Major Gold Discovery at Valentine Lake..New Gold District
Extremely long intercepts 1 km away from the three orogenic pits forming the current mines.
Typical of orogenic discovery surprises, V Lake is on its way to being classified as a district scale gold
discovery .
That is the second district scale gold discovery in NL......Queensway, just a 100 km away is the first
Calibre drills 172.8 m of 2.43 g/t Au at Valentine
2024-11-25 09:34 ET - News Release
Mr. Darren Hall reports
CALIBRE DISCOVERS SIGNIFICANT GOLD MINERALIZATION 1,000 METRES BEYOND THE VALENTINE GOLD MINE RESOURCE, NEWFOUNDLAND & LABRADOR, CANADA; DRILLING INTERCEPTS INCLUDE 2.43 G/T GOLD OVER 172.8 METRES, 2.12 G/T GOLD OVER 95.4 METRES AND 2.26 G/T GOLD OVER 78.3 METRES
Calibre Mining Corp. has released initial discovery and resource expansion diamond drill results from its Valentine gold mine, located in Newfoundland and Labrador, Canada. The program, part of the expanded 100,000-metre drilling initiative (see news release dated July 15, 2024), is focused on discovering new gold mineralization beyond the known resources on the 250-square-kilometre property. Launched earlier this year, the drilling highlights (see news release dated June 5, 2024) the vast potential that exists outside of the three-pit 2022 feasibility study, which includes a total of 64.6 million tonnes grading 1.90 grams per tonne gold containing 3.95 million ounces of measured and indicated resources and 20.7 million tonnes grading 1.65 grams per tonne gold containing 1.10 million ounces of inferred resources. These resources are hosted across only eight kilometres of the highly prospective 32-kilometre-long main Valentine Lake shear zone (VLSZ). Drill results include numerous intercepts with visible gold and both high-grade intersections and broad zones of continuous mineralization have been identified in several holes, all of which are located outside of known mineral resources.
Highlights from the Frank zone drill program southwest of the Leprechaun pit include:
- 2.43 grams per tonne gold over 172.8 metres estimated true width (ETW), including 3.84 grams per tonne gold over 90.9 metres ETW, in hole FZ-24-048;
- 2.12 grams per tonne gold over 95.4 metres ETW in hole FZ-24-046;
- 2.26 grams per tonne gold over 78.3 metres ETW in hole FZ-24-040;
- 10.21 grams per tonne gold over 2.9 metres ETW in hole FZ-24-028;
- 5.50 grams per tonne gold over 6.0 metres ETW in hole FZ-24-031;
- 1.73 grams per tonne gold over 11.0 metres ETW in hole FZ-24-034;
- 13.39 grams per tonne gold over 0.9 metre ETW in hole FZ-24-035;
- 8.34 grams per tonne gold over 1.0 metre ETW in hole FZ-24-037;
- 11.15 grams per tonne gold over 0.9 metre ETW in hole FZ-24-039.
Darren Hall, president and chief executive officer of Calibre, stated: "We acquired the five-million-ounce Valentine gold mine in Canada primarily for its near-term production of approximately 200,000 ounces per year for the first 12 years of its 14-year reserve life. With construction 85 per cent complete, the funded project remains on schedule for first gold in Q2 2025. Successfully delivering Valentine will transform Calibre into a mid-tier gold producer with annual production of 450,000 to 500,000 ounces.
"Since our initial due diligence in 2024, the team has been extremely excited by the highly prospective district potential of the Valentine gold mine property, which has a similar geologic setting to the prolific Val d'Or and Timmins camps in the Abitibi gold belt. These initial drill results highlight the significant upside potential for further discoveries and resource expansion. Holes FZ-24-048 (2.43 grams per tonne gold over 172.8 metres) and FZ-24-046 (2.12 grams per tonne gold over 95.4 metres) are very encouraging given the grades and widths, with mineralization importantly remaining open laterally, vertically and up dip. In just a few months, we've discovered broad zones of gold mineralization up to 1,000 metres southwest of the Leprechaun open pit with grades more than 40 per cent above reserve grade. These results are located proximal to the mill and outside of the mineral resource, which strengthens our confidence that Valentine's 250-square-kilometre land package represents a new gold district. Furthermore, ongoing drilling northeast of our Marathon deposit is uncovering promising opportunities and identifying several new, high-priority targets for exploration. We are excited about what lies ahead and look forward to sharing more information as we continue the expanded multirig drill program and progress construction completion."
Tom Gallo, senior vice-president, strategy and growth, of Calibre, stated: "The anticipated discovery potential of the orogenic gold setting of the Valentine gold mine property is highlighted by today's drill results. Hole FZ-24-040 sits approximately 400 metres along strike to the southwest of the Leprechaun open pit, followed by another 450-metre stepout in hole FZ-24-046 and a further 150 metres in hole FZ-24-048. These three intercepts define a 1,000-metre corridor outside of our present mineral resource, which is now being defined for future delineation drilling. These results, combined with the previously announced Frank zone drilling, ultimately define continuous gold mineralization extending nearly 1,500 metres southwest of the Leprechaun resource. Furthermore, gold mineralization in the past has been defined proximal to the Valentine Lake shear zone (VLSZ), the main mineralized structure. It is, therefore, extremely encouraging to see intercepts such as in holes FZ-24-028 (10.21 grams per tonne gold over 2.9 metres ETW) and FZ-24-031 (5.50 grams per tonne gold over 6.0 metres ETW), which have outlined gold mineralization 250 to 300 metres north of the VLSZ, meaningfully expanding the width of this golden corridor."
Quality assurance/quality control
QA/QC protocols followed at the Valentine gold mine include the insertion of blanks and standards at regular intervals in each sample batch. Drill core is cut in half, with one-half retained at site and the other half tagged and sent to Eastern Analytical Ltd. in Springdale, Nfld. All reported core samples are analyzed for gold by fire assay (30 grams) with AA finish. All samples above 0.30 gram per tonne gold and those in economically interesting intervals are further assayed using metallic screen to mitigate the presence of coarse gold. Significant mineralized intervals are reported as core lengths and estimated true width (80 per cent to 100 per cent of core length).