- Calibre Mining (TSX:CXB) announced an initial discovery and resource expansion diamond drill results from its Valentine Gold Mine in Newfoundland and Labrador
- This move was part of a 100,000-metre drilling initiative aimed at uncovering new gold mineralization beyond the known resources on the expansive 250 km² property
- Launched earlier this year, the drilling program points to the vast potential that exists outside the three-pit 2022 feasibility study
- Calibre Mining stock (TSX:CXB) last traded at C$2.35
Calibre Mining (TSX:CXB) announced an initial discovery and resource expansion diamond drill results from its Valentine Gold Mine in Newfoundland and Labrador.
This move was part of a 100,000-metre drilling initiative aimed at uncovering new gold mineralization beyond the known resources on the expansive 250 km² property.
Launched earlier this year, the drilling program points to the vast potential that exists outside the three-pit 2022 feasibility study. This study includes a total of 64.6 million tonnes grading 1.90 g/t gold, containing 3.95 million ounces of measured and indicated resources, and 20.7 million tonnes grading 1.65 g/t gold, containing 1.10 million ounces of inferred resources. These resources are concentrated across only 8 km of the highly prospective 32 km long main Valentine Lake Shear Zone.
The recent drill results have revealed numerous intercepts with visible gold, identifying both high-grade intersections and broad zones of continuous mineralization in several holes, all located outside the known mineral resources.
Highlights from the Frank Zone drill program, southwest of the Leprechaun pit, include:
- Hole FZ-24-048: 2.43 g/t Au over 172.8 metres estimated true width (ETW), including 3.84 g/t Au over 90.9 metres ETW
- Hole FZ-24-046: 2.12 g/t Au over 95.4 metres ETW
- Hole FZ-24-040: 2.26 g/t Au over 78.3 metres ETW
- Hole FZ-24-028: 10.21 g/t Au over 2.9 metres ETW
- Hole FZ-24-031: 5.50 g/t Au over 6.0 metres ETW
- Hole FZ-24-034: 1.73 g/t Au over 11.0 metres ETW
- Hole FZ-24-035: 13.39 g/t Au over 0.9 metres ETW
- Hole FZ-24-037: 8.34 g/t Au over 1.0 metres ETW
- Hole FZ-24-039: 11.15 g/t Au over 0.9 metres ETW
“We acquired the 5-million-ounce Valentine Gold Mine in Canada primarily for its near-term production of approximately 200,000 ounces per year for the first 12 years of its 14-year reserve life,” Calibre’s president and chief executive officer, Darren Hall stated in a media release. “With construction 85 per cent complete, the funded project remains on schedule for first gold in Q2 2025. Successfully delivering Valentine will transform Calibre into a mid-tier gold producer with annual production of 450,000 to 500,000 ounces.”
The Valentine Gold Mine project could transform Calibre into a mid-tier gold producer, with annual production expected to reach 450,000 to 500,000 ounces. The ongoing drilling program continues to uncover promising opportunities, with several new high-priority targets identified for exploration.
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$2.35 and has risen 72.79 per cent since the year began.
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(Top photo of the plant site at Calibre Mining’s Valentine gold mine in Newfoundland and Labrador: Calibre Mining.)
