Calibre Mining Corp. (TSX: CXB) (OTCQX: CXBMF) has revealed more results from the remaining nine core holes completed during previous exploration programmes at the newly acquired, 100% owned Gold Rock project in Nevada, USA.
These holes were part of a larger reverse circulation (RC) and core programme, but assays have only recently become available due to COVID-19-related delays in processing and assays.
Highlights from the nine HQ exploration drill holes include:
- South Pit Zone: 2.61 g/t gold over 37.0 m, and 0.95 g/t gold over 23.5 m in hole GC20-020;
- North Pit Zone: 1.22 g/t gold over 8.8 m in hole GC20-016;
- Northern End – North Pit Zone: 0.88 g/t gold over 19.5 m; 0.35 g/t gold over 19.6 m; 0.78 g/t gold over 13.4 m; and 0.80 g/t gold over 25.6 m in hole GC20-015;
- Southern End – North Pit Zone: 0.64 g/t gold over 18.3 m in hole GC20-018;
- 2022 Drilling: five drill rigs are currently operating between Gold Rock and the adjacent Pan mine;
- Calibre sees the opportunity to materially expand and accelerate the exploration and resource expansion programs in Nevada.
“It is exciting to see continued high-grade intercepts from Gold Rock, in particular those which occur outside the previously reported Preliminary Economic Assessment (“PEA”) pit limits,” Darren Hall, President and CEO of Calibre, said.
“Since the PEA, which was completed in 2020, numerous holes, within and surrounding, the North and South mineral resource pits have intercepted higher grades than the current mineral resource average grade of 0.70 g/t gold.
“We see significant resource expansion opportunities at Gold Rock and will continue to advance technical studies and drilling along the prospective 16.5 kilometre mineralised trend.
“Gold Rock presents an exceptional near-term opportunity to grow production in Nevada, leveraging off management and infrastructure at our Pan mine located approximately 20 kilometres northwest of Gold Rock.
“We have commenced preparing 2022 budgets for Nevada and see an opportunity to materially expand and accelerate the exploration programmes given the opportunity for resource expansion and continued discovery potential.
“Currently we have five rigs operating between Gold Rock and the adjacent Pan mine.”
Gold Rock Overview and Opportunities
The federally permitted Gold Rock project is located approximately 20 kilometres southeast of the Pan mine. In April 2020 a PEA was completed, providing an updated mineral resource estimate and a base case developing Gold Rock as a satellite open pit operation.
The PEA demonstrates that Gold Rock is an economically viable project and identified several opportunities to enhance the project economics including additional drilling surrounding the mineral resource zones to improve geological model understanding and increase the mineral resource, further metallurgical testing aimed at improving recoveries and geotechnical drilling to better understand pit angles.
Since the PEA important progress has been made including technical studies, column leach metallurgical testing with results expected during the first quarter of this year, and RC, HQ and PQ drilling.
For further information please visit: https://www.calibremining.com/