Multi-Rig Exploration Programs Objectives For Resource And Production Growth In Nicaragua

VANCOUVER - Calibre Mining Corp. reported on the 2022 discovery and resource expansion drilling programs at Limon, Libertad, Pavon and Eastern Borosi in Nicaragua, highlighting results from 2021 and outlining key 2022 targets and objectives.

Year end 2020 reserves increased 200% to 864,000 ounces grading 4.49 g/t gold after depletion. The Company completed in excess of 100 km of drilling with the objective of putting five years of mine life into Reserves (End of Year 2021 Resource and Reserve update planned for end of Q1 2022). The 2022 programs have been designed to target >250,000-ounce deposits to help bolster the project pipelines, providing a solid base for future growth. Planned infill drilling to advance technical studies at the Eastern Borosi Project (“EBP”) including Riscos de Oro underground and Guapinol/Vancouver open pit mines.

The Company reported high-grade, resource expansion opportunities at Volcan, Tranca, Panteon Northeast, Talavera extension and Southwest Riscos De Oro which are not yet included in the resources, In addition Calibre advanced the newly approved Buena Vista concession, located near the Limon mine complex where at least seven new vein targets have been identified and the La Fortuna concession, located near the Libertad mine complex which covers a large, newly discovered epithermal alteration zone exposed at surface over 8 km2, drilling to commence in late 2022. It initiated 10,000-line km of airborne geophysical surveys (VTEM and EM) to help define and vector new targets, and exploration over the last two years has positioned Calibre for 2023 and 2024 production growth.

Darren Hall, President & Chief Executive Officer, said, “During 2021 our primary exploration efforts focused on increasing confidence in known resource areas at Limon, Libertad, Pavon and EBP which I expect will positively impact reserves after 2021 depletion and further increase confidence in future production. Additionally the team advanced new prospective concessions along the western epithermal belt, discovered new zones, progressed our geological understanding and target delineation work which form the basis of our 2022 drilling programs.

As a result of the exploration work completed over the last two years, we are in a strong position for 2023 and 2024 production growth. The discovery of new gold zones and continued progress at the high-grade EBP strengthens our outlook to continually expand resources and reserves. Our initial focus at EBP has been to progress the Guapinol, Vancouver and Riscos De Oro deposits which continues with permitting, studies and consultation followed by a construction decision in the first half of 2023. We continue to discover and develop new ore bodies through a sustained commitment to exploration, thereby unlocking the growth and discovery opportunities we see across our portfolio of mines and exploration properties.”

Libertad and surrounding concessions consist of several low sulphidation epithermal vein systems with historic production of >1.9 Mozs of gold. End of year 2020 reserves include 296 koz (1.95 Mt grading 4.71 g/t gold with active operations at Jabali underground and Pavon Norte open pit). Exploration work has demonstrated potential in several areas for near-surface mineralization, resource growth and new high priority discoveries and targets within 5-10 km of the Libertad mill and surrounding concessions. Drilling is underway with three rigs on priority targets.

Limon is comprised of several low sulphidation epithermal vein systems within a large 200 km2 exploitation concession. Limon deposits have produced >3.6 Mozs of gold over decades of operations. End of year 2020 reserves included 568 koz (4.0Mt grading 4.38 g/t gold with active open pit and underground mining operations). Year over year Calibre has successfully discovered new zones and expanded reserves. Since acquiring the assets in 2019 the Company has discovered the high-grade Panteon vein, now in production and the Atravesada vein in development with production expected to commence by the end of this year. The Company’s focus for 2022 will be resource expansion and discovery drilling on existing resource zones and on reinterpreted high priority targets including; Tigra/Chapparal, Panteon North, and parallel targets at the historic Talavera underground mine which produced ~800 koz. Exploration drilling is underway with two rigs and one on the way. Target details include:

Resource Growth Opportunities

The Eastern Borosi is an underexplored 176 km2 land package located in northeast Nicaragua. During 2021 the Company significantly advanced three of six known resource zones including Guapinol/Vancouver and Riscos De Oro with technical studies, environmental baseline work, community consultations, geotechnical, metallurgical and infill drilling. Calibre completed these programs and has submitted permit applications to advance the asset expected to provide high-grade mill feed to the Libertad mill during the second half of 2023.

During 2021 Calibre initiated mining at Pavon Norte the first of three known open pit gold deposits. End of year reserves include 200 koz at 4.86 g/t gold. Calibre is advancing development and permitting along trend to begin mining at Pavon Central by 2023 which hosts an average reserve grade of 6.9 g/t Au, significantly higher grade than Pavon Norte, and is expected to contribute to 2023 and 2024 production growth. At Pavon, Calibre has two rigs drilling along strike of Pavon Central and South and parallel vein structures to the South.

The Buena Vista project is located approximately 20 km east of the Limon Mine complex and 10 km northwest of the La India mine along the same structural trend which controls the gold mineralization at La India. Surface mapping and sampling at Buena Vista have identified at least seven vein target areas. Individual targets within the concession host gold bearing breccia and quartz veins with semi-continuous strike lengths up to 3 km long. Outcrop sampling of the veins have returned values from <0.1 g/t to 8.3 g/t in rock chip samples. The 2022 program will focus on further definition and extension of currently identified vein structures with mapping, rock chip sampling and soil sampling to define and prioritize drill targets. Permit applications have been submitted and drilling and trenching activities are expected to begin in Q4 of 2022 or early 2023. An electromagnetic (VTEM) airborne geophysical survey is planned for Q1 2022 and will assist in drill target definition in combination with mapping and geochemical sampling.

The Fortuna concession is located approximately 35 km south of the Libertad Mine complex and covers a large epithermal alteration zone which is exposed at surface over 8 km2. Alteration identified in the area is dominated by strong silicification and argillic alteration with characteristics of high-sulfidation and low-sulfidation style gold targets in different portions of the concession. Drill permit applications have been submitted and initial surface work was completed in 2021 and will continue in 2022.