Calibre Mining Corp. (‘Calibre' or the ‘Company') to report previously unreleased results from the remaining nine core holes completed during previous exploration programs at the newly acquired, 100% owned Gold Rock project (‘Gold Rock') in Nevada, USA. These holes were part of a larger reverse circulation (‘RC') and core program, but assays have only recently become available due to COVID-19-related delays in processing and assays.

The federally permitted Gold Rock project is located approximately 20 kilometres southeast of the Pan mine. In April 2020 a PEA was completed, providing an updated mineral resource estimate and a base case developing Gold Rock as a satellite open pit operation. The PEA demonstrates that Gold Rock is an economically viable project and identified several opportunities to enhance the project economics including additional drilling surrounding the mineral resource zones to improve geological model understanding and increase the mineral resource, further metallurgical testing aimed at improving recoveries and geotechnical drilling to better understand pit angles.

Since the PEA important progress has been made including technical studies, column leach metallurgical testing with results expected during the first quarter of this year, and RC, HQ and PQ drilling. Since the announcement of the PEA in April 2020 over 42,000 metres of RC, HQ and PQ drilling has been completed. Numerous highlight intercepts have been announced demonstrating the potential to expand resources as some of the results extend beyond the previous mineral resource pit boundaries, within the North and South resource pit designs.

In the case of the North pit, mineralization has been intercepted approximately 400 metres north which remains open for further expansion. Hole GR20-010 is located approximately 300 metres south of the North Pit resource between the North and South pits demonstrating the potential to connect the North and South pits. Drilling will continue across the property and within these pits to better understand the opportunity to pull together the zones into a single pit, make new discoveries and expand resources.

North Pit Resource Zone Highlight Drill Results include: 0.62 g/t gold over 15.5 m in hole GC20-009, 0.70 g/t gold over 40.3 m in hole GC20-019; 1.17 g/t gold over 42.7 m in hole GR20-110, 0.99 g/t gold over 18.3 m in hole GR21-001; 2.01 g/t gold over 45.7 m in hole GR21-002, 0.73 g/t gold over 10.7 m in hole GR20-010; 0.97 g/t gold over 41.2 m in hole GR20-027, 1.38 g/t gold over 19.8 m in hole GR20-038; 1.16 g/t gold over 18.3 m in hole GR20-051, 1.10 g/t gold over 19.8 m in hole GR20-029; 1.19 g/t gold over 18.3 m in hole GR20-065, 0.89 g/t gold over 33.5 m in hole GR20-036; 1.23 g/t gold over 16.8 m in hole GR20-021. South Pit Resource Zone Highlight Drill Results include: 2.85 g/t gold over 24.4 m in hole GC20-005, 0.79 g/t gold over 30.5 m in hole GR20-091; 2.17 g/t gold over 48.8 m in hole GR20-009, 1.41 g/t gold over 32.0 m in hole GR20-049; and 1.11 g/t gold over 38.1 m in hole GR20-068. During 2021, a new discovery was made 1.4 kilometres north of the North Pit trending toward the Jasperoid Creek target.

This is an area with very little previous drilling but with favorable geology and continued evidence of the EZ structure which is associated with gold mineralization at Gold Rock. A northeast trend of the primary EZ structure continues over a strike length of 16.5 kilometres of prospective geology, structure, and alteration with pervasive gold and pathfinder element anomalies in soil and rock samples. The PEA is preliminary in nature, that it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized.

Further, Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.