Calibre Delivers Fourth Consecutive Year of Mineral Reserve Growth

Calibre Mining Corp.(TSX: CXB; OTCQX: CXBMF) (the "Company" or "Calibre") is pleased to announce the results of the Company's updated Mineral Resources (“Resources”) and Mineral Reserves (“Reserves”) for its Nicaragua and Nevada properties as of December 31, 2023. Reserves have grown in both jurisdictions net of depletion since acquisition of each asset. As demonstrated by the team's track record, Calibre continues to efficiently make new discoveries and convert discoveries into Reserves as...

VANCOUVER, 12/03/2024 (informazione.news - comunicati stampa - industria)

Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) (the "Company" or "Calibre") is pleased to announce the results of the Company's updated Mineral Resources (“Resources”) and Mineral Reserves (“Reserves”) for its Nicaragua and Nevada properties as of December 31, 2023. Reserves have grown in both jurisdictions net of depletion since acquisition of each asset. As demonstrated by the team's track record, Calibre continues to efficiently make new discoveries and convert discoveries into Reserves as evidenced at the VTEM gold corridor within the Limon Mine Complex which has seen year over year Reserve growth of 36%. The VTEM corridor now contains 1.25 Mt averaging 8.25 g/t Au for 332 koz in Reserves with multiple kilometres of strike potential and an ongoing 50,000 m drill program.

Nicaragua Mineral Reserves (December 31, 2023)

Highlights

Darren Hall, President and Chief Executive Officer of Calibre stated : “I am very pleased to see another year of Reserve growth net of depletion in both operating jurisdictions. We have crystalized a significant portion of our Resources into Reserves for a record 1.42 Moz in Nicaragua and Nevada, net of record 2023 production of 283,525 ounces. Nicaragua continues to deliver with Reserves at 1.13 Moz providing a robust base from which to deliver. With our recent acquisition of the Valentine Gold Mine, our company wide consolidated Reserves stand at 4.1 Moz, a more than 10-fold increase since Q4 2019 net of 825 koz of production. Importantly Reserves have grown more 36% year over year at our emerging flagship project, the VTEM gold corridor at Limon. In Nevada we've grown Reserves over 50% net of production depletion since closing the acquisition in 2021.”

Link – Detailed 2023 Mineral Resource and Mineral Reserve Tables

Quality Assurance/Quality Control

Canada
QA/QC protocols followed at the Valentine Gold Mine include the insertion of blanks and standards at regular intervals in each sample batch. Drill core is cut in half with one half retained at site, the other half tagged and sent to Eastern Analytical Limited in Springdale, NL. Eastern Analytical is ISO 17025 accredited for Atomic Absorption Spectroscopy for gold following fire assay preparation methods and is independent of Calibre.   All samples are analyzed for Au by fire assay (30g) with AA finish. Samples that assayed greater than or equal to 300 ppb gold were subjected to a total pulp metallic sieve procedure. Samples that fall within mineralized zones that are <300 ppb are also reanalyzed by screen metallics. The analytical results are captured in an acQuire database, which is programmed to utilize the screen metallic values over the standard fire assays if data is available.

Nicaragua
Calibre 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 verifiable chain of custody for samples, regular insertion of certified reference standards and blanks, and duplicate check assays. Drill core is halved and shipped in sealed bags to Bureau Veritas in Managua, Nicaragua, an independent analytical services provider with global certifications for Quality Management Systems ISO 9001:2008, Environmental Management: ISO14001 and Safety Management OH SAS 18001 and AS4801. Prior to analysis, samples are prepared at Veritas' Managua facility and then shipped to its analytical facilities in Vancouver, Canada. Half core samples are also shipped in sealed bags to ALS' prep facility in Managua, Nicaragua. ALS has a global quality program that includes internal and external inter-laboratory test programs and regularly scheduled internal audits that meet all requirements of ISO/IEC 17025:2017 and ISO 9001:2015. Prior to analysis samples are prepared at ALS' Managua facility then shipped to its analytical facility in Lima, Peru. Gold analyses are routinely performed via fire assay/AA finish methods. For greater precision of high-grade material, samples assaying 10 g/t Au or higher are re-assayed by fire assay with gravimetric finish. Analyses for silver and other elements of interest are performed via Induction Coupled Plasma (ICP).

