- Calibre Mining’s (TSX:CXB) latest high-grade drill results from its Limon mine complex in Nicaragua suggest imminent resource expansion
- Highlights include 14.22 g/t gold over 37 metres and 12.96 g/t gold over 19.9 m
- Calibre is a Canadian-listed, Americas-focused, growing mid-tier gold producer with a strong pipeline of development and exploration opportunities in Nicaragua, Canada and the United States
- Calibre Mining stock has added 65.89 per cent year-over-year and 185.33 per cent since 2019
Calibre Mining’s (TSX:CXB) latest high-grade drill results from its Limon mine complex in Nicaragua suggest imminent resource expansion.
Intercepts are located across the property, including the VTEM gold corridor, the vicinity of the main Limon Norte open pit, and the west side of the past-producing Talavera gold zone (where no certified mineral resource exists). Here are the highlights:
Talavera gold zone
- 12.57 grams per ton (g/t) gold over 7.1 metres (m), including 26.65 g/t gold over 3.3 m and 4.29 g/t gold over 35.2 m, and 3.24 g/t gold over 11.76 m in drill hole LIM-24-4979.
- The western extension demonstrates 750 m of strike beyond historic workings, with management expecting results to positively impact Calibre’s year-end 2024 mineral resource estimate by way of a maiden resource at Talavera.
VTEM gold corridor
- 12.96 g/t gold over 19.9 m, 10.59 g/t gold over 13.5 m and 9.97 g/t gold over 6.9 m in drill hole LIM-24-4969, including a new structure 35 m below surface open for expansion in all directions.
- 5.39 g/t gold over 6.4 m in drill hole LIM-24-4975.
- 14.64 g/t gold over 7.5 m, including 31.88 g/t gold over 3.2 m in drill hole LIM-24-4956.
- 23.36 g/t gold over 2.5 m, including 29.84 g/t gold over 1.8 m in drill hole LIM-24-4978.
- 6.78 g/t gold over 9.3 m, including 17.32 g/t gold over 5.6 m in drill hole LIM-24-4951.
Limon Norte open pit (infill drilling)
- 14.22 g/t gold over 37 m, including 66.14 g/t gold over 6.6 m in drill hole LIM-24-4960.
- 6.55 g/t gold over 10 m, including 11.84 g/t gold over 5.2 m in drill hole LIM-24-4957.
Leadership insights
“These recent Limon drill results are among the best we have seen on the property since acquiring Limon in 2019,” Darren Hall, Calibre Mining’s president and chief executive officer, said in a statement. “The exceptional gold potential across the property is demonstrated by extremely strong intercepts from both our Talavera underground target, located less than 2 kilometres west of the Limon mill and close to surface intercepts along the VTEM gold corridor.
At Talavera, drilling has intersected gold mineralization 750 metres west of any previous underground development. When combining our drilling efforts since 2019 with historic underground drilling and a recent structural interpretation, we expect to define a meaningful maiden resource at Talavera. Along the VTEM gold corridor, recent results indicate exceptionally high grades over broad widths near surface. Notably, drill hole LIM-24-4969 intersected a new structure parallel to Panteon Norte (12.96 g/t gold over 19.9 m) with mineralization occurring within 35 m of surface.
In addition to the Hagie and Panteon Norte deposits in the VTEM gold corridor which, combined, host over 330,000 ounces of mineral reserves at approximately 8 g/t gold, the new structure parallel to Panteon Norte significantly enhances the potential for rapid resource growth at Limon. Based on our drilling efforts this year, we anticipate an increase in mineral resources at Limon and look forward to providing an updated mineral resource estimate in early 2025,” Hall concluded.
About Calibre Mining
Calibre is a Canadian-listed, Americas focused, growing mid-tier gold producer with a strong pipeline of development and exploration opportunities across Nicaragua, Newfoundland and Labrador in Canada, and Nevada and Washington in the United States.
The company intends to deliver sustainable value by leveraging its strong balance sheet, proven management team, strong operating cash flow and multiple district-scale exploration opportunities.
Calibre Mining stock (TSX:CXB) last traded at C$2.14 per share. The stock has added 65.89 per cent year-over-year and 185.33 per cent since 2019.
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(Top photo of Calibre Mining’s Limon mine in Nicaragua: Calibre Mining)