Calibre Mining (TSX: CXB; OTCQX: CXBMF), a Canadian mid-tier gold producer, has announced promising results from its expanded 100,000-meter drilling campaign at the Valentine Gold Mine in central Newfoundland. The mine, once fully developed, is expected to become the largest gold producer in Atlantic Canada.
Recent drilling results have revealed shallow, broad zones of continuous gold mineralization, which extend the high-grade gold intercepts closer to surface. These results further confirm earlier high-grade data obtained from trenching and grab sampling activities.
Key highlights from the latest drilling include:
- 3.08 g/t gold over 48.2 metres in Hole FZ-24-062
- At surface, 97.87 g/t gold over 3.9 metres ETW and 1.62 g/t gold over 44.6 metres.
Darren Hall, CEO of Calibre Mining, expressed his optimism, noting that follow-up drilling at the Frank Zone, located about one kilometer southwest of the current mineral resources, continues to return significant gold mineralization. The company has now traced this mineralization to the surface, indicating the potential for another open pit deposit. These new intercepts align geologically with gold from other nearby open pits, such as Marathon, Berry, and Leprechaun.
Hall highlighted that while exploration of the Frank Zone is still in its early stages, initial data shows that the zone remains open to both the southwest and north. The mineralization has now been traced for over one kilometer along strike and extends to a depth of approximately 500 meters.
Historically, exploration at the Valentine mine has primarily focused on the 8-kilometer stretch from the Leprechaun to the Marathon pits along the Valentine Lake shear zone. However, with the 32-kilometer-long shear zone still highly prospective for further gold discoveries, Calibre sees tremendous potential within its broader 250 km² land package.
With construction progressing on schedule, Calibre is on track to achieve first gold production at Valentine by Q2 of this year, positioning the company to become a significant mid-tier gold producer, with expected annual production between 450,000 and 500,000 ounces.
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