Mike Fagan,
Editor
Aug. 9, 2024
Calibre Mining Corp. (TSX-V: CXB)(OTC: CXBMF) — currently trading around C$1.95 per share in the 2024 gold bull market — has announced a 100,000-meter resource expansion and discovery drill program at its 100%-owned, fully-funded Valentine Gold Mine project located in the central region of Newfoundland & Labrador, Canada.
The Valentine project is situated in one of the top mining jurisdictions in the world and, once completed, will be the largest open pit gold mine in Atlantic Canada and a significant contributor to the economy of Newfoundland and Labrador.
Valentine comprises a series of mineralized deposits along a 20-km-long trend. A December 2022 Feasibility Study outlined an open pit mining and conventional milling operation over a 14.3-year mine life with a 22% after-tax rate of return and an average gold production profile of 195,000 ounces of gold per year for the first 12 years.
The project boasts estimated Proven and Probable Mineral Reserves of 2.7 Moz (51.6 Mt at 1.62 g/t Au) and a Mineral Resource Estimate for Total Measured and Indicated Mineral Resources of 3.96 Moz (64.62 Mt at 1.90 g/t Au). Additional Inferred Mineral Resources are 1.10 Moz (20.75 Mt at 1.65 g/t Au).
The aforementioned 100,000-meter drill program at Valentine is in addition to the previously announced 50,000-meter ore control reverse circulation drill program at the Leprechaun and Marathon deposits and the 10,000-meter Winkie/RAB drilling program testing bedrock geology.
The upcoming program, which will also include property-wide LiDAR geophysical surveying, will be the largest pure exploration drilling campaign in Valentine’s history.
Calibre Mining CEO Darren Hall commented on the program via press release:
“Valentine currently hosts a robust +5-million-ounce resource base across 8 kilometers of the 32-km-long main Valentine Lake Shear Zone (“VLSZ”) which provides significant additional discovery opportunities from an extremely prospective array of exploration targets with a similar geological setting to the prolific Val-d’Or and Timmins camps in the Abitibi gold belt. Between the two main shear zones, the VLSZ and the parallel Northwest Contact Shear Zone, there is a combined potential of up to 64 kilometers of high-value discovery opportunities.”
He went on to say,
“As we rapidly expand our knowledge base with incoming results, this exploration program is designed to confirm the vast potential of the Valentine mineral system. The district has the potential to significantly extend mine life and shape our considerations for the Phase 2 mill expansion, aiming for increased throughput of the process plant. Our view has always been that Valentine will become a gold camp, and we believe a program of this scale will begin to uncover the incredible opportunity.”
The Calibre team anticipates first gold production at Valentine in Q2 of 2025.
Earlier this year, Calibre announced projected Q2 2024 consolidated production guidance of 55,000 to 60,000 ounces at its 100%-owned Limon Mine Complex project in Nicaragua followed by higher-grade ore prioritized for Q3 and Q4, thereby maintaining full-year 2024 consolidated production guidance at 275,000 to 300,000 ounces for Limon.
With first gold production at Valentine slated for Q2 2025, and with Valentine projected to produce ~195,000 ounces per annum, Calibre Mining looks well poised to transition to mid-tier gold producer status at the 400,000 to 500,000 ounce per year range via the two projects combined starting next year.
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To get all the skinny, our own Gerardo Del Real of Junior Resource Monthly caught up with Calibre Mining senior VP of corporate development Ryan King to go over the plans and process for attaining mid-tier gold producer status and much more. Please enjoy!
For more information on Vancouver-based Calibre Mining, be sure to contact the company’s IR department at 604-681-9944 or via email at calibre@calibremining.com.
Sign up to receive updates directly from the company at the Calibre Mining corporate website.
Yours in profits,
Mike Fagan
Editor, Resource Stock Digest
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