Calibre’s Strategic Allocation of Funds
Calibre’s recent move to secure $74 million in funding has set the stage for a significant advance in its projects spanning across Canada, the US, and Nicaragua. The earmarked funds will fuel the ongoing development of the Valentine gold project in Newfoundland, the El Limon and La Libertad gold mines in Nicaragua, and the Pan gold mine in Nevada. Additionally, provisions have been made for further exploration initiatives and to bolster general corporate operations and working capital reserves.
Valentine Gold Project: A Marvel in the Making
A standout among Calibre’s endeavors is the wholly-owned Valentine open pit gold development situated in central Newfoundland. Positioned to emerge as Atlantic Canada’s largest gold mine, it is projected to yield a substantial 195,000 oz. annually during its initial 12 years of operation, with production slated to commence in the first quarter of 2025.
The Valentine project boasts an impressive estimation of proven and probable reserves, totaling 2.7 million oz. of gold within 512.6 million tonnes grading at 1.62 g/t gold. Moreover, the combined measured and indicated resources, inclusive of reserves, encompass 3.4 million oz. contained within 64.6 million tonnes grading at 1.90 g/t gold. Additionally, there are further Inferred resources amounting to 1.1 million oz. in 20.8 million tonnes grading at 1.65 g/t gold.
Nicaraguan Ventures: El Limon and La Libertad Gold Mines
Calibre’s operations in Nicaragua are anchored by the El Limon mine, which has already yielded more than 3.5 million oz. of gold, alongside the La Libertad mine contributing approximately 1.9 million oz. Together, these two mines hold a probable reserve encompassing 6.8 million oz. of gold, in their entirety being wholly owned and managed by Calibre.
Exploration Potential at Pan Gold Mine in Nevada
The Pan gold mine in Nevada, another gem in Calibre’s mining portfolio, operates as an open pit and heap leach venture. Though smaller in scale compared to its counterparts, with a 2022 output of roughly 45,400 oz. of gold, the Pan mine is brimming with untapped exploration possibilities. Positioned for growth, the site boasts abundant potential with exploration targets spanning both north and south of its operational grounds.
