Leprechaun Open Pit Ore Control Drilling Increases Confidence and adds 30% Contained Gold versus the 2022 Reserve Model At the Valentine Gold Mine in Newfoundland and Labrador, Canada
Calibre Mining has announced positive results from ore control reverse circulation (RC) drilling at its Leprechaun open pit at Valentine Gold Mine in Newfoundland and Labrador. The 21,500-metre drilling program, conducted on a 9x9 metre spacing, revealed 30% more contained gold than the 2022 Mineral Reserve model, with 29% more ore tonnes at a 1% higher grade.
At a 0.70 g/t cutoff, the reserve model estimated 660kt at 2.02 g/t, while the ore control model showed an 18% higher grade by increasing the cutoff to 1.0 g/t. The Valentine construction project remains on schedule, with progress in grinding, reagents, and gold room areas. The project maintains its initial capital cost of C$744 million, with first gold production expected in Q2 2025.
Calibre Mining ha annunciato risultati positivi dal perforazione reverse circulation (RC) per il controllo del minerale presso il suo open pit Leprechaun nella Valentine Gold Mine in Newfoundland e Labrador. Il programma di perforazione di 21.500 metri, condotto con un'intervallo di 9x9 metri, ha rivelato 30% di oro contenuto in più rispetto al modello di Riserva Minerale del 2022, con un aumento del 29% delle tonnellate di minerale e un grado superiore dell'1%.
Con una soglia di 0,70 g/t, il modello di riserva stimava 660kt a 2,02 g/t, mentre il modello di controllo del minerale ha mostrato un grado del 18% superiore aumentando la soglia a 1,0 g/t. Il progetto di costruzione di Valentine rimane nei tempi previsti, con progressi nelle aree di macinazione, reagenti e camera dell'oro. Il progetto mantiene il suo costo di capitale iniziale di 744 milioni di dollari canadesi, con la prima produzione d'oro prevista per il secondo trimestre del 2025.
Calibre Mining ha anunciado resultados positivos de la perforación de circulación inversa (RC) para el control de mineral en su foso abierto Leprechaun en la Mina de Oro Valentine en Terranova y Labrador. El programa de perforación de 21,500 metros, realizado con un espaciamiento de 9x9 metros, reveló 30% más de oro contenido que el modelo de Reserva Mineral de 2022, con un 29% más de toneladas de mineral y un grado 1% más alto.
Con un corte de 0.70 g/t, el modelo de reserva estimaba 660kt a 2.02 g/t, mientras que el modelo de control de mineral mostró un grado 18% más alto al aumentar el corte a 1.0 g/t. El proyecto de construcción de Valentine sigue en marcha, con avances en las áreas de molienda, reactivos y sala de oro. El proyecto conserva su costo de capital inicial de 744 millones de dólares canadienses, con la primera producción de oro prevista para el segundo trimestre de 2025.
Calibre Mining는 Newfoundland과 Labrador에 위치한 Valentine Gold Mine의 Leprechaun 오픈 핏에서 광석 제어 역순환(RC) 천공으로부터 긍정적인 결과를 발표했습니다. 21,500미터의 천공 프로그램은 9x9미터 간격으로 수행되어 2022년 광물 매장량 모델보다 30% 더 많은 금을 포함하고 있으며, 29% 더 많은 광석 톤수와 1% 더 높은 등급을 나타냈습니다.
0.70 g/t 기준으로, 매장량 모델은 660kt를 2.02 g/t로 추정했으며, 광석 제어 모델은 기준을 1.0 g/t로 높여 18% 더 높은 등급을 보여주었습니다. Valentine 건설 프로젝트는 일정대로 진행되고 있으며, 분쇄, 시약 및 금 방의 영역에서 진전을 보이고 있습니다. 이 프로젝트는 7억 4천4백만 캐나다 달러의 초기 자본 비용을 유지하고 있으며, 2025년 2분기에 첫 금 생산이 예상됩니다.
Calibre Mining a annoncé des résultats positifs issus de la carottage inversé de circulation (RC) pour le contrôle du minerai à son open pit Leprechaun dans la Valentine Gold Mine à Terre-Neuve-et-Labrador. Le programme de forage de 21 500 mètres, réalisé avec un espacement de 9x9 mètres, a révélé 30% d'or contenu en plus par rapport au modèle de Réserve Minérale de 2022, avec 29% de tonnes de minerai supplémentaires et un grade supérieur de 1%.
