Calibre Mining Corp (CXB)

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Calibre Mining Announces Drilling Results From the Panteon Deposit at El Limon, including 17.77 g/t Au over 10.8 metres

April 9, 2020

VANCOUVER, British Columbia, April 09, 2020 (GLOBE NEWSWIRE) – Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) (the “Company” or “Calibre”) is pleased to report drilling results from the Panteon deposit, part of the El Limon mine complex. The drilling results confirm the continuity of high-grade gold mineralization over consistent, mineable widths along the down-plunge projection of the deposit, below the base of historic workings.

Prior to the start of drilling in Q4 2019, the deposit had only been tested 120 metres along strike and to a depth of 115 metres from surface. The current drilling is focused on delineating an indicated resource along the down plunge projection of the deposit, as well as to test potential at depth and along strike to the southeast (see link to figures below).

Highlighted drill results from the Panteon drilling program include:

17.96 g/t Au over 4.4 metres Estimated True Width (“ETW”) from 210 meters depth in hole LIM20-4422;
10.64 g/t Au over 4.7 metres ETW from 178 metres depth in hole LIM20-4423;
54.67 g/t Au over 5.2 metres ETW from 179 meters depth in hole LIM20-4424;
17.77 g/t Au over 10.8 metres ETW from 155 metres depth in hole LIM20-4425; and
6.28 g/t Au over 9.1 metres ETW from 194 metres depth in hole LIM20-4426.

Russell Ball, Chief Executive Officer, stated: “A great start to a potential new underground operation at our Limon mine. The proximity to our Santa Pancha underground mine provides an excellent opportunity for the rapid delineation and development of a new, high-grade resource at Panteon. As part of our ‘hub-and-spoke’ approach to maximizing value from our consolidated operations, Panteon would be ideal feed source for our Libertad mill, which currently has significant excess processing capacity.”

The Panteon deposit is located approximately 150 metres west of the Santa Pancha underground mine. Calibre has drilled a total of 2,625 metres in 12 holes, focusing on a 75 by 150-metre section of thickening along the vein and its potential extension at depth. Drilling to date has tested this section over a vertical range of 115 to 175 metres depth from surface. The results of this drilling, combined with previous drilling by B2Gold, are being incorporated into a new mineral resource estimate that will provide the basis for a development decision. There are currently no mineral resources reported for Panteon.

The Panteon vein was mined between 1965 and 1992 to a depth of 115 metres from surface. Previous access to the deposit was provided by a shaft, which currently serves as ventilation for the Santa Pancha underground mine. Mine planning is underway to access Panteon by an underground decline from existing Santa Pancha infrastructure.

Limon Exploration Program Update

The current exploration program will continue to focus on resource expansion opportunities along the main Limon vein systems, as well as at Panteon and other prospective targets in the broader Limon district. Since the start of commercial production in 1941, the Limon district has produced an estimated 3.5 million ounces of gold.

As at December 31, 2019, Calibre reported indicated mineral resources totaling 11.1 million tonnes averaging 2.23 g/t Au containing 793,000 ounces of gold, and inferred resources totaling 4.5 million tonnes averaging 5.29 g/t Au containing 771,000 ounces of gold (refer to Calibre’s 2019 Annual Information Form dated March 25, 2020 for additional details).