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

Rhea-AI Summary

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.

Positive

• 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

Negative

• None.

News Market Reaction – CXBMF

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Data tracked by StockTitan Argus on the day of publication.

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 29% more ore tonnes at a 1% higher grade for 30% more gold than the comparable area in the 2022 Mineral Reserve model at an ore-waste cut-off of 0.38 g/t gold.

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 30% increase in contained gold compared to the Mineral Reserve. Importantly, the grade distribution as seen in Table 1 indicates that applying a higher cut-off grade will result in processing higher grade material. At a 0.70 g/t cutoff, the reserve model estimated 660kt at 2.02 g/t whereas the ore control model, for a similar tonnage, results in 18% higher grade by increasing the cutoff to 1.0 g/t. This is an extremely positive result which could result in increased metal production while simultaneously extending mine life.

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$744 million and we remain on track to deliver first gold during Q2 2025.”

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:

1. 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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The Toronto Stock Exchange has neither reviewed nor accepts responsibility for the adequacy or accuracy of this news release.

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.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/24cc48c9-5ab7-4921-8f32-5524d432e1cc

FAQ

What are the latest drilling results from Calibre's Leprechaun pit (CXBMF) in 2025?

The February 2025 RC drilling results showed 30% more contained gold than the 2022 Mineral Reserve model, with 29% more ore tonnes at a 1% higher grade.

When will Calibre Mining (CXBMF) begin gold production at Valentine Gold Mine?

Calibre Mining is on track to deliver first gold production during Q2 2025 at the Valentine Gold Mine.

What is the initial capital cost for Calibre's Valentine Gold Mine project?

The Valentine Gold Mine project's initial capital cost is C$744 million, which remains fully funded and unchanged.

How much more gold was found in Calibre's 2025 Leprechaun pit drilling vs 2022 reserves?

The 2025 drilling program revealed 30% more contained gold compared to the 2022 Mineral Reserve model, with 29% more ore tonnes at a 1% higher grade.

What grade improvements were found in CXBMF's latest Leprechaun pit drilling?

At a 1.0 g/t cutoff, the ore control model showed an 18% higher grade compared to the reserve model's 0.70 g/t cutoff, while maintaining similar tonnage.