Calibre Continues to Expand the High-Grade Gold Discovery Along Strike at Panteon North within The Limon Complex; High-Grade Drilling Intersects 52.59 g/t Gold Over 3.8 Metres and 26.02 g/t Gold Over 8.1 Metres

Rhea-AI Summary

Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) reported high-grade drill results from its Panteon North zone in the Limon Mine Complex as part of an 85,000 metre expansion drilling program. Significant mineralization extends 400 metres, featuring over 15 g/t Au intercepts. Recent drilling highlights include 52.59 g/t Au over 3.8 metres and a continuing confirmation of high-grade zones. A VTEM survey identified two parallel five km corridors, enhancing exploration potential. The company anticipates a substantial positive impact on its mineral resource statement due to these findings.

Positive

• Drilling results show consistent high-grade gold, with intercepts over 15 g/t Au across a 400-metre strike.
• Recent holes reported include significant grades: 52.59 g/t Au over 3.8 metres and 43.09 g/t Au over 3.3 metres.
• VTEM survey identified two parallel five km mineralized corridors, suggesting significant exploration potential.
• Ongoing drilling aims to expand mineralization depth and width, with promising early results.

Negative

• None.

VANCOUVER, British Columbia, Sept. 07, 2022 (GLOBE NEWSWIRE) -- Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) (the "Company" or "Calibre") is pleased to report additional high-grade drill results from its Panteon North zone within the Limon Mine Complex, part of the Company’s 85,000 metre resource expansion and discovery drilling program. High-grade mineralization now extends across a strike length of nearly 400 metres with consistent, plus 15 gram per tonne drill intercepts over broad, minable widths. Given a recent VTEM survey, click here for details, which has identified two, parallel five km potential mineralized corridors, the strong correlation to the high/low resistivity contact demonstrated in the recent drilling and historical mining zones Calibre has four rigs testing along strike and down plunge expansion potential.

Additional High Grade Drill Result Highlights from Panteon North

• 52.59 g/t Au over 3.8 metres Estimated True Width (“ETW”), including 94.70 g/t Au over 1.1 metres; and 10.28 g/t Au over 2.1 metres ETW, including 16.50 g/t Au over 1.7 metres in Hole LIM-22-4662;
• 43.09 g/t Au over 3.3 metres ETW, including 155.10 g/t Au over 0.9 metres in Hole LIM-22-4647;
• 35.18 g/t Au over 2.8 metres ETW, including 58.00 g/t Au over 1.5 metres in Hole LIM-22-4653;
• 26.02 g/t Au over 8.1 metres ETW, including 41.30 g/t Au over 4.6 metres in Hole LIM-22-4665;
• 18.49 g/t Au over 1.1 metres ETW, including 49.30 g/t Au over 0.4 metres in Hole LIM-22-4654;
• 13.14 g/t Au over 3.1 metres ETW, including 49.10 g/t Au over 0.4 metres in Hole LIM-22-4651.

Tom Gallo, Senior Vice President, Growth at Calibre, stated: “This is a paradigm shifting discovery for us with consistent high-grade mineralization demonstrated over considerable strike length coupled with VTEM giving strong indications there is potential to expand and discover additional zones. Drilling is underway to extend this mineralized zone to depth with visual indicators having shown positive signs. Given the grade, we expect a substantial, positive impact made to our mineral resource statement.”

Darren Hall, President and Chief Executive Officer of Calibre, stated: “The discovery of bonanza grade at Panteon North was first announced May 16, 2022 (see news release here) then June 27, 2022 (see news release here) and we have subsequently expanded the zone. Drilling continues to intercept consistent, extremely high-grade gold mineralization across approximately 400 metres of strike. The deepest results to date are situated only 250 metres from surface with new drill intercepts pending assays as deep as 450 metres from surface. These drill results, in combination with the successful VTEM campaign, reinforce our grade driven production growth as the high-grade Panteon North discovery is not included in our recent multi-year production outlook (see news release dated June 22, 2022).”

Additional high-grade results announced since discovery in May of this year include;

• 66.03 g/t Au over 5.6 metres Estimated True Width (“ETW”), including 167.27 g/t Au over 2.3 metres and 14.95 g/t Au over 1.9 metres ETW in Hole LIM-22-4630;
• 30.33 g/t Au over 5.0 metres ETW, including 40.62 g/t Au over 3.8 metres in Hole LIM-22-4628;
• 22.55 g/t Au over 4.9 metres ETW, including 68.51 g/t Au over 1.7 metres in Hole LIM-22-4632;
• 17.58 g/t Au over 2.4 metres ETW, including 28.67 g/t Au over 1.9 metres in Hole LIM-22-4627;
• 17.80 g/t Au over 7.3 metres ("ETW"), including 6.69 g/t Au over 1.9 metres, 26.37 g/t Au over 2.8 metres and 16.84 g/t over 3.2 metres in Hole LIM-22-4619;
• 4.66 g/t Au over 1.7 metres ETW, including 8.20 g/t Au over 0.8 metres in Hole LIM-22-4637
• 9.72 g/t Au over 3.9 metres ETW, including 27.80 g/t Au over 1.4 metres in Hole LIM-22-4616;
• 8.84 g/t Au over 1.1 metres ETW, including 20.30 g/t over 0.6 metres in Hole LIM-22-4620;
• 12.75 g/t Au over 2.4 metres ETW, including 33.70 g/t Au over 1.0 metres in Hole LIM-22-4622; and
• 9.38 g/t Au over 2.7 metres, including 34.50 g/t Au over 0.6 metres in Hole LIM-22-4625.