Avec un seuil à 0,70 g/t, le modèle de réserve estimait 660 kt à 2,02 g/t, tandis que le modèle de contrôle du minerai a montré un grade 18% plus élevé en augmentant le seuil à 1,0 g/t. Le projet de construction Valentine reste conforme au calendrier, avec des progrès dans les domaines du concassage, des réactifs et de la salle de l'or. Le projet respecte son coût initial de 744 millions de dollars canadiens, avec une première production d'or prévue pour le deuxième trimestre de 2025.
Calibre Mining hat positive Ergebnisse aus der Ortsschicht-Umkehrbohrung (RC) zur Ore-Control an seinem Leprechaun-Tagebau in der Valentine Gold Mine in Neufundland und Labrador angekündigt. Das 21.500 Meter umfassende Bohrprogramm, das mit einem Abstand von 9x9 Metern durchgeführt wurde, zeigte 30% mehr enthaltenes Gold im Vergleich zum Mineralreservenmodell von 2022, mit 29% mehr Erztonnen und einem um 1% höheren Gehalt.
Bei einem Cutoff von 0,70 g/t schätzte das Reservemodell 660kt bei 2,02 g/t, während das Erzverlaufmodell einen 18% höheren Gehalt bei einem erhöhten Cutoff von 1,0 g/t zeigte. Das Bauprojekt Valentine bleibt im Zeitplan, mit Fortschritten in den Bereichen Mahlen, Reagenzien und Goldzimmer. Das Projekt hält an seinen anfänglichen Investitionskosten von 744 Millionen CAD fest, mit einer ersten Goldproduktion, die im 2. Quartal 2025 erwartet wird.
- 30% increase in contained gold compared to 2022 Mineral Reserve
- 29% increase in ore tonnes with 1% higher grade
- 18% higher grade potential by adjusting cutoff parameters
- Construction project remains on budget at C$744 million
- On track for first gold production in Q2 2025
- None.
VANCOUVER, British Columbia, Feb. 05, 2025 (GLOBE NEWSWIRE) -- Calibre (TSX: CXB; OTCQX: CXBMF) (“Calibre” or the “Company”) is pleased to announce additional ore control reverse circulation (“RC”) drill results from its Leprechaun open pit (“Leprechaun”) at Valentine Gold Mine (“Valentine”) in Newfoundland and Labrador, Canada. The Company has completed 21,500 metres of RC drilling on a 9 x 9 metre spacing. The results of this drilling demonstrate
Darren Hall, President and Chief Executive Officer of Calibre, stated: “I am very encouraged to report that Calibre’s Leprechaun open pit ore control drilling confirms grade and adds tonnage resulting in a
I am also pleased to report that Valentine construction is going well, with strong progress on structural, mechanical, and piping activities in the grinding, reagents and gold room areas. Additionally, we have advanced pre commissioning at the crusher and various e-rooms. There are no changes to Valentine’s fully funded initial project capital cost of C
Table 1 Ore Control Block Model vs 2022 Mineral Reserve by Grade (For benches 386 – 350)
| Ore Control Block Model | 2022 Mineral Reserve | Percent Difference | |||||||||||||
| Cut-off (g/t Au) | Tonnes | Grade (g/t Au) | Ounces | Cut-off (g/t Au) | Tonnes | Grade (g/t Au) | Ounces | Tonnes | Grade (g/t Au) | Ounces | |||||
| > 1.50 | 407,259 | 3.20 | 41,855 | > 1.50 | 207,205 | 3.46 | 30,055 | 40 | % | -8 | % | 33 | % | ||
| 1.00 – 1.49 | 258,199 | 1.21 | 10,078 | 1.00 – 1.49 | 200,451 | 1.21 | 7,798 | 25 | % | 0 | % | 26 | % | ||
| 0.70 – 0.99 | 266,690 | 0.84 | 7,244 | 0.70 – 0.99 | 188,857 | 0.83 | 5,050 | 34 | % | 2 | % | 36 | % | ||
| 0.38 – 0.69 | 483,982 | 0.52 | 8,154 | 0.38 – 0.69 | 395,729 | 0.53 | 6.691 | 20 | % | 0 | % | 20 | % | ||
| > 0.38 | 1,416,129 | 1.48 | 67,330 | > 0.38 | 1,055,242 | 1.46 | 49,593 | 29 | % | 1 | % | 30 | % | ||
| >1.00 | 665,458 | 2.43 | 51,933 | >0.70 | 659,513 | 2.02 | 42,902 | 1 | % | 18 | % | 19 | % | ||
Table 2 Ore Control Block Model vs 2022 Mineral Reserve by Bench (above 0.38 g/t, i.e. the ore / waste cutoff)
| Bench | Ore Control Block Model | 2022 Mineral Reserve | Percent Difference | |||||||||
| Tonnes | Grade (g/t Au) | Ounces | Tonnes | Grade (g/t Au) | Ounces | Tonnes | Grade (g/t Au) | Ounces | ||||
