New Gold Discovery At The Pan Gold Mine

VANCOUVER - Calibre Mining Corp. reported assay results from the 2022 discovery and resource expansion drill program at the Pan Mine, located in the prolific Battle Mountain – Eureka gold trend, Nevada. Initial results at the new Coyote target, which had never been drill tested, located approximately 3 km south southwest of the Pan open pit demonstrate the exploration and discovery potential on the property. Coyote was initially identified through surface geochemistry and rock chip sampling combined with an evolving structural geological interpretation. In addition, several results also indicate the potential for resource expansion while focusing on the conversion of known zones of mineralization. During 2023, Calibre will advance a 38,400 meter drill program in Nevada including 28,000 meters at Pan focusing on new targets and the expansion of known resources.

Darren Hall, President, and Chief Executive Officer, said, “The initial drill results located outside the Pan operating area are encouraging given this target has never been drilled. Additional gold targets have been identified along a 5 km trend south of the resource area and centered on the new Coyote discovery. Calibre’s priority in 2023 will shift to these new targets with a focus on discovery drilling within the mineral concessions at Pan and Gold Rock.”

Highlights from the New Coyote Pan South discovery include: Coyote Target - 1.36 g/t Au over 13.7 meters including 2.78 g/t Au over 4.6 meters in Hole PR22-238; 0.61 g/t Au over 18.3 meters in Hole PR22-237; Initial results located approximately 3 km south of the Pan South open pit; Open for expansion.

Highlights from the Pan resource expansion and conversion program within the open pit operation include: North Dynamite - 0.54 g/t Au over 74.7 meters in Hole PR22-211; 0.56 g/t Au over 21.3 meters in Hole PR22-209; 0.47 g/t Au over 18.3 meters in Hole PR22-210; 1.67 g/t Au over 12.2 meters including 2.12 g/t Au over 9.1 meters in Hole PR22-224; 0.41 g/t Au over 10.7 meters in Hole PR22-228; 0.67 g/t Au over 22.9 meters including 1.14 g/t Au over 9.1 meters in Hole PR22-190; and Intercepts extend mineralization down-dip and along strike, and are open for further expansion.

Syncline Target - 1.05 g/t Au over 15.2 meters including 2.12 g/t over 3.0 meters and 1.21 g/t over 6.1 meters in Hole PR22-218; 0.67 g/t Au over 7.6 meters in Hole PR22-219; and Deeper mineralization north of Syncline will be evaluated considering newly interpreted stratigraphy.

Orpiment Alley Target - 0.53 g/t Au over 15.2 meters in Hole PR22-182; and With favorable mineralogy and trace element geochemistry at depth, Orpiment Alley remains the primary target of a deep, sulfide feeder system at Pan.

Benji Target - 0.45 g/t Au over 18.3 meters in Hole PR22-203; 0.84 g/t Au over 22.1 meters in Hole PC22-017.