Calibre poised for Eastern Borosi production in Q2

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Calibre Mining Corp. [CXB-TSXV, CXBMF-OTC] has 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.

“Being above budget at the end of the quarter, with Pavon Central ahead of schedule and Eastern Borosi on track for production in the second quarter, were are  now well positioned to deliver on full year production guidance of 250,000 to 275,000 ounces of gold this year,” said Calibre President and CEO Darren Hall.

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.

Meanwhile, Calibre said it will release its first quarter financial results after the close of trading on May 8, 2023.

Calibre completed the acquisition of Fiore Gold in January, 2022, establishing the company as a multi-asset, multi-jurisdictional gold producer with operations in Washington State, Nevada and Nicaragua.

In October, 2019, Calibre acquired B2Gold Corp.’s [BTO-TSX, BTG-NYSE] interest in the El Limon and La Libertad gold mines, the Pavon gold project and additional mineral concessions in Nicaragua for US$100 million.

Prior to the closure of that deal, Calibre had a 100% interest in over 413 square kilometres of mineral concessions in the Mining Triangle of Northeast Nicaragua, including the Primavera Gold-Copper project and Santa Maria Gold Project.

Additionally, the company has optioned to Iamgold Corp [IMG-TSX, IAG-NYSE] (176 square kilometres) and Centerra Gold Inc. [CG-TSX, CAGDF-OTC] (353 square kilometres) concessions covering an aggregate area of 429 square kilometres and is a party to a joint venture on the 33.6 square kilometre Rosita D. gold-copper-silver project with Rosita Mining Corp.

Major shareholders in Calibre include B2Gold, with 30%, mining financier Pierre Lassonde, and management.

On April 3, 2023, Calibre shares rose 8.3%  to $1.43 and currently trade in a 52-week range of $1.65 and 52 cents.

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