Initial Drill Results From El Limon, Including 18.65 g/t Gold Over 5.1 Meters

VANCOUVER, BC - Calibre Mining Corp. reported initial results from the fourth-quarter 2019 drilling program at El Limon.  The drilling was successful in expanding gold mineralization along the El Limon vein system, with high-grade intercepts returned from extensions below the current Limon Norte deposit. A total of five drill holes were completed during the fourth quarter: four targeting the down-dip extensions at Limon Norte and one infill hole at Santa Pancha to assist with mine planning and engineering efforts.

Russell Ball, Chief Executive Officer, said, “A nice start to our exploration program at El Limon.  We ramped-up the program significantly and I am confident that our 2020 drilling campaign will deliver positive results in this world-class, low sulfidation epithermal district.  I look forward to providing regular updates on our progress at El Limon as the year unfolds.”

A total of 1,285 meters was drilled in five holes during the fourth quarter at Limon Norte and Panteon: Limon Norte is located approximately 100 meters north of the current open-pit at Limon Central; Panteon is a vein splay that extends from the Santa Pancha underground mine.  The Company is currently drilling at Panteon and is mobilizing a second drill to resume drilling along the main El Limon vein-system.  

Four of the five holes drill tested the down-dip extension at Limon Norte. The drilling confirms the continuity of gold mineralization, with hole LIM19-4420 intercepting the Limon Norte structure 60 meters down-dip from the currently reported mineral resource. The fifth hole was infill drilling at Santa Pancha to upgrade resource classification to support a future mineral reserve estimate for Santa Pancha and to assist with mine planning and engineering efforts. 

Calibre’s program will continue to focus on resource expansion along the main Limon vein-system as well as at Santa Pancha and Atrevesada. Based on the positive results from the 2019 drilling, the Company now plans to increase drilling at El Limon from the budgeted 7,000 meters to between 10,000 and 12,000 meters in 2020.

Concurrent with resource expansion drilling, the Company will explore the broader Limon district through an ongoing program of systematic mapping and geochemical sampling to identify new drill targets at the under-explored Lourdes, Tecomapas/Ramadas and San Antonio areas.