Calibre reports high-grade results at Gold Rock

VANCOUVER, B.C. — Calibre Mining Corp. has announced results from its 2022 drill program at its 100%-owned Gold Rock project in White Pine County on the Battle Mountain-Eureka gold trend. The federally permitted project is within a 30-square-mile land package which the company says has numerous high-priority targets.

Calibre acquired the Pan Mine, the Gold Rock Project and the Illipah land package in the acquisition of Fiore Gold in January of this year. Pan and Gold Rock are about 45 miles west of the KGHM Robinson Mine near Ely.

The initial purpose of Calibre’s 2022 drill program was to de-risk the Gold Rock, near-surface oxide project through infill and condemnation drilling, geo-metallurgical classification, and structural modelling. Calibre said that during the program the drilling intersected high-grade, sulfide mineralization in areas previously untested by drilling.

The drill results included 6.8 grams of gold per ton over 15 feet and 6.6 grams of gold per ton over 19 feet.

Historic drilling at Gold Rock targeted shallow, oxide mineralization. Calibre said its drilling program shows that mineralization plunges from south to north along both limbs of the Gold Rock anticline, and these gold chutes remain open to depth.

The company said multi-element analysis reveals increasing arsenic, bismuth, and tellurium geochemistry, suggesting a highly favorable gold environment, while magnetic data shows a large, deep-seated magnetic low, typical of Carlin-style feeder systems.

“We are very pleased with these high-grade results out of our Gold Rock project,” said Darren Hall, Calibre’s president and chief executive officer. “The existing federal permits allow for sulfide treatment in the processing stage. As such, we are excited about the increasing grade potential at depth.

“With only shallow drilling completed to date and a small portion of the overall land package, we have confirmed the existence of an oxide gold deposit, similar in mineralogy to that of our Pan Mine deposit, but with better grades and recoveries. These new results indicate there could be a large, untested Carlin-style mineral system at depth. Thus, we are shifting our focus to beyond the near-surface oxide deposits.”

Hall also said that Calibre has received approval from the Bureau of Land Managements to modify the existing mining permit for the Pan Mine.

“By consolidating multiple open pits and expanding two waste rock areas, this modification would add five additional years of mining to our Pan Mine heap leach operation,” Hall said.

The Pan Mine produced 10,153 ounces of gold in the third quarter of 2022.

“Our location on the Battle Mountain – Eureka gold trend further supports our belief that Gold Rock is a viable target for deeper, higher-grade mineralization as seen in other prolific deposits to the north,” said Tom Gallo, Calibre’s senior vice president of growth. “Given Pan Mine and Gold Rock have never been meaningfully explored at depth, a tremendous opportunity exists across our 86-square mile property package.

“The 2023 drill program at Gold Rock will focus on testing this target at depth. We believe there is considerable potential for a multimillion-ounce Carlin-style target at depth throughout the Gold Rock corridor.”