Calibre Mining (TSX: CXB) on Wednesday released a maiden mineral resource estimate for the Panteon deposit at its Limon mine in Nicaragua.
Panteon is a high-grade vein located 150 metres from the currently producing Santa Pancha underground mine. From 1965 to 1992, gold mineralization was mined along a 1,000-metre-long section of the vein system.
It is estimated that the Panteon deposit currently contains 90,000 tonnes of indicated mineral resources at an average grade of 9.88 g/t Au for 29,000 contained ounces, with an additional 303,000 tonnes of inferred mineral resources at an average grade of 6.79 g/t Au for 66,000 contained ounces.
The resource estimates are based on results from 122 diamond drill holes (72,672 metres), including 12 holes (2,265 metres) drilled by Calibre since acquiring the Limon property from B2Gold (TSX: BTO) last year.
Anticipating positive results from its initial drilling, Calibre began development towards Panteon during the first quarter from existing Santa Pancha infrastructure, completing 125 metres of horizontal development.
Exploration activities will resume later this month, the company said, focusing on expansion opportunities at Panteon, the main Limon vein system and other targets in the broader Limon district.
Planning is underway to mine ore from Panteon in the fourth quarter of 2020.
Shares of Calibre Mining were down 2.9% on the TSX at midday Wednesday. The Vancouver-based miner has a market capitalization of approximately C$436.3 million.