On Thursday, Scotiabank maintained its Sector Perform rating and Cdn$2.75 price target for Calibre Mining Corp (CXB:CN) (OTC: CXBMF). The decision came after the mining company disclosed promising exploration outcomes from its Valentine gold project in Newfoundland. The project's latest drilling results unveiled notable gold intercepts, including 2.25 grams per tonne (g/t) over an estimated true width (ETW) of 15.3 meters, 1.87 g/t over 11.57 meters, and a high-grade 36.83 g/t over 0.91 meters.
The current drilling efforts southwest of the Leprechaun deposit have continued to intersect mineralization beyond the existing pit shell. These findings follow previous ore control drilling that had pinpointed a high-priority target along the Leprechaun pit's southwestern edge. This target exhibits geological traits consistent with other known deposits in the region and trends towards the Frank zone.
Calibre Mining is set to persist with its drilling operations on this target and others located along the Valentine Lake Shear Zone for the remainder of the year. The company has earmarked an exploration budget ranging from $5 million to $10 million for 2024. The allocated funds are aimed at property-wide prospecting, with a particular focus on discovering new targets in areas that have undergone minimal or no previous exploration. This extensive exploration program is part of Calibre Mining's ongoing efforts to expand its understanding and potential resource base at the Valentine gold project.
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