CALIBRE REPORTS PHASE TWO DRILL RESULTS AT ITS GOLDEN EAGLE PROJECT AND COMMENCES DETAILED METALLURGICAL STUDIES; RESULTS INCLUDE 2.98 G/T GOLD OVER 87.17 METRES AND 3.70 G/T GOLD OVER 48.55 METRES

VANCOUVER, British Columbia, April 12, 2023 (GLOBE NEWSWIRE) -- Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) (the "Company" or "Calibre") is pleased to announce additional drill results from its second phase diamond drill program at its 100% owned Golden Eagle Project, USA (“Golden Eagle”). Drill results from the three holes across the property confirm additional broad intervals of gold mineralization consistent with the previously reported Phase One drill results. The Company has commenced work on a detailed and modern metallurgical program which will explore for future gold extraction potential and recovery methods and build upon previous metallurgical work. Studies are underway and results are expected in the second half of 2023.

New Phase Two drill results from the Golden Eagle program include:

• 2.98 g/t Au over 87.17 metres in Hole GEC22-002;
• 2.27 g/t Au over 47.55 metres and 3.70 g/t Au over 48.55 metres and 3.29 g/t Au over 26.82 metres in Hole GEC22-004;
• 3.36 g/t Au over 37.80 metres in Hole GEC22-005.

Note: All holes were drilled at angles of -45 to -90 degrees at azimuths designed to intersect targeted structures as nearly as possible to perpendicular when possible. Some drill holes and intercepts reported here did not cross mineralization perpendicularly, and do not represent exact ‘true widths.

Phase One drill results (see news release dated January 24, 2023 ):

• 4.30 g/t Au over 92.42 metres, including 7.80 g/t Au over 17.3 metres in Hole GEC22-001;
• 2.90 g/t Au over 195.1 metres in Hole GEC22-003;
• 2.38 g/t Au over 114.3 metres; 2.66 g/t Au over 19.8 metres and 2.65 g/t Au over 25.7 metres in hole GEC22-006.

Darren Hall, President, and Chief Executive Officer of Calibre stated : “Today’s drill results from Golden Eagle confirm consistent gold mineralization over broad widths, reinforcing the potential of this two million ounce Mineral Resource. Given the exceptional results from all drill holes, we have commenced a comprehensive metallurgical program which will assist in advancing additional technical studies. Golden Eagle is a key US asset and a meaningful contributor to the Company’s overall Mineral Resource and, as such, we are excited to unlock additional upside from the project.”

About Golden Eagle

Golden Eagle is located in the Republic/Eureka Mining District in Ferry County, Washington, USA approximately 4.8 km north-northwest of the town of Republic, Washington and approximately 16 km west of Kinross Gold’s Kettle River Mill. Golden Eagle hosts a pit constrained, Measured and Indicated resource of 2.02 million ounces at 1.4 g/t gold with an Inferred resource of 155,000 ounces at 0.9 g/t gold.

Link 1 – Figures
Link 2 – Drilling Table

Quality Assurance/Quality Control

Calibre Mining maintains a Quality Assurance/Quality Control (“QA/QC”) program for all its exploration projects using industry best practices. Key elements of the QA/QC program include the insertion of assay standards, blanks, and duplicates in the sample stream to ensure the assay lab results are within specified performance levels. Downhole deviation, utilizing a surface recording gyroscope, and trained drill crews operating a north-seeking gyroscope supplied by International Directional Services. HQ Core drilling was performed by, Alford Drilling from Elko, Nevada. Assays were performed by ALS, Reno where fire assays were determined on a 30-gram charge with an AAS finish. ALS carries ISO/IEC 17025:2017 certification.

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.

ON BEHALF OF THE BOARD

"Darren Hall"

Darren Hall, President, and Chief Executive Officer

For further information, please contact:
Ryan King
Senior Vice President, Corporate Development & IR
T: (604) 628-1012
E: [email protected]
W: www.calibremining.com

About Calibre Mining Corp.

Calibre Mining is a Canadian-listed, Americas focused, growing mid-tier gold producer with a strong pipeline of development and exploration opportunities across 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.

Source: 

https://www.calibremining.com/news/calibre-reports-phase-two-drill-results-at-its-gol-5377/