Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
In a significant milestone towards the development of its Eastern Borosi project (EBP) in Nicaragua, Calibre Mining (TSX: CXB) has been granted key environmental permits for the open pit and underground mines within the property from the corresponding Nicaraguan authorities.
Calibre is currently advancing the high-grade open pit and underground satellite deposits at EBP, which are expected to be in production during 2023, feeding into the company’s Libertad processing facility.
“Approval of the EBP permits mark another significant milestone in the company’s efforts to organically grow gold production. The permits were obtained three months ahead of schedule thanks to a positive community engagement process and successful public consultation,” Darren Hall, president and CEO of Calibre, commented.
“With open pit reserves at EBP grading 6.8 g/t gold in combination with the high-grade 6.5 g/t gold reserves at Pavon Central, we remain on track for grade-driven production increase in 2023,” he added.
The company has also received environmental approval to begin drilling on the La Fortuna concession, located approximately 50 km southwest of the Libertad mill facility.
“La Fortuna represents an exciting undrilled epithermal gold opportunity as confirmed by field work completed over the past 12 months. A drill has been mobilized to La Fortuna with a first pass program to begin early November. Additionally, Calibre was recently granted three new mineral concessions and has begun reconnaissance stage exploration work,” Hall said.
In addition, Calibre has signed a two-year contract with CEPAM, ensuring that 100% of the power purchased for the Nicaraguan operations is certified clean energy. The agreement eliminates all of Calibre’s Scope 2 (purchased electricity) carbon emissions in Nicaragua, representing approximately 30% of our total emissions (CO2e) within the country.
EBP represents Calibre’s third major environmental mine development approval within three years. It comprises a large 176 km2 land package with numerous low sulphidation gold-silver vein targets, with potential for discovery of new zones and expanded resources.
The EBP vein systems host a current inferred resource of 4.42 million tonnes at 4.9 g/t gold and 80 g/t silver, containing 700,500 oz. of gold and 11.36 million oz. of silver.
