Calibre Mining Corp. [TSX-CXM; OTCQX-CXBMF] provided assay results from the recent drill program at the Frank zone, a high-priority gold target 1 km southwest of reported mineral resources on the Valentine gold mine property, located in central Newfoundland and Labrador, Canada.
The reported results are for 23 drill holes totalling 3,904 metres. The three open pits included in the current life of mine plan for the Valentine gold mine (VGM) represent approximately 6 km of the 32-km Valentine Lake shear zone (VLSZ). Frank is one of many additional opportunities along the VLSZ highlighting the strong potential for discovery and expansion of mineral resources. Calibre has also provided the 2024 exploration program for Valentine.
Highlights from the recent Frank drilling include 3.14 g/t gold over 14.8 metres estimated true width (ETW) in hole FZ-23-017; 3.10 g/t Au over 7.3 metres ETW in hole FZ-23-020; 39.90 g/t Au over 1.8 metres ETW in hole FZ-23-023; 3.23 g/t Au over 4.5 metres ETW in hole FZ-23-022.
Frank hosts the same geological characteristics as the nearby Leprechaun, Berry and Marathon deposits which currently total 3.96 million ounces measured and indicated mineral resource (64.62 million tonnes at 1.90 g/t Au) and an inferred mineral resource of 1.10 Moz (20.75 Mt at 1.65 g/t Au) along the VLSZ.
Previously reported highlights from Frank drilling include 12.52 g/t Au over 2.9 metres in hole VL-12-490; 10.87 g/t Au over three metres in hole VL-12-500; 2.03 g/t Au over 16 metres in hole VL-12-455; 6.19 g/t Au over 4.3 metres in hole VL-12-380; and 7.54 g/t Au over 2.3 metres in hole VL-12-379.
Darren Hall, president and CEO, stated: “Firstly, I would like to thank all employees and stakeholders who continue to contribute to the development of the Valentine gold mine. Construction is well advanced, with gold production on track for the first half of 2025. With our dedicated and experienced Newfoundland team we are well positioned to responsibly deliver and grow the Valentine gold mine, upholding our commitment to all stakeholders.
“In addition to growing existing mineral resources, I am excited by the district-scale discovery potential along the 32-km Valentine Lake shear zone demonstrated by these Frank drill results, which is located 1 km from the active Leprechaun open pit.”
2024 Valentine exploration program
The US$5-million to US$10-million Valentine exploration program will focus on property-wide prospecting to identify targets in areas with little or no previous exploration along the 32-km VLSZ and additional diamond drilling at Frank to follow up on the positive results from the 2023 exploration program. Property-wide generative efforts will include geophysics, till sampling, trenching and drilling.
The Frank zone is characterized by large and laterally continuous quartz veins in outcrop, some of which contain visible gold. Frank has not been drilled since 2012 and represents a high-priority resource expansion opportunity along the 32-km VLSZ. Frank represents yet another discovery of stacked quartz-tourmaline-pyrite-gold (QTP-Au) vein mineralization in the familiar Valentine style. Currently, Frank extends 850 metres along strike and is located approximately 1 km southwest of the active Leprechaun open pit.