Calibre Mining produces 45,452 ounces of gold in Q1
Calibre Mining Corp. [CXB-TSX; CXBMF-OTCQX] reported operating results for the three months ended March 31, 2021 (all amounts in U.S. dollars).
Gold production was 45,452 ounces, the highest quarterly production since the third quarter of 2016. Production includes the first ore delivery from the Pavon Norte mine to the Libertad mill that demonstrated Calibre’s ability to advance new satellite deposits; permit to plant in less than 18 months. Gold sales were 45,882 ounces.
Cash on hand is $58.2-million, a $5.1-million increase from December 31, 2020. 2021 production and cost guidance remain on track with growth and exploration capital currently expected to be first half weighted.
There is more than 200% increase in mineral reserves to 864,000 ounces since year-end 2019 making it the largest mineral reserve since 2010 with the highest grade on record, 4.49 g/t gold.
High-grade drill results reported at Limon, included 7.98 g/t gold over 6.8 metres at Atravesada underground; 8.92 g/t gold over 9.8 metres at Atravesada undergrou; 251.90 g/t gold over 1.0 metre at Limon Norte open pit; and 6.97 g/t gold over 6.1 metres at Panteon underground. A 60,000-metre exploration and resource growth drilling program is under way.
Darren Hall, president and CEO, stated: “Another solid quarter of production demonstrating the reliability of our assets underpinned by the revitalization of the Libertad complex. I am particularly pleased with our progress expanding our hub-and-spoke operation to incorporate the high-grade mining spoke at Pavon Norte. I would like to acknowledge the team’s efforts in safely and responsibly progressing Pavon Norte from permit to plant in less than 18 months, a great result that clearly demonstrates the in-country expansion opportunity and supportive regulatory environment.
“With the improved confidence in our multiyear outlook afforded by the more than 200% increase in mineral reserves, our exploration programs have been expanded to include growing resources at our emerging districts and generative drilling. Given Nicaragua’s prolific history of gold production, it’s somewhat surprising how much of the country remains relatively underexplored much beyond the known producing and historic gold mines. During 2020 we took steps to more than double our portfolio of 100%-owned mineral properties and concession applications, bringing our total land position to over 2,000 square kilometres, exclusive of our Rio Tinto joint venture properties. Currently Calibre has 15 drill rigs in operation and our exploration teams continue to see positive results and excellent opportunities for delineation of new resources and growth.”