breccia. Mineralization occurs at surface on the west and southwest areas of the deposit.
Calibre President and CEO Darren Hall said the first phase of this drill program confirms a robust mineral system with consistent gold grades over broad widths. He said the company is looking ahead to the second phase of drilling as well as the start of a comprehensive metallurgical program to assess the potential at Golden Eagle.
On January 23, 2023, Calibre shares closed at $1.10 and currently trade in a 52-week range of $1.72 and 52 cents.
Calibre is a multi-asset, multi-jurisdictional gold producer with operations in Washington State, Nevada and Nicaragua.
In October, 2019, Calibre acquired B2Gold Corp.’s [BTO-TSX, BTG-NYSE] interest in the El Limon and La Libertad gold mines, the Pavon gold project and additional mineral concessions in Nicaragua for US$100 million.
Prior to the closure of that deal, Calibre had a 100% interest in over 413 square kilometres of mineral concessions in the Mining Triangle of Northeast Nicaragua, including the Primavera Gold-Copper project and Santa Maria Gold Project.
Additionally, the company has optioned to Iamgold Corp [IMG-TSX, IAG-NYSE] (176 square kilometres) and Centerra Gold Inc. [CG-TSX, CAGDF-OTC] (353 square kilometres) concessions covering an aggregate area of 429 square kilometres and is a party to a joint venture on the 33.6 square kilometre Rosita D. gold-copper-silver project with Rosita Mining Corp.
Major shareholders in Calibre include B2Gold, with 30%, mining financier Pierre Lassonde, and management.