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Calibre reports first-quarter gold production
Vancouver-based Calibre Mining Corp. announced gold production for the first quarter totaled 61,767 ounces, including 6,760 ounces from its Pan Mine in Nevada, and the company continues to work on the Valentine mine project in Canada after the acquisition of Marathon Gold.
Gold production from mines in Nicaragua totaled 55,007 ounces in the first quarter, which was up from 54,997 ounces in the first quarter of last year. Production from Pan in White Pine County was down, however, from 10,753 gold ounces in the 2023 quarter.
Calibre’s president and chief executive officer, Darren Hall, said the overall production for the quarter ending March 31 was consistent with expectations, and “we remain on track to deliver full year 2024 production guidance of 275,000-300,000 ounces.”
He also said in the April 9 first-quarter update that since becoming a gold producer in the fourth quarter of 2019, Calibre has “delivered annual production growth of 28% year on year, with a track record of meeting or beating expectations. We are on a clear and concise path of delivery and growth.”
The Valentine project in Newfoundland and Labrador is under construction, so there is no production yet from the Marathon acquisition that closed Jan. 24, but Calibre reported the mine is more than 61% complete.
“The beginning of 2024 has proven to be exciting for Calibre with the close of the acquisition of the multi-million-ounce Valentine Gold Mine in Canada, a fourth consecutive year of mineral reserve growth, and our inclusion into the Van Eck GDX Index,” Hall said.
He also said that “2024 and 2025 will be transformational years, driven by an increase in gold production and significant exploration across the Americas.” Hall reported that “the final phases of construction and operational readiness remain on track and fully funded at VGM in preparation for first gold production in H1, 2025 to unlock significant production growth and value for our shareholders.”
Valentine Gold Mine (VGM) boasts a significant e measured and indicated resources, along with 1.1 million ounces of inferred resources as of Dec. 31, 2023, according to Calibre.
Exploration continues at Valentine, as well, with strong discovery potential, said the company, which also posted companywide gold reserves of 4.1 million ounces, 8.6 million ounces of measured and indicated resources, and 3.6 million ounces of inferred resources.
The company said that in 2023 its Nevada mineral reserves increased 12% to 300,000 ounces.
Exploration also continues at the mines in Nicaragua, with an intersection of shallow, open pit mineable grades and widths from the Volcan despot within the Libertad Complex. The company is looking at a mid-2024 mining decision as permitting is ongoing.
Hall also said that in the first quarter Calibre achieved three-year compliance with the World Gold Council’s Responsible Gold Mining Principles.
“During this time of significant growth, Calibre remains committed to its pursuit of excellence in sustainability and ethical mining practices,” he said. “Our efforts extend beyond regulatory compliance, focusing on continuous improvement to minimize our environmental footprint, as well as transparent and extensive community engagement to create positive impact in the regions in which we operate.”
In addition to developing the Valentine project and operating mines in Nicaragua and the Pan Mine in Nevada, Calibre also owns the Gold Rock project near Pan and the old Illipah Mine, also in White Pine County.
Calibre reported it will be announcing first-quarter financial results after the markets close on May 14.
Source: https://elkodaily.com/