Calibre Mining drills 46.53 g/t gold over 5.3 metres at Valentine, Newfoundland

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Calibre Mining Corp. [TSX-CXB; OTCQX-CXBMF] reported ore control reverse circulation (RC) drill results from its Leprechaun open pit (2022 mineral reserves of 15.1 million tonnes grading 1.73 g/t gold containing 840,000 ounces), one of the three open pits in the 100%-owned Valentine gold mine (VGM), central Newfoundland.

The Valentine 14-year life-of-mine plan including the Leprechaun, Berry and Marathon open pits hosts mineral reserves (2022) of 51.6 Mt grading 1.62 g/t gold containing 2.7 million oz. At Leprechaun, the company completed 486 ore control RC drill holes totalling 9,168 metres, with the majority of the holes drilled on a nine-metre-by-nine-metre grid spacing. Drilling identified previously unrecognized high-grade gold mineralization outside of mineral reserves, which will lead to additional ore tonnes in the drilled area compared with the 2022 Valentine feasibility study.

Highlights from the initial Leprechaun RC ore control drill program include: Initial ore control block model shows an increase of 15 per cent ore tonnes and an increase of 12% ounces versus the 2022 mineral reserve.

Additional in-pit gold mineralization discovered adding ore tonnes originally classified as inferred resources. Discovery of high-grade gold mineralization trending southwest toward the Frank zone indicating strong resource expansion potential.

Drill results include: 46.53 g/t Au over 5.3 metres in hole LP-RC-23-235; 17.16 g/t Au over seven metres in hole LP-RC-23-204; 5.53 g/t Au over 14.4 metres in hole LP-RC-23-201; 4.76 g/t Au over 14 metres in hole LP-RC-23-273; 2.27 g/t Au over 21.1 metres in hole LP-RC-23-160; 8.82 g/t Au over four metres in hole LP-RC-23-275.

Darren Hall, President and CEO, stated: “The closely spaced ore control drilling within these initial benches of the Leprechaun open pit, substantiates the Leprechaun Mineral Reserve, further de-risking the project as we advance toward first gold production in H1 2025. The ore control drilling has also confirmed in-pit gold mineralization previously modelled as Inferred Mineral Resources adding ore tonnes which were not considered in the 2022 Valentine Feasibility Study. These results focus on the Leprechaun open pit, but drilling and comparative analysis is ongoing at the Marathon open pit

“Additionally, high-grade gold mineralization was discovered on the southwest edge of the Leprechaun pit, highlighting strong resource expansion potential along the Valentine Lake Shear Zone (VLSZ) toward the new Frank Zone discovery, announced last week. I am excited about this opportunity, especially considering the limited past exploration between these two discoveries. The gold mineralization along the VLSZ is trending southwest, and Frank is situated approximately 1 km away from the recent high-grade gold drill results at Leprechaun. Due to the significance of this high priority target we will commence a diamond drill program at the southwest Leprechaun target later this month.

“I am pleased to report another notable accomplishment as we advance construction of the Valentine Gold Mine. Over the past week, NL Hydro has successfully connected and delivered power to the site substation.”

As part of the ore control program, in-pit exploration RC drilling was carried out testing the limits of the known Mineral Resource model. As noted in the highlights, several southwest holes intersected high-grade gold mineralization inside the ultimate pit design but outside the reported Leprechaun Mineral Reserves. This mineralization is trending southwest along the VLSZ toward the Frank Zone.

The area between the Frank Zone and the southwest end of the Leprechaun Deposit is a highly prospective section of the VLSZ, which has had almost no previous exploration. Approximately 1 km from Frank, this new Leprechaun southwest zone contains all the same geological characteristics as the larger deposits on the property, suggesting potential for the “main zone” of the Leprechaun Deposit to continue 1 km further southwest towards the Frank Zone. As a result of this discovery, Calibre is commencing a drill program this month to follow up on this high priority target.

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