In a news release, Calibre Mining Corp. (CXB:TSX.V; CXBMF:OTC.MKTS) announced drill results from the Panteon deposit, which is part of the El Limon mine complex located in northwestern Nicaragua.
The company stated that "the drilling results confirm the continuity of high-grade gold mineralization over consistent, mineable widths along the down-plunge projection of the deposit, below the base of historic workings." The firm advised that prior to commencement of drilling in Q4/19, the deposit was tested just 120 meters along strike and to a depth of 115 meters, but presently drilling is now focused on delineating an indicated resource.
The company highlighted some of the specific drill results from the Panteon deposit, which included "54.67 g/t au over 5.2 m ETW from 179 m depth in hole LIM20-4424 and 17.77 g/t au over 10.8 m ETW from 155 m depth in hole LIM20-4425."
The company's CEO Russell Ball commented, "A great start to a potential new underground operation at our Limon mine. The proximity to our Santa Pancha underground mine provides an excellent opportunity for the rapid delineation and development of a new, high-grade resource at Panteon."
"As part of our 'hub-and-spoke' approach to maximizing value from our consolidated operations, Panteon would be ideal feed source for our Libertad mill, which currently has significant excess processing capacity," Ball added.
The firm advised that to-date it has drilled a total of 2,625 meters in 12 holes at the Panteon deposit focusing on a 75 X 150 meter section of thickening along the vein and its potential extension at depth.
Calibre stated that its Limon exploration program will continue to focus on resource expansion opportunities along the main Limon vein systems and Panteon and other prospective targets in the broader Limon district. The company noted that Limon district has produced an estimated 3.5 Moz of gold since mining first began there in 1941.
The company reported that as of December 31, 2019, it had "indicated mineral resources totaling 11.1 Mt averaging 2.23 g/t au containing 793 Koz au, and inferred resources totaling 4.5 Mt averaging 5.29 g/t au containing 771 Koz au."
Calibre Mining is a multi-asset gold producer headquartered in Vancouver, B.C.
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