| 386 | 42,639 | 1.32 | 1,812 | 35,162 | 1.14 | 1,293 | 19 | % | 14 | % | 33 | % |
| 380 | 161,570 | 1.41 | 7,345 | 131,876 | 1.27 | 5,372 | 20 | % | 11 | % | 31 | % |
| 374 | 329,331 | 1.50 | 15,864 | 231,801 | 1.34 | 10,002 | 35 | % | 11 | % | 45 | % |
| 368 | 289,817 | 1.49 | 13,904 | 221,084 | 1.68 | 11,968 | 27 | % | -12 | % | 15 | % |
| 362 | 261,075 | 1.61 | 13,553 | 203,766 | 1.79 | 11,758 | 25 | % | -11 | % | 14 | % |
| 356 | 159,771 | 1.50 | 7,692 | 111,145 | 1.56 | 5,563 | 36 | % | -4 | % | 32 | % |
| 350 | 171,927 | 1.30 | 7,160 | 120,407 | 0.94 | 3,637 | 35 | % | 32 | % | 65 | % |
| Total | 1,416,129 | 1.48 | 67,330 | 1,055,242 | 1.46 | 49,593 | 29 | % | 1 | % | 30 | % |
The tables above demonstrate the correlation between the ore control block model, supported by the closer spaced 9 x 9 metre drilling, and the 2022 Mineral Reserve Block Model from the Feasibility Study1. The comparison was carried out on 7.9 million tonnes of material extending from the current topography to bench 350 on blocks within 9 metres of RC drilling using 6 x 6 x 6 metre block sizes. For the 2022 Mineral Reserve Block Model, blocks flagged as Proven & Probable are reported. For the Ore Control Block Model, a similar method was used to delineate ore vs. waste, respecting a minimum mining width of six metres and a minimum grade of 0.38 g/t gold. The RC drilling is a component of the Company’s standard mining approach.
Footnotes:
- Refer to the “Valentine Gold Project NI 43-101 Technical Report and Feasibility Study, Newfoundland & Labrador, Canada” dated November 30, 2022 and found on the Calibre website at www.calibremining.com and on SEDAR+ at www.sedarplus.ca .
Quality Assurance/Quality Control
QA/QC protocols followed at the Valentine Gold Mine for the RC ore control drilling include the insertion of blanks and standards at regular intervals in each sample batch. RC drillhole cuttings are cone split at the rig to nominally 2.5 kg samples, shipped to the SGS facility in Grand Falls-Windsor for preparation, split to 1 kg, and then shipped to SGS Burnaby, BC. for gold analysis by the LeachWELL method. Since the construction of the onsite lab, samples collected at the RC rig are sent to this lab. Once received, samples are dried in the oven and riffle split down to 1 kg after 3 recombination’s in the riffle splitter. The 1 kg sample is then pulverized and undergoes the LeachWELL procedure before being analyzed using ICP-OES.
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.
About Calibre
Calibre is a Canadian-listed, Americas focused, growing mid-tier gold producer with a strong pipeline of development and exploration opportunities across Newfoundland & Labrador in Canada, 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, a 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 & Chief Executive Officer
For further information, please contact:
Ryan King
SVP Corporate Development & IR
T: 604.628.1012
E: calibre@calibremining.com
W: www.calibremining.com
Calibre’s head office is 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 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", “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 "might" occur. 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, 2023, its management discussion and analysis for the 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 applicable assumptions and factors management considers reasonable as of the date hereof, based on the information available to management at such time. 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.
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FAQ
What are the latest drilling results from Calibre's Leprechaun pit (CXBMF) in 2025?
When will Calibre Mining (CXBMF) begin gold production at Valentine Gold Mine?
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How much more gold was found in Calibre's 2025 Leprechaun pit drilling vs 2022 reserves?
What grade improvements were found in CXBMF's latest Leprechaun pit drilling?
