Calibre eyes gold resource update in Nicaragua
Calibre Mining Corp. [CXB-TSXV, CXBMF-OTC] has announced drill results from a resource conversion and expansion program at its Eastern Borosi mine complex in Nicaragua.
Calibre shares were unchanged Thursday at $1.64 and currently trade in a 52-week range of $1.71 and 52 cents.
Drilling highlights include 12.9 g/t gold over 8.5 metres, including 35.50 g/t over 1.24 metres, 10.61 g/t gold over 7.2 metres and 7.1 g/t gold over 5.0 metres. Drilling is focused on the Blag target located near the Guapinol open pit.
The latest results lie outside the current reserves and could eventually contribute to mine life extension. The Eastern Borosi it is currently being mined for high-grade ore to feed the surplus processing capacity at the Libertad mill, part of Calibre’s hub and spoke strategy.
These drill results could eventually be incorporated into a resource update for Eastern Borosi and could supplement ore feed from other satellite pits to the Libertad mill.
Calibre recently reported record first quarter gold production of 65,750 ounces, an increase of 27% from the first quarter of 2022.
The company said gold output in the first quarter included 54,997 ounces from operations in Nicaragua and 10,753 from Nevada. Output in the quarter also included the first ore production from the Pavon Central open pit mine in Nicaragua, which the company began mining in January, 2023.
With Pavon Central ahead of schedule and Eastern Borosi on track for production in the second quarter, Calibre has said it is positioned to deliver on full year production guidance of 250,000 to 275,000 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 said it had been 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 is expected to feed into Calibre’s Libertad processing facility.
Eastern Borosi is located on a large 176-square kilometre 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.
“With a solid initial resource base coupled with a rejuvenated approach to discovery and expansion within the district, I anticipate we will continue to have success given the numerous high priority targets,’’ said Calibre President and CEO Darren Hall.
A recently completed cross-country road network combined with the new satellite mining operation, present expanded opportunities in the region for Calibre, the company said.