VANCOUVER, British Columbia, Aug. 27, 2024 (GLOBE NEWSWIRE) — Calibre (TSX: CXB; OTCQX: CXBMF) (“Calibre” or the “Company”) is pleased to announce additional near-surface resource expansion drilling results from its exploration programs at the Pan Heap Leach Gold Mine (“Pan”) located on the prolific Battle Mountain – Eureka gold trend in Nevada, USA. Results at Pan continue to demonstrate gold grades above the indicated mineral resource grade of 0.4 g/t gold (see news release “Calibre Delivers Fourth Consecutive Year of Mineral Reserve Growth” here). Today’s drill results across the Pan mine property demonstrate the potential to increase resources, grade, mine life and confidence in the Pan mine.

Highlights of the Nevada drilling program include (estimated true width “ETW”):

• 0.45 g/t Au over 117.4 metres ETW in hole PR24-113;
• 0.56 g/t Au over 59.4 metres ETW, including 1.31 g/t Au over 9.1 metres ETW in hole PR24-111;
• 0.46 g/t Au over 71.6 metres ETW in hole PR23-208;
• 0.66 g/t Au over 36.6 metres ETW in hole PR23-212;
• 0.93 g/t Au over 24.4 metres ETW in hole PR23-201;
• 0.45 g/t Au over 10.7 metres ETW in hole PR24-066;
• 0.58 g/t Au over 15.2 metres ETW in hole PR24-067;
• 0.58 g/t Au over 13.7 metres ETW in hole PR24-076;
• 0.42 g/t Au over 24.4 metres ETW in hole PR24-81;
• 0.41 g/t Au over 29.0 metres ETW in hole PR24-126;
• 1.38 g/t Au over 9.1 metres ETW in hole PR23-181;
• 1.08 g/t Au over 6.1 metres ETW in hole PR24-024; and
• 0.34 g/t Au over 32.0 metres ETW in hole PR24-131.

Darren Hall, President and CEO of Calibre, said: “Since acquiring Pan in early 2022, we have successfully increased Mineral Reserves by 50%, net of two years of production depletion, and we expect this trend could continue with successful exploration. The majority of today’s drill results contain grades above our stated Mineral Reserve grade and in many cases outside our Mineral Reserve pit envelope. These results bode well for the longevity of Pan’s future mine.

We remain focused on investing in our future, with a proven track record of delivering and growing our consolidated mineral reserves, having produced 825,000 ounces over the past four years. We continue to drill at Pan and Gold Rock in Nevada, the multi-million ounce Valentine gold mine in Newfoundland and Labrador with an additional 100,000 metre drill program underway, and in Nicaragua we are conducting a multi-rig discovery and resource expansion drill program.

Calibre Mining is proud to announce the release of our Valentine Gold Mine 2023 Sustainability Report, highlighting our relentless commitment to strong environmental, social and governance performance across all of our operations. This report highlights our initiatives aimed at minimising environmental impacts, encouraging community engagement and ensuring the highest standards of responsible mining practices. By integrating robust sustainability performance and transparent reporting throughout all stages of our mining cycle, we continue to demonstrate Calibre’s commitment to sustainable development and reinforce our position as a leader in the mining industry and our commitment to creating long-term value for all stakeholders.”

Link1 – Drilling tables
Link2 – Pay

Quality assurance/quality control

Calibre 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 analytical standards, blanks and duplicates into the sample stream to ensure laboratory assay results are within specified performance levels. All assay batches have passed QA/QC. Borehole assays are completed by a mine surveyor using a Trimble instrument. Downhole deviation assays are completed by trained drilling crews operating a REFLEX north-facing gyroscope. Borehole assays and downhole surveys are reviewed by Calibre geologists. RC drilling was completed by Alford Drilling of Elko, Nevada. Assays were completed by Bureau Veritas, Reno, where fire assays were completed on a 30 gram charge with AAS finish. Cyanide leaching analyses were also carried out. Bureau Veritas is certified according to ISO/IEC 17025:2017.

Qualified expert

The scientific and technical information contained in this news release has been approved by David Schonfeldt, P.Geo, Corporate Chief Geologist of Calibre Mining and a “Qualified Person” as defined by National Instrument 43-101.

About Calibre

Calibre is a Canadian listed, Americas focused, growing mid-tier gold producer with a strong pipeline of development and exploration opportunities in Newfoundland and Labrador in Canada, Nevada and Washington in the US and Nicaragua. Calibre is focused on creating sustainable value for shareholders, local communities and all stakeholders through responsible business operations and a disciplined approach to growth. With a strong balance sheet, proven management team, strong operating cash flow, accretive development projects and district scale exploration opportunities, Calibre will unlock significant value.

ON BEHALF OF THE BOARD

“Darren Hall”

Darren Hall, President and CEO

For further information please contact:

Ryan Koenig
SVP Corporate Development and IR
Phone: 604.628.1012
Email: [email protected]
W: www.calibremining.com

Calibre’s headquarters are located at Suite 1560, 200 Burrard St., Vancouver, British Columbia, V6C 3L6.

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Cautionary note regarding forward-looking information

This news release contains certain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities legislation. All statements in this news 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 can be identified by words such as “expect,” “plan,” “anticipate,” “project,” “seek,” “potential,” “scheduled,” “forecast,” “budget,” “estimate,” “assume,” “intend,” “strategy,” “goal,” “objective,” “possible” or “believe” and similar expressions or their negative connotations, or that events or conditions “will,” “would,” “may,” “could,” “should” or “possibly” occur. Forward-looking statements necessarily involve assumptions, risks and uncertainties, some of which are beyond Calibre’s control. A list of risk factors applicable to the Company can be found in Calibre’s Annual Information Form (“AIF”) for the fiscal year ended December 31, 2023, Management’s Discussion and Analysis for the fiscal year ended December 31, 2023 and other disclosure documents of the Company filed on the Company’s SEDAR+ profile at www.sedarplus.com.

Calibre’s forward-looking statements are based on the assumptions and factors that management believes are reasonable at the time of this release, based on information then available to management. Calibre undertakes no obligation to update any forward-looking statements if circumstances or management’s beliefs, expectations or opinions should change, except 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 may differ materially from those expressed or implied by such forward-looking statements. Accordingly, undue reliance should not be placed on forward-looking statements.