Increased Gold Confidence at Leprechaun Open Pit Mine
Exciting Developments at Leprechaun Open Pit
VANCOUVER, British Columbia — Calibre (TSX: CXB; OTCQX: CXBMF) is thrilled to share the latest advancements from the Leprechaun open pit at the Valentine Gold Mine. This project, located in the vast and resource-rich regions of Canada, is now showing promising results due to extensive ore control reverse circulation (RC) drilling.
Details of the Drilling Campaign
So far, the company has completed an impressive 21,500 metres of drilling within a consistent 9 x 9 meter pattern. These results are not just numbers; they represent a significant 29% increase in ore tonnes alongside a 1% rise in grade. Most importantly, there’s a substantial 30% more gold compared to the previous 2022 Mineral Reserve model. Such improvement translates directly into a more robust ore profile, enhancing economic prospects.
CEO's Positive Outlook on Gold Production
Darren Hall, President and Chief Executive Officer of Calibre, expressed his optimism regarding these findings. He noted that the ore control drilling has confirmed a higher grade and significantly increased tonnage, paving the way for a more favorable mineral reserve estimate. By adjusting the cut-off grades, they can aim to process higher-grade material, which is likely to yield increased gold production and extend the life of the mine.
Valentine Construction Progress
In addition to the drilling success, ongoing construction at the Valentine Gold Mine is making stellar progress. Key structural, mechanical, and piping activities are advancing well in crucial areas like the grinding, reagents, and gold room. Pre-commissioning of the crusher and various e-rooms is also underway, showcasing a well-orchestrated development phase.
Financial Stability and Future Prospects
Calibre assures stakeholders that there are no changes to the project's fully funded initial capital cost, which stands at C$744 million. Projects of this scale require meticulous planning and financial discipline, indicative of Calibre’s commitment to its operational strategy. First gold deliveries are anticipated in the second quarter of the following year, marking an exciting milestone for the company.
Integration of the Ore Control Block Model
The correlation between the newly obtained ore control block model and the earlier 2022 mineral reserve model is significant. The data gleaned from the 9 x 9 metre drilling not only enhances confidence in the current estimates but also highlights the productive potential of the site. This insight comes from analyzing a staggering 7.9 million tonnes of material, reinforcing the project’s viability.
Quality Assurance Protocols
To ensure the validity of the drilling results, Calibre has implemented stringent quality assurance and quality control (QA/QC) processes. Periodic checks using blanks and standards during the sampling phases guarantee that results are both accurate and reliable. The samples are subjected to a rigorous testing regime, including the LeachWELL method, assuring stakeholders of the integrity of the data collected.
The Future Ahead for Calibre
Calibre Mining is more than just a gold production company; it’s a growing force in the Americas with an eye on sustainable value creation across its operations. Focused on responsible mining, Calibre is committed to engaging local communities and stakeholders, ensuring that their growth benefits everyone involved. The management team’s proven track record and strong balance sheet further underline the potential for positive developments in Calibre’s future.
Frequently Asked Questions
What are the latest updates on Calibre Mining's Leprechaun project?
Calibre Mining reported a 30% increase in contained gold following successful ore control drilling at the Leprechaun open pit.
What drilling methods were employed at the Leprechaun site?
The company used reverse circulation (RC) drilling methods across a 9 x 9 metre spacing for more precise results.
How does the recent drilling impact the future of Calibre Mining?
The results indicate stronger economics and potential for increased future gold production, encouraging long-term investor confidence.
What is Calibre Mining's financial position regarding the Valentine project?
Calibre has confirmed a fully funded initial project capital cost of C$744 million, maintaining solid financial backing for development.
How does Calibre ensure the quality of its drilling samples?
Quality assurance protocols include regular sample checks and strict testing measures, ensuring reliable and accurate results from operations.
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