Calibre Mining Corp. announced the 2024 exploration program and review of the exploration potential at the Valentine Gold Mine. Valentine is located in the west-central region of Newfoundland & Labrador, Canada.

The property is 250 square kilometres and currently hosts five gold deposits with Measured and Indicated Resources of 4.0 million ounces and Inferred Resources of 1.1 million ounces. Additionally, numerous gold prospects and targets have been identified along the underexplored 32 km northeast-trending Valentine Lake Shear Zone as well as below the existing open pit Mineral Resources. Initial 8,000 metres of diamond drilling focused on the southwest Leprechaun/Frank corridor; 10,000 metre of Winkie and RAB drilling to test top of bedrock geology focused on and near the VLSZ; 50,000 metre ore control reverse circulation drill program underway at the Leprechaun and Marathon deposits demonstrating encouraging results; Exploration permit amendment received for full property exploration, including Winkie, RAB and diamond drilling, and geophysical surveys; Follow up on historical high-grade surface samples at Repeater Hill, 250m north of the VLSZ with outcropping, polymetallic QTP-gold vein up to 2m thick at surface; Trenching and Winkie drilling on the Western Peninsula target, which covers 2 km of the VLSZ, returned float samples up to 5 g/t gold during 2023 prospecting; Property-wide LiDAR, magnetics and VLF surveys to be completed, which will be used to define outcrop locations, glacial drift prospecting targets, and primary structures across the project; Property-wide untill program will collect approximately 750 untill samples to be analyzed for gold grain counts and types; Numerous QTP gold anomalies have been discovered outside the main deposit footprints which require follow up, including: Surface samples running 110 g/t gold, 130 g/t gold and 155 g/t gold and a diamond drillhole intersection grading 20 g/t gold over 1 metre in the Repeater Hill Vein; Numerous significant grab samples throughout the length of the VLSZ, outcrop samples grading 77.8 g/t gold, 42.4 g/t gold, 31.7 g/t gold, 20.2 g/t gold, and 17.3 g/t gold; sub crop samples grading 27.6 g/t gold, 15.6 g/t gold, and 10.2 g/t gold; and float samples grading 53.4 g/t gold, 47.3 g/t gold, 41.8 g/t gold, 40.3 g/t gold, 37.1 g/t gold, 27.7 g/t gold, and 25.6 g/t gold.

Gold mineralization is contained in QTP-gold veins developed within granitoid rocks of the Valentine Lake Intrusive Complex on the hanging wall or northwest side of the VLSZ. Up to four orientations of veins have been identified, with shallowly southwest dipping "Set 1" QTP-gold veins observed to be dominant in both abundance and gold content. At the Leprechaun, Berry and Marathon deposits, Set 1 QTP-gold veins form densely stacked corridors of mineralization referred to as "Main Zones".

The extent and scale of these mineralized corridors appear related to the size and frequency of sheared mafic dykes which extend northeast-southwest within the granitoid rocks, parallel to the shear zone. QTP veining is evident across all explored sections of the VLSZ with several high priority targets. As part of the ore control program, in-pit RC drilling was carried out testing the limits of the known Mineral Reserve model.

As noted in the highlights, several southwest holes intersected high-grade gold mineralization inside the ultimate pit design but outside the reported Leprechaun Mineral Reserves. This mineralization is trending southwest along the VLSZ toward Frank. The area between Frank and the southwest end of the Leprechaun Deposit is a highly prospective section of the VLSZ, which has had almost no previous exploration.

Approximately one kilometre from Frank, this new Leprechaun southwest zone contains the same geological characteristics as the larger deposits on the property, suggesting potential to extend the "Main Zone" of the Leprechaun Deposit further southwest toward Frank. Exploration diamond drilling is underway. Frank is located approximately one kilometre southwest of the Leprechaun Deposit and is characterized by large and laterally continuous quartz veins which are visible at surface, as well as the property-typical southwest dipping, stacked QTP-gold veins.

Frank was previously trenched and drilled between 2011 and 2012 and most recently drilled in 2023. A recent review of trenching and drill-hole data using advanced geological modeling tools, newly collected Televiewer structural measurement data, and the benefit of a more complete understanding of the controls on gold mineralization at Valentine has determined that Frank represents another instance of stacked QTP-gold vein mineralization in the familiar Valentine style. Access to Frank is excellent, and additional follow up diamond drilling is planned for 2024.

If successful, Frank offers the potential for additional open-pit mineral resources within convenient trucking distance of the Valentine mill. The Western Peninsula is one of the high priority targets being followed up in 2024. The Peninsula covers approximately 2 km of the VLSZ, as well as a significant portion of the NW Contact.

A small soil and grab sampling program during 2022 and 2023 returned encouraging results including up to 5 g/t gold in QTP-gold float south of the VLSZ and multiple soil samples with gold values over 100 ppb, including 168 ppb proximal to the NW Contact. Mineralized QTP veins were also discovered in numerous outcrops across the peninsula, with early indications of a strong presence of Valentine style, stacked QTP-gold veining throughout the area. This high potential area will be covered by the geophysical surveys planned for the spring, followed by Winkie and/or RAB drilling, additional prospecting, and potential trenching through the summer.

Given the scale of the area, and the success through such a small initial program, the Western Peninsula has the potential to host a gold deposit comparable to others on the property. During 2024, Calibre is advancing reconnaissance Winkie and RAB drilling across the property, focusing on high priority zones identified through mapping and prospecting, geophysical surveys, and structural analysis along the shear zones. Previous reconnaissance mapping and prospecting in the Eastern Arm area demonstrated granitoid intrusive rocks of a similar nature to the Valentine Lake Intrusive Complex found along the northern contact of the VLSZ for a minimum of 8 km beyond where they were historically mapped.

These granitoids host QTP veining in numerous areas across the 13 km trend of the Eastern Arm. In addition, on the far east of the property, a new style of copper-rich, quartz-calcite-chlorite veining has been discovered in the granitic intrusive rocks, which returned assay values up to 3% copper from outcrop. QA/QC protocols followed at the Valentine Gold Mine include the insertion of blanks and standards at regular intervals in each sample batch.