For full drill results see details in the June 27, 2022 news release here and May 16, 2022 news release here.

The Panteon North discovery is located approximately one kilometre northwest of the high-grade producing Panteon underground mine and approximately three kilometres from the Limon mill site. Panteon North is a new discovery with no resource and reserve classified, the zone remains open down plunge and open to the northwest and potentially beyond to the northeast as outlined along the VTEM resistivity contact which extends for another three kilometres.

Link 1 – Figures
Link 2 – VRIFY Overview
Link 3 – Drilling Tables

Quality Assurance/Quality Control

Calibre maintains a Quality Assurance/Quality Control ("QA/QC") program for all its exploration projects using industry best practices. Key elements of the QA/QC program include verifiable chain of custody for samples, regular insertion of certified reference standards and blanks, and duplicate check assays. Drill core is halved and shipped in sealed bags to Bureau Veritas in Managua, Nicaragua, an independent analytical services provider with global certifications for Quality Management Systems ISO 9001:2008, Environmental Management: ISO14001 and Safety Management OH SAS 18001 and AS4801. Prior to analysis, samples are prepared at Veritas' Managua facility and then shipped to its analytical facility in Vancouver, Canada. Gold analyses are routinely performed via fire assay/AA finish methods. For greater precision of high-grade material, samples assaying 10 g/t Au or higher are re-assayed by fire assay with gravimetric finish. Analyses for silver and other elements of interest are performed via Induction Coupled Plasma (ICP)

Estimated True Widths for reported vein intercepts are based on 3D models of the individual veins. Estimates are determined in cross-section by measuring the modelled vein thickness perpendicular to the vein margins and through the midpoint of the drill hole intercept. Percentage based differences between individual ETW’s and down-hole interval lengths will vary between drill holes depending on drill hole inclination, variations in vein strike and dip, and overall geometries of the different vein systems.

Qualified Person

The scientific and technical information contained in this news release was approved by David Schonfeldt P.GEO, Calibre Mining’s Corporate Chief Geologist and a "Qualified Person" under National Instrument 43-101.

ON BEHALF OF THE BOARD

"Darren Hall"

Darren Hall, President and Chief Executive Officer

For further information, please contact:

Ryan King
Senior Vice President, Corporate Development & IR
T: (604) 628-1012
E: calibre@calibremining.com
W: www.calibremining.com

About Calibre Mining Corp.

Calibre Mining is a Canadian-listed, Americas focused, growing mid-tier gold producer with a strong pipeline of development and exploration opportunities across Nevada and Washington in the USA, and Nicaragua. Calibre is focused on delivering 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-scale exploration opportunities Calibre will unlock significant value.

Cautionary Note Regarding Forward Looking Information

This news release includes 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 are identified by words such as "expect", "plan", "anticipate", "project", "target", "potential", "schedule", "forecast", "budget", "estimate", "intend" or "believe" and similar expressions or their negative connotations, or that events or conditions "will", "would", "may", "could", "should" or "might" occur. Forward-looking statements in this news release include, but are not limited to: the 'Company's expectations toward higher grades mined and processed going forward; statements relating to the 'Company's 2022 priority resource expansion opportunities; the 'Company's metal price and cut-off grade assumptions; the 'Company's plans for the Pan Mine for 2022, including production and exploration and its contribution to production growth. Forward-looking statements necessarily involve assumptions, risks and uncertainties, certain of which are beyond Calibre's control. For a listing of risk factors applicable to the Company, please refer to Calibre's annual information form ("AIF") for the year ended December 31, 2021, and its management discussion and analysis ("MD&A") for the year ended December 31, 2021, all available on the 'Company's SEDAR profile at www.sedar.com. This list is not exhaustive of the factors that may affect Calibre's forward-looking statements.

Calibre's forward-looking statements are based on the applicable assumptions and factors management considers reasonable as of the date hereof, based on the information available to management at such time. Such assumptions include but are not limited to: the Company being able to mine and process higher grades and keep production costs relatively flat going forward; there not being an increase in production costs as a result of any supply chain issues or ongoing COVID-19 restrictions; there being no adverse drop in metal price or cut-off grade at the 'Company's Nevada properties. Calibre does not assume any obligation to update 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 in, or implied by, these forward-looking statements. Accordingly, undue reliance should not be placed on forward-looking statements.