Latest drilling results at the Newfoundland project include 36.83 g/t gold over 0.9 metres.
Caliber Mining is unlocking potential at its Valentine gold project in central Newfoundland. The latest survey results include 36.83 g/t gold over 0.9 metres. The open pit mine is currently under construction and is expected to begin extracting gold within a year.
The company highlighted four recent drillings:
Hole LS-24-002: 2.25 g/t gold over 15.3 metres, including 24.68 g/t over 0.85 metres.
Hole LS-24-007: 1.87 g/t gold over 11.6 metres, including 9.26 g/t over 0.9 metres.
Hole LS-24-10: 36.98 g/t gold in 0.91 meters.
Hole LS-24-11: 13.32 g/t gold in 0.85 meters.
“Initial 2024 drilling intersected near-surface gold mineralization outside the current mineral reserve block model and in two holes outside the Leprechaun mineral resource model. “This new mineralization is located between 100 and 175 meters south of recent high-grade ore control drilling, and both areas remain open to expansion,” said Chairman and CEO Darren Hall.
“This, together with previous positive results from the Frank zone, located approximately 1 km south of today’s Leprechaun results, indicates potential for further expansion at nearby mining targets.
Company plans
“This year, we plan to continue additional drilling at numerous targets in this area along the VLSZ toward Frank and infill between the wells highlighted in this release,” he added.
The deposits at the Valentine project have been traced along a 20 km trajectory. When competed, the Valentine mine will be the largest gold producer in Atlantic Canada. It will have an average production rate of 195,000 oz. per year in the first 12 years of a 14.3-year mine life.
The project has proven and probable reserves of 2.7 million oz. of gold in 51.6 million tons of material with a grade of 1.62 g/t. Reserves in measured and indicated resources of almost 4.0 million oz are included. in 64.6 million tons with a grade of 1.90 g/t. Additional inferred mineral resources are 1.1 million ounces. at 20.8 million tonnes at 1.65 g/t gold.
