On Wednesday,
Calibre Mining Corp. (TSX: CXB, OTCQX: CXBMF, Forum) reported solid Q3 2020 gold production. Upward of 45, 341 ounces was produced from its Libertad and Limon mills, its two 100%-owned operating gold mines in Nicaragua. Gold sales represented 44,842 ounces and the Company’s cash on hand by the end of the quarter had also increased by 124% to $56 million.
Calibre’s Chief Executive Officer Russell Ball stated that this production demonstrates the benefits of the Company’s ‘Hub-and-Spoke’ operating philosophy.
“The drilling program has ramped up to fourteen rigs with a focus on targets that could quickly translate into organic growth and free cash flow, given our surplus processing capacity at Libertad. With the consolidation of the Eastern Borosi Gold Project, which hosts 700,500 ounces of gold, the focus there has shifted from a stand-alone operation that had to carry in excess of $100 million in CAPEX, to considering the Eastern Borosi as the next satellite pit for the Libertad complex.”
To read this report in full and see some key highlights, click
here.
The gold mining Company recently expanded its
80,000 metre diamond drilling program. The Company currently has 14 diamond rigs drilling, which resumed in early Q3 2020 and initially focused on resource infill and expansion drilling, to be followed by first-pass drill testing of prospects.
CEO Ball noted that with roughly 10% of the expected assays in hand, he was encouraged with the numerous opportunities that lie in front of the team.
“The drilling program has ramped up nicely and we expect to be drilling approximately 12,000 metres a month for the balance of the year.”
FULL DISCLOSURE: Calibre Mining Corp. is a client of Stockhouse Publishing.