06:47 AM EDT, 09/03/2024 (MT Newswires) -- Calibre Mining ( CXBMF ) on Tuesday following ore control drilling reported an increase in gold resources at the Marathon Pit in the Valentine gold mine in Newfoundland and Labrador.

The company said the ore control block model yielded 44% additional gold on 47% higher grades than modeled in the 2022 mineral reserve.

The results outlined 190,901 tonnes grading 2.19 grams per tonne (g/t) gold containing 13,415 ounces, compared with 194,948 tonnes grading 1.49 g/t gold containing 9,330 ounces outlined in the 2022 mineral reserve.

The results, coupled with the Leprechaun ore control results, substantiate the 2022 mineral reserve and increase confidence, the company said.

"Given these results, and construction at 77%, our confidence continues to increase as we responsibly advance towards first gold at Valentine during Q2 2025," said Calibre President and CEO Darren Hall.