Calibre Provides 2020 Resource Expansion and Infill Drilling Update; Significant Year-End 2020 Reserve Increase Expected

New Atravesada Underground Zones Expanding With Additional High-Grade Intercepts, Including 7.9 g/t Au Over 6.8 Metres and 8.9 g/t Au Over 9.8 Metres

VANCOUVER, British Columbia, Feb. 23, 2021 (GLOBE NEWSWIRE) -- Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) (the “Company” or “Calibre”) is pleased to provide an update in respect of the Company's 2020 drilling program, highlighting the new Atravesada underground zones at Limon where no current gold resource is reported. The 2020 resource expansion and infill drilling programs will lead to significant reserve increases at Limon and Libertad when the Company reports at the end of the first quarter of 2021. Calibre’s 2021 exploration program is now well underway and is expected to include approximately 60,000 metres of drilling.   

New Resource Opportunity Highlights

Atravesada Underground Zones (Limon Complex)

• 7.98 g/t Au over 6.8 metres Estimated True Width (“ETW”) from 232.0 metres (LIM-20-4497)
• 3.64 g/t Au over 8.2 metres ETW from 231.3 metres (LIM-20-4493)
• 8.92 g/t Au over 9.8 metres ETW from 201.0 metres (LIM-20-4515)
• 7.82 g/t Au over 2.5 metres ETW from 247.8 metres (LIM20-4520)

Resource Expansion Highlights

Veta Nueva Underground Zone (Limon)

• 3.80 g/t Au over 5.8 metres ETW from 229.7 metres (LIM-20-4523)
• 4.78 g/t Au over 13.6 metres ETW from 209.9 metres (LIM-20-4524)
• 10.94 g/t Au over 3.1 metres ETW from 299.2 metres (LIM20-4528)
  

Panteon Underground (Limon)

• 6.97 g/t Au over 6.1 metres ETW from 159.7 metres (LIM-20-4510)
  

Socorro Open Pit Target (Libertad)

• 3.13 g/t Au over 3.7 metres ETW from 200.44 metres (CH-20-034)
• 4.43 g/t Au over 3.1 metres ETW from 141.6 metres (CH-20-041)
• 21.90 g/t Au over 1.1 metres ETW from 69.3 metres (CH-20-043)
  

Jabali Underground (Libertad)

• 6.70 g/t Au over 1.9 metres ETW from 180.8 metres (JB-20-529)
  

Pavon Norte Open Pit

• 2.13 g/t Au over 10.0 metres ETW from 71.1 metres (PVN-20-033)
  

Russell Ball, Chief Executive Officer of Calibre, stated: “Our 2020 drilling program was initially focused on infilling existing deposits, but starting in the fourth quarter the focus shifted to identifying new zones and expanding known resources at Limon, Libertad and Pavon. I am excited about the early results from Veta Nueva and the neighboring Atravesada zone, where no resource is currently reported. Underground development to Atravesada is anticipated to commence in Q2, 2021 which is expected to provide mill feed to Libertad in the third quarter of 2022, in line with our ‘hub-and-spoke’ operating philosophy.