Low-Priced Miner Continues to Set Gold Production Records

Calibre Mining Corp. (TSX-V: CXB)(OTC: CXBMF) — currently trading around C$1.50 per share in a rising gold market — is an Americas-focused mid-tier gold producer with a strong pipeline of development and exploration opportunities across Nevada, Washington State, and Nicaragua.

The company continues to find success in the deployment of a brilliant self-funded growth strategy predicated on investing between C$5 and C$10 million per quarter on exploration and another C$10 to C$20 million per quarter on mine development. 

In other words, Calibre takes a good chunk of the revenue it produces in quarterly gold production and invests it back into the company’s ongoing operations across multiple jurisdictions. 

And the proof is in the numbers. 

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Low-Priced Miner Continues to Set Gold Production Records

Earlier this month, Calibre reported its fourth consecutive record of consolidated quarterly gold production; 73,485 ounces for Q3 2023. Nicaragua gold production came in at 63,756 ounces with Nevada gold production bringing in an additional 9,729 ounces for the quarter. The company also recorded a 26% increase in cash to US$97M as compared to Q2 2023 and a 72% increase since the start of the year.  

Calibre’s flagship is the Limon, Libertad, Eastern Borosi VTEM Gold Corridor in Nicaragua (see below).

Calibre’s flagship is the Limon, Libertad, Eastern Borosi VTEM Gold Corridor in Nicaragua

  • Limon: Currently drilling new targets, including extensions to the Limon open pits, Panteon North, and Talavera targets
  • Libertad: Currently drilling at the recently discovered Volcan and Cosmatillo vein systems & Veta Azul target located within 10 km of the Libertad mill 
  • Eastern Borosi: Discovery & resource expansion underway

Recent exploration success at Libertad has yielded an initial Mineral Resource Estimate (MRE) at the Cerro Volcan gold deposit of 508,000 tonnes Indicated averaging 1.83 grams per tonne (g/t), yielding 30,000 ounces of gold, plus 1,788,000 tonnes Inferred averaging 2.28 g/t, yielding 131,000 ounces of gold.

The ongoing field work has also identified additional gold trends proximal to the Libertad Mill, providing further opportunity to leverage the company’s available surplus processing capacity, which currently stands at approximately 30% of a total 2.7 million tonnes of installed mill capacity. 

The company also continues to expand zones of high-grade gold mineralization within the Limon Mine Complex, at Atravesada, and along the VTEM Corridor, demonstrating the expansion and discovery potential across the property.

Turning to North America, specifically Nevada’s prolific Battle Mountain-Eureka gold trend, Calibre continues to report positive drill intercepts (including 1.23 g/t Au over 38 meters) at the Dynamite North and Palomino targets located immediately north and south of the current open pit operation at the Pan Mine. 

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Those results, coupled with the discovery of the Coyote target from earlier this year, continue to demonstrate the potential to increase resources, grade, and confidence around the Pan Mine.    

All told, Calibre boasts over 100,000 meters of self-funded drilling per annum by way of 14 rigs across multiple jurisdictions in the Americas. And in just the few short years since acquiring its key assets, the company has recorded self-funded production growth of roughly 20% year-over-year and has grown gold reserves by more than 270%.  

At present, Calibre Mining is on track to deliver at the high end of its full-year production guidance of 250,000 to 275,000 gold ounces while continuing to generate strong free cash flow. All-in sustaining costs continue to be within the US$1,200 to US$1,225 per gold ounce range, which is in line with global industry averages. 

Our own Gerardo Del Real of Junior Resource Monthly sat down with Calibre Mining Senior VP Corporate Development Ryan King to go over the company’s intelligent self-funded growth model along with the plans and process for increasing both ounces and quality-of-ounces across its robust gold asset portfolio. 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. 

Mike Fagan

Mike Fagan
Editor, Resource Stock Digest

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