07:10 AM EDT, 04/03/2024 (MT Newswires) -- Calibre Mining Corp. ( CXBMF ) , which gained more than 5% yesterday, on Wednesday said its 2024 exploration program at the Valentine gold mine in Newfoundland and Labrador is underway.

According to a statement, the property hosts five gold deposits with measured and indicated resources of 4.0 million ounces and inferred resources of 1.1 million ounces. Drilling is underway at the high-grade gold discovery along the southwest edge of the Leprechaun pit highlighting the strong resource expansion potential along the Valentine Lake Shear Zone toward the Frank Zone, which does not yet have mineral resources.

Highlight drill results from the southwest Leprechaun discovery include 46.53 g/t gold over 5.3 meters.

Highlight drill results below the Marathon, Berry and Leprechaun pits include 150.27 g/t gold over 4.3 meters, indicating "excellent potential" for additional high-grade gold mineralization.

"New discoveries combined with several exciting surface anomalies and high-grade exploration results, confirm the excellent potential within the Valentine region that is expected to yield a continuous flow of exciting discovery and resource-building results throughout 2024 and beyond," said Calibre President and CEO Darren Hall.