Continued Success Expanding Resources And Identifying New Zones At Limon Complex

VANCOUVER - Calibre Mining Corp. reported an update in respect of the Company's 2021 drilling program, highlighting both exploration and infill holes at high-grade underground targets within the Company's producing Limon Mine Complex.  Atravesada & Veta Nueva Underground: 4.85 g/t Au 5.5 meters Estimated True Width (‘ETW’) from 302.4 meters (LIM-21-4548); 5.50 g/t Au over 7.1 meters ETW from 285.5 meters (LIM-21-4549); and 13.35 g/t Au over 3.2 meters ETW from 86.9 meters in new vein structure (LIM-21-4537). Panteon & Santa Pancha 1 Underground: 13.42 g/t Au over 2.0 meters ETW from 304.8 meters (in the Panteon hanging wall vein) and 3.01 g/t Au over 3.5 meters ETW from 347.3 meters (in the Panteon main vein) (LIM-20-4540); 3.24 g/t Au over 5.5 meters ETW from 195.6 meters (in the Santa Pancha vein) and 6.89 g/t Au over 2.0 meters ETW from 241.1 meters (in the Panteon main vein) (LIM-21-4535); 12.58 g/t Au over 1.8 meters ETW from 331.2 meters (LIM-20-4546); 5.95 g/t Au over 4.9 meters ETW from 67.9 meters (LIM-21-4550); and 5.40 g/t Au over 2.3 meters ETW from 344.2 meters (LIM-21-4551).

Darren Hall, President & Chief Executive Officer, said, "Initial results from our 2021 multi-rig drill program at our Limon operations continue to confirm strong resource expansion potential. Since the discovery of the Panteon deposit in 2020, I am pleased with the resource growth potential and the teams' ability to advance development, putting us in a position to commence high-grade ore production this quarter, all within 12 months of discovery. With over 15 rigs operating across our operating and advanced exploration sites, I have no doubt we will continue to see success.”

Exploration and step-out delineation drilling at the Atravesada deposit continues to return positive results. Drill hole LIM-21-4548 intersected 4.85 g/t Au over 5.5 meters ETW at a down-hole depth of 302 meters and approximately 50 meters below the current mineral resource. Hole LIM-21-4549 drilled on a separate ore shoot 100 meters along strike to the southwest intercepted 5.5 g/t Au over 7.1 meters ETW at a down-hole depth of 285.5 meters.

Exploration drilling continues to test the potential to delineate additional resources along strike to the east and west of the central area of the mine. Drilling at Veta Nueva has also intercepted a new vein structure located approximately 190 meters to the north of the mine in hole LIM-21-4537 which intersected 13.35 g/t Au over 3.2 meters ETW at a down-hole depth of 87 meters, further demonstrating favorable potential for continued resource growth within proximity to existing underground infrastructure. During Q1 development of an underground access drive commenced to link Veta Nueva and Atravesada, which lies 600 meters east. As at December 31, 2020, the Atravesada mineral resource is estimated to contain 171,000 tonnes grading 6.20 g/t Au containing 34,000 ounces in the indicated category and 215,000 tonnes grading 6.36 g/t Au containing 44,000 ounces in the inferred category1.

Exploration and infill drilling at Panteon and Santa Pancha 1 (‘SP1’) likewise continues to deliver positive results. Drill hole LIM-21-4532, which targeted both vein structures, intersected 4.76 g/t Au over 1.9 meters ETW at 114 m down hole in the SP1 vein followed by 12.94 g/t Au over 4.4 meters ETW at 198 meters down-hole in the main Panteon vein. Both intercepts occur along the southern limits of currently defined resources, demonstrating good potential to extend mineral resources along strike toward the southeast where the two veins converge. Drilling at Panteon has also intersected high grade gold mineralization lateral to the main structure with hole LIM-21-4540 intersecting 13.42 g/t Au over 2.0 meters at 305 meters down-hole in a narrow vein located approximately 25 meters away from the currently defined resource. At SP1, positive results from exploration drilling along strike and down dip has likewise returned positive results. Drill hole LIM-21-4550 intersected 5.95 g/t Au over 4.9 meters ETW at 67.9 meters down-hole at shallow depth near the entrance ramp to the mine, while hole LIM-21-4551 intersected 5.40 g/t Au over 2.3 meters ETW at 344 meters down-hole. These results further demonstrate good potential for the continued expansion of resources both along strike, down dip and lateral to the Panteon and SP1 vein systems. Exploration drilling will continue through Q2 targeting potential resource additions at Panteon and Santa Pancha 1.