Calibre Mining – Organic Grade Driven Production Growth Results From 2022 Operations And Further Exploration Upside In Nicaragua, Nevada, and Washington
Ryan King, VP of Corporate Development and IR at Calibre Mining (TSX: CXB – OTCQX: CXBMF), joins us to review 2022 operations and exploration progress in Nicaragua, Nevada, and Washington, and the work plan for 2023. We focus initially on the grade-driven growth last year with a record annual 2022 gold production of 221,999 ounces. Nicaragua full year gold production was 180,490 ounces and Nevada gold production was 41,509 ounces. Guidance for 2023 is for an additional 20% production growth targeting a range of 250,000 – 275,000 ounces annual production.
The discussion outlined how significant the aggressive exploration, self-funded through mining revenues, has allowed for going beyond just replacing depletion of reserves, but to find and define higher grade satellite pits, allowing for organic grade-driven production growth. Ryan highlighted the increase in grade from 2 new mining centers at Pavon Central and Eastern Borosi that will be coming online into production this year, with grades over 6 g/t, being behind the higher production guidance estimates. In addition, a number of successful step-out drill holes at Pavon Norte and other regional targets continue to demonstrate that this mineralized corridor still could be holding plenty of gold along several kilometers of strike length.
We wrap up by transitioning over to the US assets, and all the ongoing exploration work the company has underway in Nevada around both the Pan Mine area and at the development-stage Gold Rock Project. The exploration team is encouraged by recent drill results stepping out from the known mineralization and finding higher grade gold intercepts at the Coyote target, as well as stepping out from the Pan Mine area. We also highlight the recent news that demonstrated some bonanza grade intercepts at the Company’s Golden Eagle project in Washington, where they already have 2 million ounces of gold resources defined. Initial drill results from the Golden Eagle program included: 4.30 g/t Au over 92.42 metres in Hole GEC22-001 and 2.90 g/t Au over 195.1 metres in Hole GEC22-003.
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.