Open Pit MRE For The Cerro Volcan Gold Deposit

VANCOUVER - Calibre Mining Corp. reported on the initial open pit Mineral Resource Estimate for its Cerro Volcan Gold Deposit located five kilometres from the Libertad processing facility. The Resource, which was not included in the Company’s 2022 Mineral Resource statement, includes 508,000 tonnes of Indicated Mineral Resource averaging 1.83 g/t, yielding 30,000 ounces of gold and 1,788,000 tonnes of Inferred Mineral Resource averaging 2.28 g/t, yielding 131,000 ounces of gold. Combined, this average 2.0 g/t gold open pit deposit represents another opportunity given its proximity to the Libertad processing facility with in-excess of one million tonnes of surplus capacity. Requisite environmental permitting initiatives are underway with production anticipated in 2025.

Darren Hall, President, and Chief Executive Officer, said, “Since 2020, we have demonstrated the value of our operating strategy by responsibly permitting and developing satellite deposits to increase production utilizing existing processing infrastructure. We have self funded production growth of approximately 20% year over year, and grown reserves over 270% since acquiring the assets. With our installed infrastructure and surplus processing capacity and the economic value of our exploration successes, as demonstrated by Volcan, we expect to yield substantial returns while contributing to a promising future.”

Tom Gallo, Senior Vice President, Growth, said, “Our exploration team has had tremendous success in identifying economic deposits including the high-grade Panteon North deposit employing modern geoscience initiatives, absent of surface artisanal miners. Volcan is an excellent example of how the team used this concept to make a novel discovery without any meaningful past artisanal production. I am encouraged by additional geoscience indicators that appear similar to Volcan, situated across the Libertad property and we look forward to results from these exciting new targets that surround our under-utilized Libertad mill. Two target areas, Calvario and Salvadorita contain high-grade surface samples including 21.2g/t Au, 14.2g/t Au, 9.9g/t Au, 34.2 and 15.0g/t Au.”