Additional High-Grade Drill Results At The Eastern Borosi Project

VANCOUVER - Calibre Mining Corp. reported on results and the progress at at the Eastern Borosi Project (EBP) located in northeastern Nicaragua. Calibre is advancing the high-grade open pit, and underground resource veins at EBP to provide mill feed to the Libertad mill which has surplus capacity. A multi-rig resource expansion and discovery drilling program is now underway along strike of the known vein systems.

Guapinol Open Pit Infill Drill Results Highlights: 25.07 g/t Au over 9.7 metres ETW (“Estimated True Width”) from 44.8 metres (GP-21-100); 39.21 g/t Au over 3.1 metres ETW from 204.2 metres (GP-21-099); and 24.85 g/t Au over 3.9 metres ETW from 125.8 metres (GP-21-096).

Vancouver Open Pit Infill Drill Results Highlights: 9.38 g/t Au over 2.2 meters ETW from 134.5 meters in the HW vein and 8.90 g/t Au over 2.3 meters ETW from 150.0 meters in the FW vein (GP-21-069)

Riscos De Oro Underground; 33.64 g/t Au over 3.2 metres ETW from 311.8 metres (RDO-21-080); and 11.26 g/t Au over 2.8 metres ETW from 306.0 metres (RDO-21-076).

Darren Hall, President & Chief Executive Officer, said, “The infill drill results continue to demonstrate the high-grade nature of these deposits with Guapinol and Riscos de Oro delivering the best results to date. With EBP located within trucking distance of our Libertad mill, along established infrastructure, the project is poised to deliver our lowest cost ounces, again demonstrating the ability to efficiently translate satellite deposits into near term, high margin mill feed. The project is advancing ahead of our initial expectations with updated mineral resource estimates expected in Q1 2022 and operating permit submissions within the next six months.

Furthermore, we see excellent exploration potential for discovering additional high-grade vein systems across the 176 km2 EBP land package. The exploration team have begun drilling high-priority targets for further resource expansion along the Guapinol and Riscos de Oro vein trends and for the discovery of new bonanza-style gold-silver vein systems along underexplored gold trends in the district.”

The now completed infill drilling program at EBP was focused on the Guapinol and adjacent Vancouver and Riscos De Oro deposits which contain combined inferred resources of 1.97 million tonnes averaging 8.15 g/t Au and 69 g/t Ag containing 515,000 ounces of gold and 4,371,000 ounces of silver.

Drilling on the Guapinol vein has once again returned multiple high-grade intercepts with hole GP-21-100 delivering our best results to date of 25.07 g/t Au over a 9.7 meter wide vein. These infill results provide further confirmation of continuity of high-grade gold mineralization within a steeply dipping ore shoot that extends nearly 250 meters from surface and remains open at depth. The Vancouver vein, which lies just to the east and is sub-parallel to Guapinol, has returned results in line with expectations, likewise improving confidence in the continuity of gold mineralization within a high-grade near-surface ore shoot that remains open at depth. Drilling at the Riscos de Oro deposit, a past producing underground mine, has also returned high-grade gold and silver intercepts within two parallel veins that are in line with expectations. Results of the infill campaign are being incorporated into updated mineral resource estimates which will provide the basis for new mineral reserve estimates and related technical development studies. The planned 2021 infill drilling campaign at EBP is now complete with a total of 19, 720 meters drilled. Geotechnical and metallurgical drilling continues with approximately 1,800 meters completed to date.

During the second half of the year the focus of exploration drilling activities at EBP will shift toward testing the potential to delineate additional gold resources along strike of the Guapinol and Riscos de Ore veins1. The Company has deployed two drills to commence step-out drilling at Guapinol, and exploration follow-up drilling to test a zone of high-grade gold mineralization located 500 meters southwest and along strike of the currently defined resources at Riscos de Oro. During the coming months additional drills will be deployed to several earlier stage prospects where previous reconnaissance drilling by Calibre intercepted high grade gold and silver mineralization along less explored vein trends that merit follow up.