Apr 10 2020
Calibre Mining Corp. has given an update on the results of drilling from the Panteon deposit, part of the El Limon mine complex. The results substantiate the continuity of high-grade gold mineralization over steady, mineable widths across the deposit’s down-plunge projection, underneath the base of historic workings.
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Before the drilling was started in Q4 of 2019, the deposit had been tested only 120 m along strike and to a depth of 115 m from the surface. The focus of present drilling is to outline a specified resource across the deposit’s down plunge projection and to test prospects along strike and at depth to the southeast.
Listed below are the main drill results from the Panteon drilling program:
- 17.96 g/t gold over 4.4 m Estimated True Width (“ETW”) from a depth of 210 m in hole LIM20-4422
- 10.64 g/t gold over 4.7 m ETW from a depth of 178 m in hole LIM20-4423
- 54.67 g/t gold over 5.2 m ETW from a depth of 179 m in hole LIM20-4424
- 17.77 g/t gold over 10.8 m ETW from a depth of 155 m in hole LIM20-4425
- 6.28 g/t gold over 9.1 m ETW from a depth of 194 m in hole LIM20-4426
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."
Russell Ball, Chief Executive Officer, Calibre Mining Corp.
Ball continued, “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.”
The location of the Panteon deposit is about 150 m west of the Santa Pancha underground mine. In total, 2,625 m has been drilled by Calibre in 12 holes, with the focus on a 75 m x 150 m section of thickening along the vein and its prospective extension at depth. Drilling so far has investigated this section over a vertical range of 115 to 175 m depth from the surface.
The outcomes of this drilling, together with earlier drilling by B2Gold, are being added to a new mineral resource estimate that will offer the basis for a development decision. At present, no mineral resources have been reported for Panteon.
Mining on the Panteon vein was performed from 1965 to 1992, up to a depth of 115 m from the surface. The deposit was previously accessed with the help of a shaft, which now serves as ventilation for the Santa Pancha underground mine. Mine planning is now in progress to access Panteon through an underground decline from current Santa Pancha infrastructure.
Limon Exploration Program Update
The focus of the present exploration program will be on opportunities for resource expansion along the main Limon vein systems, and also at Panteon and other potential targets in the wider Limon district. Since commercial production was started in 1941, the Limon district has synthesized approximately 3.5 million ounces of gold.
As of December 31st, 2019, Calibre announced specified mineral resources amounting to 11.1 million tons averaging 2.23 g/t gold, comprising 793,000 ounces of gold, and inferred resources amounting to 4.5 million tonnes averaging 5.29 g/t gold, comprising 771,000 ounces of gold.