Calibre Mining – Continued Development And Production Growth, Augmented By A Substantial Exploration Program In Nicaragua
Ryan King, VP of Corporate Development and IR at Calibre Mining (TSX: CXB – OTCQX: CXBMF), joins us to overview the continued development and production growth pipeline, and aggressive exploration strategy for the Company in Nicaragua and Nevada. We focus initially in this discussion on the recently announced news of the US sanctions to specific people and the DGM entity, and how despite the confusion caused by incorrect media coverage, that Calibre is in compliance with these sanctions and not really affected in any meaningful way and thus continuing their normal operations. This clears up a number of market misconceptions about how these sanctions would impact the company, and Ryan reiterated their commitment to the local stakeholders and that business is still growing and moving forward.
We have Ryan outline the Q3 operations and financials, which are still above guidance despite a brief shut down at one of their 2 mills during the quarter. More importantly, we focus on the production growth profile, targeting between 250,000 – 275,000 ounces of gold production for 2023, with the addition of 2 new spokes; the Pavon Central and Eastern Borosi development projects that will be ramping up into production next year.
Next we transition over to all the ongoing exploration work the company has underway, and highlighted the recent high-grade drill results from its Panteon North zone within the Limon Mine Complex, part of the Company’s 85,000 meter resource expansion and discovery drilling program in Nicaragua. Ryan also mentioned that the exploration team continues to make new discoveries and has been doing some initial work at the new La Fortuna concession, which will have more news to come.
We wrap up discussing how the Company has continued to grow the resources with a 254% increase in Nicaragua Mineral Reserves to 1,013,000 ounces gold since Q4, 2019 and also grown the associated metals grades over the last few years. This ties into the hub and spoke model of bringing more satellite deposits into production utilizing their excess mill capacity, and also continuing to ramp up production from higher grade zones giving further production upside potential over the next 2 years.
If you have any follow up questions for Ryan on Calibre Mining, then please email us at Fleck@kereport.com or Shad@kereport.com.
*In full disclosure, Shad is a shareholder of Calibre Mining.