"Drilling at Pan continues to demonstrate strong potential to upgrade and expand resources as we infill and step out along strike between past and active mining areas," Calibre's president and CEO Darren Hall said. 

"Three months into the Pan 2022 drill programme, the largest in over five years, I am encouraged by these results and believe we will grow the asset, leading to additional value optimisation opportunities," he added. 

The work involves a multi-rig, 50,000m drill programme, with Calibre recently leveraging its consolidated status to secure a single source drill provider contract, which secured rig availability and cost savings for the 2022 drilling. 

Canaccord Genuity Capital Markets analyst Michael Fairbairn called the results "positive" and said they underscore Pan's mineral prospectivity. 

"Results from today's announcement were impressive, in our view, and returned wide intercepts with grades frequently above Pan's current 0.42 grammes per tonne reserve grade and 0.48g/t global resource grade," Fairbairn said. 

"Many of the results also returned high-grade intercepts just outside the current mineral resource envelopes, indicating strong potential for future resource growth," he added. 

Calibre highlighted the following results:

Dynamite Target:

• 1.29g/t Au over 18.3m, including 2.17g/t Au over 9.1m in Hole PR21-053; drilled below the northern edge of known mineralisation suggesting the deposit remains open along strike;
• 1.46g/t Au over 9.1m, including 2.32g/t Au over 4.6m and 0.70g/t Au over 10.7m in Hole PR21-055; drilled in between known inferred material and below the current pit designs;
• Given continued drilling success, open-pit mineralisation demonstrates strong expansion potential.

Pegasus Target:

• 1.01g/t Au over 9.1m, including 1.41g/t Au over 4.6m in Hole PR21-047; drilled outside (down dip) of known inferred resources and adjacent to hole PR21-045, which intercepted 1.02g/t Au over 50.3m.

Dune Target:

• 0.95g/t Au over 15.2m includes 1.33g/t Au over 7.6m in Hole PR21-058; drilled in between known resource areas;
• 0.45g/t Au over 13.7m in Hole PR22-004; drilled at surface in between known inferred resources;
• 0.59g/t Au over 4.6m in Hole PR22-005; drilled at surface in an area with no current resources.

Black Stallion Target:

• 0.52g/t Au over 7.6m in Hole PR21-033; drilling in South Black Stallion upgrades and expands isolated pockets of mineralisation previously defined by wide spaced drilling;
• 0.75g/t Au over 25.9m in Hole PR21-040; confirms the presence of new mineralised breccia bodies well outside the Branham Fault Zone, the primary control for ore grade mineralisation.

Calibre acquired Fiore Gold on January 12, which added the Nevada Pan mine to its portfolio. 

The Toronto Stock Exchange-listed company's share price was quoted as C$1.54 (US$1.22) on April 12, which gave the company a market capitalisation of C$684.27 million.