Calibre Mining (TSX: CXB) is looking to substantially expand its resource at its Valentine Gold Mine in Newfoundland & Labrador. The firm this morning indicated that it will be undertaking a large drill program in an effort to assist in resource expansion and potential new discoveries at the project.
The drill program, at 100,000 metres in size, is set to include a large geoscience initiative, which includes a property wide LiDAR geophysical survey, till sampling and enhanced prospecting. The program is also in addition to a previously announced 50,000 metre ore control drill program that is to take place at the Leprechaun and Marathon deposits.
“Valentine currently hosts a robust +5-million-ounce resource base across 8 kilometres of the 32 kilometre long main Valentine Lake Shear Zone which provides significant additional discovery opportunities from an extremely prospective array of exploration targets with a similar geological setting to the prolific Val-d’Or and Timmins camps in the Abitibi gold belt,” commented CEO Darren Hall.
The company currently believes that there is the combined potential for up to “64 kilometres of high-value discovery opportunities.” The program is said to be the largest in history that has been planned for the Valentine project, with the program set to confirm the potential of the Valentine mineral system as a whole.
Calibre has so far identified four high priority drill targets, while deep drilling is also expected to take place down plunge of the existing Berry, Marathon, and Leprechaun deposits at Valentine.
Calibre Mining last traded at $2.125 on the TSX.
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