Calibre aims for higher production at Newfoundland gold mine
Calibre Mining Corp. [CXB-TSXV, CXBMF-OTC] is looking ahead to a pivotal year in 2024 after achieving total gold production of 242,487 ounces in 2024.
“After addressing challenges in the third quarter, we delivered an exceptional fourth quarter, producing a record 76,269 ounces,’’ said Calibre President and CEO Darren Hall.
“Looking ahead, 2025 is shaping up to be a transformational year for Calibre, with first gold production [the Valentine gold mine in Newfoundland] on schedule for the second quarter,’ he said. “With Valentine fully operational, Calibre transitions into a robust, multi-asset, diversified mid-tier gold producer.”
Valentine is poised to become a long-life, cornerstone asset in Canada, initially delivering approximately 200,000 ounces of gold annually with significant exploration upside. Calibre secured the asset via the acquisition of Marathon Gold Corp.
Calibre is an Americas-focused, growing mid-tier gold producer with a pipeline of development and exploration opportunities across Newfoundland and Labrador in Canada, Nevada and Washington in the U.S. and Nicaragua.
Consolidated full-year gold production of 242,487 ounces in 2024, exceeded updated 2024 guidance of 230,000 to 240,000 ounces, and included 207,222 ounces from Nicaragua and 35,267 ounces from Nevada.
“We have made substantial progress on technical studies to increase Valentine’s throughput in a phase 2.0 expansion,’’ said Hall. “While the original design envisioned an increase in throughput from the currently planned 2.5 million tonnes per year to four million tonnes per year starting in 2029, we are now actively advancing plans to accelerate the timeline for scaling up production to as much as 5.4 million tonnes per year,’’ he said. “In 2025, we will focus on detailed engineering and schedule with the intent of committing to long-lead-time items before year end.’’
Hall went on to say that Valentine has the potential to exceed the production levels outlined in the 2022 feasibility study, especially given the promising results emerging from the company’s ongoing exploration efforts.
The company said drill results from the expanded 100,000-metre drill program at Valentine have yielded significant gold mineralization outside of the known mineral resources and up to 1,000-metres southwest of the known Leprechaun open pit, with grades more than 40% above mineral resource reserve grade.
“November’s discovery of broad widths of gold mineralization outside the mineral resources of the Frank zone, approximately one kilometre south of the Valentine gold mine, demonstrates the upside potential,’’ Hall said. Results included 2.43 g/t gold over 172.8 metres, including 3.84 g/t gold over 90.9 metres.
In 2025, Calibre expects to execute the largest annual exploration drill program in the property’s history at Valentine. The company said the geologic setting at Valentine is similar to the prolific Val d’Or and Timmins camps in the Abitibi gold belt.
On Thursday, Calibre shares edged up 0.82% or $0.02 to $2.44. The shares trade in a 52-week range of $2.90 and $1.18.