Nevada
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. Down hole deviation surveys are provided by International Directional Services, utilizing a surface recording gyroscope, and by trained drill crews operating a north seeking gyroscope supplied by REFLEX. RC drilling was performed by Boart Longyear of Salt Lake City, Utah and 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. An additional cyanide leach assay was also completed. ALS carries ISO/IEC 17025:2017 certification.

Qualified Persons & Technical Disclaimers

This news release has been reviewed and approved by Benjamin Harwood, M.Sc., P.Geo. of Calibre, who prepared or supervised the preparation of the updated El Limon Complex, La Libertad Complex (Libertad, Pavon, and EBP districts), and Pan Mine Mineral Resource estimates, and is a Qualified Person (“QP”) as set out under NI 43-101.

This news release has been reviewed and approved by Murray Dunn, P.Eng., and Jordan Cooper, P.Eng., of SLR Consulting (Canada) Limited (“SLR”), who prepared or supervised the preparation of the updated El Limon Complex and La Libertad Complex (Libertad, Pavon, and EBP districts) Mineral Reserve estimates reported in this news release and are Qualified Persons (“QPs”) as set out under NI 43-101.

Pan
A technical report for the Pan Gold Project (“NI 43-101 Updated Technical Report on Resources and Reserves Pan Gold Project, Nevada”) was released by SRK Consulting (U.S.) Inc. in accordance with NI 43-101 in March, 2023. The technical report includes details regarding the updated Mineral Reserve and Resource estimates presented herein. Readers are encouraged to read the Technical Report in its entirety, including all qualifications, assumptions, and exclusions that relate to the Mineral Resources and Mineral Reserves.

Mr. Roy Eccles, P. Geo. (PEGNL), of APEX Geoscience Ltd., is the Qualified Person responsible for the review and acceptance of responsibility of the July 2022 Mineral Resource estimated prepared by John T. Boyd Company. Mr. Marc Schulte, P.Eng., of Moose Mountain Technical Services, is the Qualified Person responsible for the preparation of the Mineral Reserves estimate. Messrs. Schulte and Eccles are Qualified Persons as set out under NI 43-101 and are independent of Calibre.

Please also see the notes to each table below.

Darren Hall, MAusIMM, President & Chief Executive Officer, Calibre Mining Corp. has reviewed and approved the scientific and technical information in this news release.

David Schonfeldt, P. Geo, Corporate Chief Geologist, Calibre Mining Corp. and a "Qualified Person" under National Instrument 43-101 has reviewed and approved the scientific and technical information contained in this news release.

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 and Chief Executive Officer

For further information, please contact:

Ryan King
Senior Vice President, 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", "intend" 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 in this news release include, but are not limited to: the Company's expectations toward higher grades mined and processed going forward; statements relating to the Company's 2024 priority resource expansion opportunities; the Company's metal price and cut-off grade assumptions. 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, and its management discussion and analysis (“MD&A”) for the year ended December 31, 2023, all available on the Company's SEDAR+ profile at www.sedarplus.ca. This list is not exhaustive of the factors that may affect Calibre's forward-looking statements such as potential sanctions implemented as a result of the United States Executive Order 13851 dated October 24, 2022.

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. Such assumptions include but are not limited to: the Company being able to mine and process higher grades and keep production costs relatively flat going forward; there not being an increase in production costs as a result of any supply chain issues or ongoing COVID-19 restrictions; there being no adverse drop in metal price or cut-off grade at the Company's Nevada properties. 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.

Note 1 – La Libertad Complex Mineral Resource Notes

Note 2 – La Libertad Complex Mineral Reserve Notes

Note 3 - El Limon Complex Mineral Resource Notes

Note 4 - El Limon Complex Mineral Reserve Notes

Note 5 – Cerro Aeropuerto (Borosi) Mineral Resource Notes

Note 6 – Primavera (Borosi) Mineral Resource Notes

Note 7 – Pan Open Pit Mineral Reserve Notes

Note 8 – Pan Open Pit Mineral Resource Notes

Note 9 – Gold Rock Mineral Resource Notes

Note 10 – Golden Eagle Mineral Resource Notes

Note 11 – Valentine Gold Mine Mineral Resource Notes

Note 12 – Valentine Gold Mine Mineral Reserve Notes

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/0d5bd7ca-0442-42f6-bbb5-30e964427841