11:08 AM EST, 03/05/2024 (MT Newswires) -- Calibre Mining Corp. ( CXBMF ) on Tuesday said it continued to intersect shallow open pit mineable grades and widths at the Volcan gold deposit.

Highlights of the results include 15.01 g/t gold over 2.6 meters and 6.37 g/t gold over 3.3 meters. The results support advancing toward a mining decision in mid-2024.

"With Volcan having an initial open pit resource averaging 2.0 g/t Au, the 2023 exploration and infill drilling confirms that the deposit can host higher grade, near surface gold mineralization," said Darren Hall, president and CEO of Calibre.

The Volcan gold deposit is located about 5 kilometers south of the Libertad mill.

Meanwhile, National Bank of Canada ascribed a neutral bias on the assays while noting that the additional intercepts heightened interest in this "high-value, near-mill opportunity."

The bank also noted the "visibility for resource accretion/conversion" to lift the maiden resource estimate for the Volcan gold deposit.

From 53 holes/115 intercepts reported, National Bank calculated an average of 1.79 g/t gold over 2.68 meters.

The bank gave Calibre a sector perform rating with a $2.00 price target.

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