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Be the first with the news that moves the market- Calibre Mining Corp (TSX:CXB) has recieved positive drilling results from the Panteon deposit at the El Limon mine complex in Colombia
- Notable results include 4.67 grams per tonne of gold over 5.2 metres and 17.77 grams per tonne of gold over 10.8 metres
- The Panteon deposit has never been mined below 115 metres and this drill program was designed to test the possibility of a deeper underground mine at the site
- The results of this drill program are currently being incorporated with previous drilling performed by B2Gold on the property, to provide an overall picture of the deposit at depth
- Calibre Mining Corp (CXB) is up 19.4 per cent, with shares trading at C$0.80 and a market cap of $262.4 million
Calibre Mining Corp (TSX:CXB) has received positive drilling results from the Panteon deposit at the El Limon mine complex in Colombia.
Of the notable results, the highest grade intersected was 54.67 grams per tonne of gold over 5.2 metres. However, the company seems most pleased with a wider-spread intersection of 17.77 grams per tonne over 10.8 metres.
The company is considering an underground mine to access the deposit. Before this latest drill program, the area had only been explored to around 115 metres in depth.
The Panteon vein was mined at this shallower depth between 1965 and 1992 but did not expand to the depths Calibre has recently tested.
The two results listed above were intersected at a depth of 179 metres and 155 metres, respectively. This bodes well for the company’s expansion plans.
Russell Ball, Chief Executive Officer, is encouraged by the drill program’s findings.
“A great start to a potential new underground operation at our Limon mine. The proximity to our Santa Pancha underground mine provides an excellent opportunity for the rapid delineation and development of a new, high-grade resource.
“Panteon would be ideal feed source for our Libertad mill, which currently has significant excess processing capacity,” he said.
The Santa Pancha underground mine is located 150 metres away from this new deposit and could be utilised to mine the Panteon deposit.
The results of this drill program are currently being incorporated with previous drilling performed by B2Gold on the property.
Once an overall picture of the mineralisation depth is known, Calibre Mining will be able to decide if pursing an underground project is viable.
Calibre Mining Corp (CXB) is up 19.4 per cent, with shares trading for C$0.80 at 1:54am EST.
