Mr. Hall applauds, the new mineralization CXB Darren Hall's Calibre Mining Corp. (CXB) is busy building its big Valentine Lake gold mine in central Newfoundland, but the hunt for more gold goes on. Today, Calibre applauded new assays from an area immediately southwest of the Leprechaun deposit, where the headline hit returned 2.25 grams of gold across a true width of 15.3 metres. A second hole also did well, with 1.87 grams per tonne across 11.57 metres.
Mr. Hall, president and chief executive officer, cheered that the new results reinforce the vast potential of the 32-kilometre-long Valentine Lake shear zone. The first holes drilled this year, he glows, hit near-surface gold beyond the current reserve and two of the holes encountered mineralization beyond the Leprechaun resource. In fact, Mr. Hall applauds, the new mineralization is between 100 metres and 175 metres south of the recent high-grade ore control drilling, noting that "both areas remain open for expansion."
And so, Mr. Hall concludes, the new results coupled with earlier encouragement from the Frank zone, about one kilometre to the south, indicate potential for further expansion at near-mine targets. Accordingly, Calibre is planning follow-up drilling this year with additional testing at numerous targets in this area toward Frank, along with infilling between the encouraging new holes.
At the end of 2023, Calibre credited Valentine with a reserve of 51.6 million tonnes grading 1.62 grams of gold per tonne -- a healthy subset of a resource that lists 64.6 million tonnes measured and indicated at 1.9 grams per tonne and 20.7 million tonnes inferred at 1.65 grams per tonne. In all, the project hosts nearly 5.1 million ounces of gold spread across five deposits -- nearly all of it in three of them. Marathon leads the way, with 2.15 million ounces, but Leprechaun is not far behind, with over 1.3 million ounces. The newer Berry deposit also hosts just over 1.3 million ounces, although at a slightly lower grade than its twin. Calibre was unchanged at $1.93 on 5.31 million shares today.