And now for the news. Darren Hall's Calibre Mining Corp. (CXB) closed unchanged at $2.33 on 2.21 million shares on word it has drilled a 117.4-metre true-width interval grading 0.45 gram of gold per tonne in one of several new holes drilled at its Pan mine in Nevada. There were higher grades but over shorter widths, including a 0.93-gram-per-tonne hit that spanned 24.4 metres and a 1.38-gram-per-tonne hit across a 9.1-metre width. Many of the intercepts show grades higher than the current resource estimate, the company says.
Mr. Hall, president and chief executive officer of Calibre, cheers that the mineral reserves have increased by 50 per cent since the company acquired Pan in early 2022 -- a trend that he believes will continue with further exploration success. He points out that not only do the majority of these new assays have grades exceeding the reserve, but in many cases, they come from areas beyond the reserve pit shell. These results, Mr. Hall enthuses, "bode well for longevity to Pan's future mine life."
At the end of 2023, Calibre credited Pan with a reserve of 24.6 million tonnes grading 0.34 gram of gold per tonne, nearly 300,000 ounces. That accounts for most of the measured and indicated resource at Pan, which tallies 340,000 ounces at 0.36 gram per tonne. Another 18,000 ounces are inferred at a comparable grade. Therefore, today's higher grades and potential tonnage expansion are welcome signs for the modest project.