- Calibre Mining reported updated mineral resources and mineral reserves for its Nicaragua and Nevada properties
- As of Dec. 31, the Vancouver-based miner said its reserves had grown in both jurisdictions net of depletion since acquisition of each asset
- The company has 130,000 metres of resource expansion and discovery drill programs underway across all assets
- Calibre Mining Corp. last traded at C$1.77 per share
Calibre Mining (TSX:CXB) reported updated mineral resources and mineral reserves for its Nicaragua and Nevada properties.
As of Dec. 31, the Vancouver-based miner said its reserves had grown in both jurisdictions net of depletion since acquisition of each asset.
In Nicaragua, the company has seen an increase in reserves net of production depletion of 4 per cent in 2023 to 1.13 million ounces (Moz), while Nevada saw an increase in reserves net of production depletion of 12 per cent in 2023 to 0.30 Moz.
Nicaragua mineral reserves as of Dec. 31, 2023. (Source: Calibre Mining Corp.)
The company has turned its new discoveries into reserves as seen at the versatile time domain electromagnetic (VTEM) gold corridor within the Limon Mine Complex that saw year-over-year reserve growth of 36 per cent. The VTEM corridor now contains 1.25 metric tons (Mt) averaging 8.25 grams per tone gold (g/t Au) for 332 troy ounces (Koz) in reserves with multiple kilometres of strike potential and an ongoing 50,000-metre drill program.
With 130,000 metres of resource expansion and discovery drill programs underway across all assets, the team pointed to the Valentine Gold Mine’s significant mineral endowment of 2.7 Moz of reserves and 3.96 Moz of measured and indicated resources and 1.10 Moz of inferred resources as a notable standout.
“We have crystalized a significant portion of our resources into reserves for a record 1.42 Moz in Nicaragua and Nevada, net of record 2023 production of 283,525 ounces,” Calibre’s president and chief executive officer, Darren Hall, said in a news release. “Nicaragua continues to deliver with reserves at 1.13 oz providing a robust base from which to deliver. With our recent acquisition of the Valentine Gold Mine, our company-wide consolidated Reserves stand at 4.1 Moz, a more than 10-fold increase since Q4 2019 net of 825 Koz of production. Importantly, reserves have grown more than 36 per cent year-over-year at our emerging flagship project, the VTEM gold corridor at Limon. In Nevada, we have grown reserves over 50 per cent net of production depletion since closing the acquisition in 2021.”
Calibre Mining Corp. is a multi-asset gold producer with a portfolio of exploration and development opportunities in Nicaragua. Its project includes Pavon Gold Project, Borosi Gold Project, IamGold and Santa Rita.
Calibre Mining Corp. stock – March 2023 to March 2024.
Calibre Mining Corp. last traded at C$1.77 per share. Its stock has risen 63.89 per cent in the past year, but it has been a bumpy ride.
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