Calibre eyes gold resource expansion in Nicaragua
Calibre Mining Corp. [CXB-TSXV, CXBMF-OTC] has announced drill results from its 2023 resource conversion and expansion program within its 176 square kilometre Eastern Borosi Mine Complex in northeastern Nicaragua. The Eastern Borosi Complex is adjacent to a larger, 100%-owned 7,281 square kilometre Atlantic Mineral Concession package.
Drilling highlights include 10.81 g/t gold over 3.4 metres, 9.64 g/t gold over 3.3 metres, and 1,413.6 g/t silver over 2.9 metres. “These results at Eastern Borosi reinforce the potential for discovery and resource expansion within the 176-square kilometre Eastern Borosi land package,’’ the company said. “Moreover, the exceptionally high silver grades demonstrate further potential to capture additional value in the future,’’ it said. During the second quarter of 2023, Calibre achieved a significant milestone by commencing mining from the high-grade Guapinol open pit. “Today’s high-grade results, combined with the established mineral resource base at Eastern Borosi and the potential for mine life extension at our Guapinol operation, confirm the significant mineral endowment of the district, the company said.
Calibre went on to say in a press release that the Atlantic Mineral Concessions are at an early stage but have high potential for the discovery of both epithermal gold-silver and porphyry copper-gold mineral systems.
The shares were largely unchanged on the news, easing 0.55% or $0.01 to $1.81 on volume of 152,280. The shares trade in a 52-week range of $2.00 and $1.55.
Calibre is an Americas focused, growing mid-tier gold producer with a pipeline of development and exploration projects across Newfoundland & Labrador, Nevada, Washington, and Nicaragua. In the first quarter of 2024, the company completed the acquisition of Marathon Gold, a move that secured significant future growth as construction of the multi-million-ounce Valentine Gold mine surpasses 61% completion.
The company produced 61,767 ounces of gold in the first quarter including 55,007 ounces from Nicaragua and 6,760 ounces from Nevada), and remains on track to produce 275,000 to 300,000 ounces of gold this year.
Calibre controls a 100% interest in the Eastern Borosi gold-silver property, which is located in northeastern Nicaragua and is estimated to host an inferred resource of 700,500 ounces gold and 11.3 million ounces of silver. It is located in a low-sulphidation, epithermal district that hosts numerous high-grade, gold-silver vein systems.
Back in October, 2022, Calibre was granted key environmental permits for the development and production of the open pit and underground mines at Eastern Borosi. Production from the Eastern Borosi open pit and underground satellite deposits was expected to feed into Calibre’s Libertad processing facility.
Eastern Borosi is located on a large land package with numerous low sulphidation gold-silver vein targets and strong potential for discovery of new zones and expanded resources, the company has said.
The property consists of open pit and underground known resources, including Riscos to Oro, East Dome, Blag and La Luna, in addition to the now operating Guapinol/Vancouverr open pit mine.