Calibre Delineates Another New Open Pit Gold Deposit Located 5 Km From The Libertad Mill Initial Mineral Resource Estimate At The Volcan Gold Deposit Two Additional Gold Trends Identified Adjacent To Volcan


(MENAFN- GlobeNewsWire - Nasdaq) VANCOUVER, British Columbia, Sept. 18, 2023 (GLOBE NEWSWIRE) -- Calibre mining Corp. (TSX: CXB; OTCQX: CXBMF) (the "Company" or "Calibre") is pleased to announce an initial open pit Mineral Resource Estimate for its 100% owned Cerro Volcan Gold Deposit (“Volcan”) located five kilometres from the Libertad processing facility. The Resource, which was not included in the Company's 2022 Mineral Resource statement, includes 508,000 tonnes of Indicated Mineral Resource averaging 1.83 g/t, yielding 30,000 ounces of gold and 1,788,000 tonnes of Inferred Mineral Resource averaging 2.28 g/t, yielding 131,000 ounces of gold. Combined, this average 2.0 g/t gold open pit deposit represents another opportunity given its proximity to the Libertad processing facility with in-excess of one million tonnes of surplus capacity. Requisite environmental permitting initiatives are underway with production anticipated in 2025.

Darren Hall, President, and Chief Executive Officer of Calibre stated :“Since 2020, we have demonstrated the value of our operating strategy by responsibly permitting and developing satellite deposits to increase production utilizing existing processing infrastructure. We have self funded production growth of approximately 20% year over year, and grown reserves over 270% since acquiring the assets. With our installed infrastructure and surplus processing capacity and the economic value of our exploration successes, as demonstrated by Volcan, we expect to yield substantial returns while contributing to a promising future.”

Tom Gallo, Senior Vice President, Growth stated: “Our exploration team has had tremendous success in identifying economic deposits including the high-grade Panteon North deposit employing modern geoscience initiatives, absent of surface artisanal miners. Volcan is an excellent example of how the team used this concept to make a novel discovery without any meaningful past artisanal production. I am encouraged by additional geoscience indicators that appear similar to Volcan, situated across the Libertad property and we look forward to results from these exciting new targets that surround our under-utilized Libertad mill. Two target areas, Calvario and Salvadorita contain high-grade surface samples including 21.2g/t Au, 14.2g/t Au, 9.9g/t Au, 34.2 and 15.0g/t Au as seen in the accompanying figures.”

About Cerro Volcan Gold Deposit

Volcan is a vein trend located approximately five kilometres south of the Libertad mill. It is one of several sub-parallel vein structures that extend across the highly prospective Cosmatillo area, a zone of widespread epithermal style hydrothermal alteration. The vein trends north-east to south-west, consistent with past producing vein trends in the Libertad district, most notably, Mahon. Today's announcement follows the successful 2021 and 2022 exploration and drill campaigns at the Company's Libertad concessions (see news releases dated November 16, 2021 and June 8, 2021 ). The Libertad district has produced approximately two million ounces of gold.

Link 1 – Figures

Quality Assurance/Quality Control

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 facility in Vancouver, Canada. 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).

Qualified Person

The scientific and technical information contained in this news release was approved by David Schonfeldt P.Geo, Calibre Mining's Corporate Chief Geologist and a "Qualified Person" under National Instrument 43-101.

ON BEHALF OF THE BOARD

"Darren Hall"

Darren Hall, President, and Chief Executive Officer

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