Calibre boosts Valentine gold upside with 37 g/t at Leprechaun Southwest

Calibre Mining is unlocking potential at its Valentine gold project in central Newfoundland. The latest dill results include 36.83 g/t gold over 0.9 metre. The open pit mine is currently under construction and expected to begin pouring gold a year from now.

The company highlighted four recent drill holes:

• Hole LS-24-002: 2.25 g/t gold over 15.3 metres, including 24.68 g/t over 0.85 metre.
• Hole LS-24-007: 1.87 g/t gold over 11.6 metres, including 9.26 g/t over 0.9 metre.
• Hole LS-24-10: 36.98 g/t gold over 0.91 metre.
• Hole LS-24-11: 13.32 g/t gold over 0.85 metre.

“Initial 2024 drilling intersected near surface gold mineralization outside of the current mineral reserve block model and in two holes outside of the Leprechaun mineral resource model. This new mineralization is located between 100 and 175 metres south of the recent high-grade ore control drilling, and both areas remain open for expansion,” said president and CEO Darren Hall.

“This, coupled with earlier positive results from the Frank zone, located approximately 1 km south of today’s Leprechaun results, indicates potential for further expansion at near mine targets.

“This year, we plan to follow up with additional drilling on numerous targets in this area along the VLSZ towards Frank and infilling between the holes highlighted in this release,” he added.

The deposits at the Valentine project have been traced along a 20-km trend.

When compete, the Valentine mine will be the largest gold producer in Atlantic Canada. It will have an average production rate of 195,000 oz. per year in the first 12 years of a 14.3-year mine life.

The project has proven and probable reserves of 2.7 million oz. of gold in 51.6 million tonnes of material grading 1.62 g/t. Reserves are included in measured and indicated resource of almost 4.0 million oz. in 64.6 million tonnes grading 1.90 g/t. Additional inferred mineral resources are 1.1 million oz. in 20.8 million tonnes at 1.65 g/t gold.

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