New High-Grade Gold Discovery Expanding At Panteon North

VANCOUVER - Calibre Mining Corp. reported on step-out drilling along the Panteon VTEM Gold Corridor within the Limon Mine Complex. These new intercepts continue to demonstrate the potential of the multi-kilometer long structure identified by our 2022 VTEM geophysical survey. The results are located more than 2 kilometers north of Panteon North which has had numerous bonanza grade gold intercepts to-date. The Panteon North Maiden Reserve estimate added positively to the Company’s 2022 Mineral Reserve statement adding approximately 244,000 ounces of gold (0.8 Mt at 9.45 g/t) to the Nicaragua Mineral Reserves.

New drill intercept along the Panteon VTEM Geophysical Gold Corridor includes: 17.45 g/t Au over 4.1 meters Estimated True Width (“ETW”) including 38.45 g/t Au over 1.8 meters ETW in Hole LIM-22-4736. The previous initial discovery drill results along the Panteon VTEM Gold Corridor include: 11.61 g/t Au over 9.3 meters ETW including 23.93 g/t Au over 1.7 meters ETW, and 15.34 g/t Au over 3.9 meters ETW in Hole LIM-22-4701, 6.73 g/t Au over 2.1 meters ETW in Hole LIM-22-4689, and 3.67 g/t Au over 2.6 meters ETW including 11.10 g/t Au over 0.7 meters ETW in Hole LIM-22-4684.

New Panteon North drill results outside year-end 2022 Reserve and Resources include: 29.68 g/t Au over 4.3 meters ETW in Hole LIM-22-4724; 24.03 g/t Au over 2.0 meters ETW in Hole LIM-22-4718, 12.97 g/t Au over 1.1 meters in Hole LIM-22-4712; 12.18 g/t Au over 3.7 meters ETW in Hole LIM-22-4710, 11.57 g/t Au over 2.4 meters ETW in Hole LIM-22-4717; 6.14 g/t Au over 4.9 meters ETW including 14.47 g/t Au over 1.8 meters ETW in Hole LIM-22-4705, and 9.17 g/t Au over 1.1 meters ETW in Hole LIM-22-4732, 5.75 g/t Au over 1.5 meters ETW in Hole LIM-22-4727.

Darren Hall, President and Chief Executive Officer, said “Our 2022 drilling campaign was very successful, with the discovery of the high-grade Panteon North gold shoot which hosts a maiden Mineral Reserve of 244,000 ounces of gold (0.8Mt grading 9.45 g/t gold). I am encouraged that our team continues to intersect high-grade drill results along the VTEM Gold Corridor demonstrating the potential to expand the initial Panteon North reserve and make new discoveries. Given the excess capacity in our Libertad plant, and our proven operating strategy, new discoveries can quickly become accretive for us. With two drill rigs active on the Panteon VTEM gold corridor and four rigs across our Nicaraguan projects, we will complete over 60km of drilling in Nicaragua and look forward to the additional drill results from our 2023 program.”