Update On Drilling Program At Libertad
VANCOUVER - Calibre Mining Corp. reported on the 80,000 meter, 2021 drilling program, highlighting results of exploration and resource expansion drilling at the Company’s Libertad concessions. Highlights: Volcan Vein: 11.37 g/t Au over 5.4 meters ETW (“Estimated True Width”) from 61.4 meters (VN-21-026); 9.26 g/t Au over 1.7 meters ETW from 76.9 meters (VN-21-030A); and 2.37 g/t Au over 6.2 meters ETW from 67.2 meters (VN-21-032); Tranca Vein: 16.78 g/t Au over 2.8 meters ETW from 41.9 meters (TR-21-039); 13.83 g/t Au over 4.4 meters ETW from 127.7 meters (TR-21-052); and 3.27 g/t Au over 4.1 meters ETW from 107.1 meters (TR-21-031).
2021 Calibre Drill Program: 16 drill rigs currently active on Calibre’s 100% owned properties; and Calibre is guiding 170,000 – 180,000 ounces of gold production for the year, generating strong cash flows to self-fund new growth opportunities and an extensive 80,000 meter exploration and infill drilling program.
Darren Hall, President & Chief Executive Officer, said, “We are excited to see some new high-grade zones emerging at Libertad. The district has produced over 1.9 million ounces of gold and we continue to identify opportunities for additional ore sources close to the Libertad mill. We are very encouraged by the initial results of our first pass drilling campaign along the Volcan trend where we’ve confirmed the presence of high-grade gold mineralization in at least two zones along a 1.5 kilometer vein system that to date remains largely unexplored. Drilling at Tranca continues to delineate a zone of near surface gold mineralization with good potential for an open pit mineral resource. At Rosario, step-out drilling is testing the potential to extend the current gold resource another 200 meters along strike to the southwest. Currently three rigs are operating at Libertad plus one at the Amalia satellite concession located 35 kilometers away.
In addition to the drilling programs at our 100% owned properties, our partner Rio Tinto recently commenced its 2021 exploration drilling campaign targeting large porphyry style copper + gold targets, part of the Borosi joint venture project in which Calibre is the current operator. Currently we have one drill operating at Borosi and plan to add a second drill.”
The Volcan vein system is located approximately four kilometers south of the Libertad mill. Previous exploration drilling completed in 2012 and 2017 testing the upper 100 meters in two areas along the system returned multiple high-grade intercepts including 9.69 g/t Au over 10.7 meters ETW from 49 meters in hole VN-17-009; 10.56 g/t Au over 4.5 meters ETW from 41.2 meters in holes VN-17-013; and 5.78 g/t Au over 4.1 meters from 111.2 meters in hole VN-17-021 (historic drill results are provided in the attached tables). Initial results received from this year’s drilling program have confirmed the presence of near surface gold mineralization along the Volcan trend which remains open along strike and at depth. The Company plans to continue drilling at Volcan with a second campaign of step-out exploration holes drilled along strike to test the continuity of mineralization between the two zones and the potential for high-grade mineralization to extend at depth.
The Tranca vein system is located approximately 9 kilometers east of the Libertad mill and 500 meters south of the Jabali underground mine currently in operation. Since early 2020, Calibre has been drilling along a 1.5 kilometer section of the Tranca trend which has been traced for another 2.5 kilometers along strike to the east. Along strike to the west, the Tranca system extends into the Nancite prospect where multiple veins occur. The Company continues to be encouraged by the continuity of gold grades and potential for higher grade shoots along the zone and plans to accelerate exploration drilling with a second drill during the coming weeks.