Ryan King, Senior VP of Corporate Development and IR at Calibre Mining (TSX: CXB – OTCQX: CXBMF), joins us to recap the Q1 2023 operations results and the overall organically-funded exploration strategy, continuing grade-driven growth of the resources in both Nicaragua And Nevada.
There was consolidated quarterly gold production of 65,750 ounces and gold sales of 65,770 ounces, which was 27% increase in gold production compared to Q1 2022. The consolidated 2022 Mineral Reserves increased 370%, since acquisition in 2019, to 1,346,000 ounces gold, and the consolidated 2022 M&I Mineral Resources increased to 4,603,000 ounces gold.
We discussed the high-grade mining commenced ahead of schedule at Pavon Central open pit averaging a delivery rate 1,000 tonnes per day to the Libertad mill. The next key area of development and near-term production in the second half of this year will be coming from Eastern Boros, where permitting was approved last year in Q4 as well as commencement of construction. Both of these 2 new mining areas will continue adding in higher grade throughput through the Libertad Mill. There is also aggressive ongoing exploration focused on prior high-grade drill results from Panteon North, new zones around the Libertad Mill, Veta Azul, Volcan, and also new targets at Buena Vista and La Fortuna.
Next we transition over to the Nevada assets, and all the ongoing exploration work the company has underway around both the Pan Mine area and at the development-stage Gold Rock Project. The exploration team is encouraged by recent drill results stepping out from the known mineralization and finding higher grade gold intercepts at the Coyote target, as well as stepping out from the Pan Mine area. There are also some targets on drilling some deeper ‘Carlin Style’, sulfide mineralization at Gold Rock Deep. We wrap up by reviewing some of the recent high-grade gold intercepts that were released from the Golden Eagle Project in Washington state, the 2 million ounces of gold in the ground there, and some of the larger majors projects in the area that represents future optionality for this project.
If you have any follow up questions for Ryan on Calibre Mining, then please email us at Fleck@kereport.com or Shad@kereport.com.
In full disclosure, Shad is a shareholder of Calibre Mining.