Caliber reports Pan Mine drill results in
VANCOUVER, British Columbia, Aug. 17, 2022 (GLOBE NEWSWIRE) — Caliber Mining Corp. (TSX: CXB; OTCQX: CXBMF) (the “Company” or “Calibre”) is pleased to report assay results from its ongoing conversion and resource expansion drilling program at the Pan mine held in 100% (“Pan”), located in prolific Battle Mountain – gold trending Eureka, Nevada. Many of the results described below indicate the potential for resource expansion while focusing on the conversion of known areas of mineralization. In 2022, Caliber is advancing an 85,000 meter multi-rig drilling program in Nevada, with 50,000 meters concentrated at Pan.
Highlights of Pan Resource’s expansion and discovery drilling program include:
Black stallion target
- 3.35 g/t Au over 18.3 meters in hole PR22-087; 0.93 g/t Au over 12.2 meters in hole PR22-116; 0.82 g/t Au over 10.7 meters in hole PR22-100; 0.50 g/t Au over 15.2 meters in hole PR22-083; and
- Significant intersections outside existing resources remain open to the north, east and west.
- 0.53 g/t Au over 27.4 meters in hole PR22-094; 0.56 g/t Au over 16.8 meters in hole PR22-082
- 0.80 g/t Au over 47.2 meters in hole PR22-088; 0.52 g/t Au over 64.0 meters in hole PR22-093;
- 0.60 g/t Au over 29.6 meters and 0.51 g/t Au over 37.5 meters in hole PC22-005; and
- Several intersections extend the mineralization down dip and along strike and are open for further expansion.
- 1.06 g/t Au over 10.7 meters and 0.96 g/t Au over 10.7 meters in hole PR22-055.
- 0.90 g/t Au over 22.9 meters in hole PR22-015; 0.51 g/t Au over 15.2 meters in hole PR21-062; and
- Mineralization trend near surface and open to the northwest confirming the mineralized zones.
- 1.41 g/t Au over 24.4 meters in hole PR22-032; and
- Discovery of higher grade mineralization to the northwest, outside the Syncline pit and open to expansion.
- 0.57 g/t Au over 51.1 meters in hole PC22-006; 0.53 g/t Au over 22.9 meters in hole PR22-061;
- 0.54 g/t Au over 15.3 meters in hole PR22-045; 0.44 g/t Au over 30.5 meters in hole PR22-077;
- 0.40 g/t Au over 42.7 meters in hole PR22-073; and
- Mineralization remains open to the east where follow-up drilling is planned.
To note: All holes were drilled at angles of -45 to -90 degrees at azimuths designed to intersect the targeted structures as close to perpendicular as possible where possible. Some drill holes and intersections reported here did not cross the mineralization perpendicularly and do not represent exact “true widths”.
Darren Hall, President and CEO of Calibre, said“Recent drilling at Pan has focused on expanding mineralization along known target trends. Today’s results confirm our initial interpretation that there are many expansion and resource discovery opportunities We continue to see excellent growth opportunities and in some cases shallow high grade zones are opening up for further expansion Since the acquisition of Fiore Gold in January 2022, we have announced results positive (see March 8, 2022 press release and April 12, 2022 press release) and we expect this year’s results to increase resources and lead to additional mine life.
Link 1 – The figures
Link 2 – Drilling tables
Quality Assurance / Quality Control
Caliber Mining maintains a quality assurance/quality control (“QA/QC”) program for all of its exploration projects using industry best practices. Key elements of the QA/QC program include inserting test standards, blanks, and duplicates into the sample stream to ensure test lab results are within specified performance levels. Downhole deviation surveys are provided by International Directional Services, using a surface recording gyroscope, and by trained drill crews using a north-seeking gyroscope supplied by REFLEX. RC drilling was performed by Boart Longyear of Salt Lake City, Utah and Alford Drilling of Elko, Nevada. Testing was conducted by ALS, Reno, where pyrotechnic testing was determined on a 30 gram load with an AAS finish. An additional cyanide leach test was also performed. ALS is ISO/IEC 17025:2017 certified.
The scientific and technical information contained in this press release has been approved by David Schonfeldt P.Geo, Caliber Mining’s chief geologist and a “qualified person” under National Instrument 43-101.
ON BEHALF OF COUNCIL
Darren Hall, President and CEO
For more information, please contact:
Senior Vice President, Corporate Development and IR
Such. : (604) 628-1012
Email: [email protected]
About Caliber Mining Corp.
Caliber Mining is a growing mid-tier gold producer, listed in Canada and focused on the Americas, with a strong pipeline of development and exploration opportunities in Nevada and Washington in the United States and the Nicaragua. Caliber is focused on creating sustainable value for shareholders, local communities and all stakeholders through responsible operations and a disciplined approach to growth. With a strong balance sheet, no debt, a proven management team, strong operating cash flow, accretive development projects and district-wide exploration opportunities, Caliber will unlock significant value.
Caution Regarding Forward-Looking Information
This press release contains certain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities laws. All statements in this press release that address events or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are identified by words such as “expect”, “plan”, “anticipate”, “project”, “target”, “potential”, “timing ”, “forecast”, “budget”, “estimate”, “intend” or “believe” and similar expressions or their negative connotations, or that events or conditions “will”, “would”, “could “, “could”, “should” or “could” occur. Forward-looking statements in this press release include, but are not limited to: the company’s expectations regarding higher grades mined and processed at the future; statements relating to the Company’s priority resource expansion opportunities in 2022; the Company’s metal price and cut-off grade assumptions; the Company’s plans for the Pan mine for 2022, including the production and exploration and its contribution to the cr growth of production. Forward-looking statements necessarily involve assumptions, risks and uncertainties, some of which are beyond Caliber’s control. For a list of risk factors applicable to the Company, please refer to Caliber’s Annual Information Form (“Annual Information Form”) for the year ended December 31, 2020 and its management report (“Management Report”) for year ended December 31, 2020. 2021, all available on the Company’s SEDAR profile at www.sedar.com. This list is not exhaustive of factors that could affect Calibre’s forward-looking statements.
Caliber’s forward-looking statements are based on applicable assumptions and factors that management believes are reasonable as of the date hereof, based on information available to management as of such time. These assumptions include, but are not limited to: the Company’s ability to mine and process higher grades and keep production costs relatively stable in the future; that there are no increases in production costs due to supply chain issues or ongoing COVID-19 restrictions; there is no adverse decline in metal prices or cut-off grade at the Company’s properties in Nevada. Caliber undertakes no obligation to update any forward-looking statements if circumstances or management’s beliefs, expectations or opinions should change other than as required by applicable securities laws. There can be no assurance that forward-looking statements will prove to be accurate, and actual results, performance or achievements could differ materially from those expressed or implied by such forward-looking statements. Accordingly, undue reliance should not be placed on forward-looking statements.