Column: West plugs defences as China cranks up aluminum output
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Calibre Mining (TSX: CXB) has unveiled results from recent drilling at the Marathon pit, a key component of its Valentine gold mine in Newfoundland. The drilling campaign involved 196 holes over 4,915 metres, targeting three benches scheduled for mining in 2025.
Known as the largest undeveloped gold project in Atlantic Canada, Valentine has demonstrated substantial growth, with the latest drilling revealing a large increase in contained gold that can be attributed to higher gold grades.
The Marathon pit, along with the Leprechaun and Berry pits, is integral to the 14-year life-of-mine plan for Valentine, which boasts 3.9 million oz. of measured and indicated mineral resources at 1.9 g/t gold and 1.1 million oz. of inferred mineral resources at 1.65 g/t gold.
When compared to the 2022 reserves for a similar tonnage, the new ore control block model highlights an upgrade in grades. This development bolsters confidence in the Valentine project’s reserves, echoing positive outcomes previously reported from the Leprechaun pit.
A detailed comparison of the current ore control block model against the 2022 reserves reveals a slight reduction in tonnage by 2%, yet a remarkable 47% increase in gold grade, resulting in a 44% rise in contained gold ounces.
“Given these results, and construction at 77%, our confidence continues to increase as we responsibly advance towards first gold at Valentine during our second quarter of 2025,” said Calibre Mining CEO Darren Hall.
“Diamond drilling is also underway as part of our expanded 100,000 metre with three rigs targeting new gold mineralization along the Valentine Lake shear zone,” he added.
The Valentine project is projected to yield an average of 195,000 oz. annually over the first 12 years, a key milestone in Calibre’s strategy to establish itself as a mid-tier gold producer.
Further advancements in project infrastructure include the tailings management facility, now 96% complete, and ongoing assembly of the leach tanks at the process plant. Coupled with the 100,000-metre drilling program targeting new gold mineralization along the Valentine Lake shear zone, these developments reinforce the project’s potential for future discoveries.
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