Calibre Mining Announces Maiden Mineral Resource Estimate at Panteon Deposit

VANCOUVER, British Columbia, June 03, 2020 (GLOBE NEWSWIRE) -- Calibre Mining Corp. (“Calibre” or the “Company”)(TSX: CXB; OTCQX: CXBMF) is pleased to announce a maiden Mineral Resource estimate for the Panteon deposit at its Limon mine. Panteon is a high-grade vein located approximately 150 metres from the currently-producing Santa Pancha underground mine.

Russell Ball, Chief Executive Officer of Calibre, stated: “Panteon represents a good example of value creation from the drill-bit that will allow us to leverage our surplus mill capacity at Libertad through our ‘hub-and-spoke’ operating philosophy.  We see good potential for the mineralization to continue along strike and down plunge when we resume exploration activities later this month.”

Roscoe Postle Associates Inc. (“RPA,” now part of SLR Consulting Ltd.) estimates that the Panteon deposit currently contains an Indicated Mineral Resource of 90,000 tonnes at an average grade of 9.88 g/t Au for 29,000 contained ounces, with an additional Inferred Mineral Resource of 303,000 tonnes at an average grade of 6.79 g/t Au for 66,000 contained ounces (see Table 1 below). 

Table 1:   Panteon Mineral Resource Estimate

	Tonnes	Au Grade (g/t)	Contained Au (Ounces)
Indicated Mineral Resource	90,000	9.88	29,000
Inferred Mineral Resource	303,000	6.79	66,000

Notes:

1. Mineral Resource estimates are effective as of May 15, 2020.
2. CIM (2014) definitions were followed for Mineral Resources.
3. Mineral Resources were estimated at a cutoff grade of 2.25 g/t Au.
4. Gold price assumption: US$1,500/oz.
5. A minimum mining thickness of two metres was applied to the modeled mineral resource wireframes.
6. Bulk density assigned to mineralization: 2.47 t/m³.
7. Numbers may not add/multiply due to rounding.
8. Mineral Resource estimate has been prepared by Mr. José Texidor Carlsson, P.Geo., an employee of RPA who is a “Independent Qualified Person” as defined by NI43-101.
9. Mineral resources are not mineral reserves and do not have demonstrated economic viability. 

The Panteon deposit is hosted within a low sulfidation Bonanza style epithermal vein system typical of the Limon district. From 1965 to 1992, high grade gold mineralization was mined along a 1,000 metre long section of the vein system to vertical depths ranging from 100 to 350 metres below surface.