11:46 AM EST, 02/05/2025 (MT Newswires) -- (Updates shares.)

Calibre Mining ( CXBMF ) on Wednesday released additional drill results from its Leprechaun open pit at the Valentine gold mine in Newfoundland and Labrador, adding 30% to contained gold.

The results of drilling have so far demonstrated 29% more ore tonnes at a 1% higher grade for 30% more gold than the comparable area in the 2022 mineral reserve model at an ore-waste cut-off of 0.38 grams per tonne (g/t) gold.

The grade distribution indicates that applying a higher cut-off grade will result in processing higher grade material, Calibre chief executive Darren Hall said in a release.

At a 0.7 g/t cut-off, the reserve model estimated 660,000 tonnes at 2.02 g/t but the ore control model for a similar tonnage results in 18% higher grade by increasing the cut-off to 1.0 g/t.

The findings could result in increased metal production and extend the mine life, Hall noted.

Calibre shares were last seen up $0.14 to $2.77 on the Toronto Stock Exchange.

Price: 2.76, Change: +0.13, Percent Change: +4.94