Calibre Mining Announces a 318% Increase in the Pavon Gold Project Indicated Resource to 230,000 ounces Grading 5.16 g/t Gold; Resource Expansion Drilling Planned for 2020

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VANCOUVER, British Columbia, Dec. 03, 2019 (GLOBE NEWSWIRE) -- (“Calibre” or the “Company”)(TSX: CXB; OTCQX: CXBMF) is pleased to provide an updated National Instrument 43-101 (“NI 43-101”) indicated and inferred resource estimate on its 100%-owned Pavon high-grade, open-pit, development stage gold project.  A NI 43-101 Technical Report prepared by WSP Canada Inc. (“WSP”) will be filed on SEDAR within 45 days of this release.

Russell Ball, Chief Executive Officer of Calibre stated: “The positive results from the updated Pavon resource estimate, with an average indicated resource grade in excess of 5 g/t Au, provides us with an opportunity to unlock significant value for all our stakeholders by processing the Pavon open pit material at our existing La Libertad mill.  The Pavon resource is open at depth and along strike and we will be aggressively investing in resource expansion drilling and project development in 2020.”

The Company plans to commence resource expansion drilling in July 2020 with a budget of 15,000 metres at an estimated cost of US$3.75 million.

Pavon gold mineralization is associated with low-sulphidation quartz-adularia epithermal veins similar to gold mineralization at the Libertad mine.  Gold is hosted in colloform banded quartz veins and multi-phase quartz vein-breccias with local high-grade gold also present in wall-rock quartz stockwork zones.  Sulphide content is generally low consisting of minor pyrite and trace amounts of base metal sulphides.

Modeling was performed using GEOVIA Surpac 2019 software with gold grades estimated using ordinary kriging (OK) interpolation methodology.  Samples were composited at 2.0 metre down hole and composites were capped at 29.03 g/t Au for Pavon North, 75 g/t Au for Pavon Central and 17.18 g/t Au for Pavon South.  The resource estimates are based on 14,523 metres in 108 drill holes and 138 surface trenches.

Indicated Mineral Resources are defined as all interpolated blocks within the first search pass, or with the second search pass with at least seven contributing composites samples or with in the third search pass with at least nine contributing composites samples.  All remaining blocks were classified as Inferred Mineral Resources.  No Measured Mineral Resources were assigned.  Block size is five metre (x) by five metre (y) by five metre (z) with two sub-blocks.

The drilling-defined deposit is divided into three spatial domains for modeling purposes, these being (1) Pavon North, (2) Pavon Central and (3) Pavon South.  At a long-term metal price of US$1,400 per ounce, reasonable prospects are considered to exist for eventual economic extraction of Mineral Resources defined at a 1.15 g/t Au cut-off value within limits of the conceptual final pit shell prepared by WSP Canada Inc.  Additional information about the Mineral Resource modeling methodology will be documented in the upcoming NI 43-101 technical report (the “Technical Report”).  Table 2 summarizes the pit constrained mineral resource at Pavon by resource classification, domain, and rock type.

In 2014, 7 samples from Pavon North were submitted to SGS Lakefield for metallurgical test work with a focus on the amenability of the material to whole ore cyanidation.  The samples responded well to the plant conditions with average gold and silver extraction of 95.4% and 76.3% respectively.

A Technical Report prepared in accordance with NI 43-101 for the Pavon Gold Project will be filed on SEDAR () within 45 days of this news release.  Readers are encouraged to read the Technical Report in its entirety, including all qualifications, assumptions, and exclusions that relate to the Mineral Resource.  The Technical Report is intended to be read as a whole, and sections should not be read or relied upon out of context.

This news release has been reviewed and approved by Todd McCracken, P. Geo., Manager – Mining, WSP Canada Inc., an “Independent Qualified Person” under National Instrument 43-101 Standard for Disclosure for Mineral Projects.

Russell Ball, Chief Executive Officer

Calibre Mining is a Canadian-listed gold mining and exploration company with two 100%-owned operating gold mines in Nicaragua. The Company is focused on sustainable operating performance and a disciplined approach to growth.


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Globe Newswire: 12:00 GMT Tuesday 3rd December 2019

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