TSX:CXB - Post Discussion
Post by
Ridgeback on Aug 07, 2024 8:03am
Stockwatch Canada Comment
Darren Hall's Calibre Mining Corp. (CXB) had a tough day despite good news. It fell eight cents to $1.97 on 4.56 million shares on word the federal government has approved the addition of a pit at the Berry deposit to the company's Valentine Lake mine in central Newfoundland. Berry joins Marathon and Leprechaun as the deposits approved to be open-pit mined. Construction of the mine continues and is nearly 80-per-cent complete.
Mr. Hall, president and CEO, was predictably pleased to have obtained federal environmental approval for the development of Berry, which was a key component in the 2022 feasibility study of the project. First gold pour, Mr. Hall applauds, is expected in the spring of 2025.
In its most recent estimate, Calibre credits Valentine with nearly 65 million tonnes measured and indicated at 1.9 grams of gold per tonne and almost 21 million tonnes inferred at 1.65 grams per tonne, enough for nearly 5.1 million ounces of gold. Marathon is the largest of the three deposits, with 2.15 million ounces, while Leprechaun hosts 1.3 million and Berry is home to 1.2 million ounces. (The current mining reserve spans 2.7 million of the available ounces ;)
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