Calibre Mining posts mineral reserves for Nicaragua and Nevada projects
Calibre Mining Corp. [TSX-CXB; OTCQX-CXBMF] reported results of the company’s updated mineral resources and mineral reserves for its Nicaragua and Nevada properties as of December 31, 2023. Reserves have grown in both jurisdictions net of depletion since acquisition of each asset.
As demonstrated by the team’s track record, Calibre continues to efficiently make new discoveries and convert discoveries into Reserves as evidenced at the VTEM gold corridor within the Limon Mine Complex, Nicaragu, which has seen year over year reserve growth of 36%. The VTEM corridor now contains 1.25 Mt averaging 8.25 g/t gold for 332 koz in reserves with multiple kilometres of strike potential and an ongoing 50,000-metre drill program. Highlights below.
Nicaragua: Increase in reserves net of production depletion of 4% in 2023 to 1.13 Moz. Nevada: Increase in reserves net of production depletion of 12% in 2023 to 0.30 Moz.
Company wide significant mineral endowment of over 4.1 Moz of reserves, 8.6 Moz of Measured and Indicated Resources (inclusive of reserves) and 3.6 Moz of Inferred Resources.
Valentine Gold Mine’s significant mineral endowment of 2.7 Moz of reserves and 3.96 Moz of Measured and Indicated Resources (inclusive of reserves) and 1.10 Moz of Inferred Resources; and >130,000 metre resource expansion and discovery drill programs underway across all assets.
Darren Hall, president and CEO, stated: “I am very pleased to see another year of reserve growth net of depletion in both operating jurisdictions. We have crystalized a significant portion of our resources into reserves for a record 1.42 Moz in Nicaragua and Nevada, net of record 2023 production of 283,525 ounces. Nicaragua continues to deliver with Reserves at 1.13 Moz providing a robust base from which to deliver. With our recent acquisition of the Valentine Gold Mine, our company wide consolidated reserves stand at 4.1 Moz, a more than 10-fold increase since Q4 2019 net of 825 koz of production. Importantly, reserves have grown more 36% year over year at our emerging flagship project, the VTEM gold corridor at Limon. In Nevada we’ve grown Reserves over 50% net of production depletion since closing the acquisition in 2021.”
Calibre is a Canadian-listed, Americas focused, growing mid-tier gold producer with a strong pipeline of development and exploration opportunities across Newfoundland & Labrador in Canada, Nevada and Washington in the USA, and Nicaragua.