Before the drilling was started in Q4 of 2019, the deposit had been tested only 120 m along strike and to a depth of 115 m from the surface. The focus of present drilling is to outline a specified resource across the deposit’s down plunge projection and to test prospects along strike and at depth to the southeast.
Ball continued, “As part of our ‘hub-and-spoke’ approach to maximizing value from our consolidated operations, Panteon would be ideal feed source for our Libertad mill, which currently has significant excess processing capacity.”
The location of the Panteon deposit is about 150 m west of the Santa Pancha underground mine. In total, 2,625 m has been drilled by Calibre in 12 holes, with the focus on a 75 m x 150 m section of thickening along the vein and its prospective extension at depth. Drilling so far has investigated this section over a vertical range of 115 to 175 m depth from the surface.
The outcomes of this drilling, together with earlier drilling by B2Gold, are being added to a new mineral resource estimate that will offer the basis for a development decision. At present, no mineral resources have been reported for Panteon.
Mining on the Panteon vein was performed from 1965 to 1992, up to a depth of 115 m from the surface. The deposit was previously accessed with the help of a shaft, which now serves as ventilation for the Santa Pancha underground mine. Mine planning is now in progress to access Panteon through an underground decline from current Santa Pancha infrastructure.
Limon Exploration Program Update
The focus of the present exploration program will be on opportunities for resource expansion along the main Limon vein systems, and also at Panteon and other potential targets in the wider Limon district. Since commercial production was started in 1941, the Limon district has synthesized approximately 3.5 million ounces of gold.
As of December 31st, 2019, Calibre announced specified mineral resources amounting to 11.1 million tons averaging 2.23 g/t gold, comprising 793,000 ounces of gold, and inferred resources amounting to 4.5 million tonnes averaging 5.29 g/t gold, comprising 771,000 ounces of gold.