Leprechaun Open Pit Ore Control Drilling Increases Confidence and adds 30% Contained Gold versus the 2022 Reserve Model At the Valentine Gold Mine in Newfoundland and Labrador, Canada
Darren Hall, President and Chief Executive Officer of Calibre, stated: 'I am very encouraged to report that Calibre's Leprechaun open pit ore control drilling confirms grade and adds tonnage resulting in a 30% increase in contained gold compared to the Mineral Reserve. Importantly, the grade distribution as seen in Table 1 indicates that applying a higher cut-off grade will result in processing higher grade material. At a 0.70 g/t cutoff, the reserve model estimated 660kt at 2.02 g/t whereas the ore control model, for a similar tonnage, results in 18% higher grade by increasing the cutoff to 1.0 g/t. This is an extremely positive result which could result in increased metal production while simultaneously extending mine life.
I am also pleased to report that Valentine construction is going well, with strong progress on structural, mechanical, and piping activities in the grinding, reagents and gold room areas. Additionally, we have advanced pre commissioning at the crusher and various e-rooms. There are no changes to Valentine's fully funded initial project capital cost of C$744 million and we remain on track to deliver first gold during Q2 2025.'
Table 1 Ore Control Block Model vs 2022 Mineral Reserve by Grade (For benches 386 – 350)
Ore Control Block Model 2022 Mineral Reserve Percent Difference
Cut-off
(g/t Au)
Tonnes
Grade
(g/t Au)
Ounces
Cut-off
(g/t Au)
Tonnes
Grade
(g/t Au)
Ounces Tonnes
Grade
(g/t Au)
Ounces
> 1.50 407,259 3.20 41,855 > 1.50 207,205 3.46 30,055 40 % -8 % 33 %
1.00 – 1.49 258,199 1.21 10,078 1.00 – 1.49 200,451 1.21 7,798 25 % 0 % 26 %
0.70 – 0.99 266,690 0.84 7,244 0.70 – 0.99 188,857 0.83 5,050 34 % 2 % 36 %
0.38 – 0.69 483,982 0.52 8,154 0.38 – 0.69 395,729 0.53 6.691 20 % 0 % 20 %
> 0.38 1,416,129 1.48 67,330 > 0.38 1,055,242 1.46 49,593 29 % 1 % 30 %
>1.00 665,458 2.43 51,933 >0.70 659,513 2.02 42,902 1 % 18 % 19 %
Table 2 Ore Control Block Model vs 2022 Mineral Reserve by Bench (above 0.38 g/t, i.e. the ore / waste cutoff)
Bench Ore Control Block Model 2022 Mineral Reserve Percent Difference
Tonnes Grade (g/t Au) Ounces Tonnes
Grade
(g/t Au)
Ounces Tonnes Grade (g/t Au) Ounces
386 42,639 1.32 1,812 35,162 1.14 1,293 19 % 14 % 33 %
380 161,570 1.41 7,345 131,876 1.27 5,372 20 % 11 % 31 %
374 329,331 1.50 15,864 231,801 1.34 10,002 35 % 11 % 45 %
368 289,817 1.49 13,904 221,084 1.68 11,968 27 % -12 % 15 %
362 261,075 1.61 13,553 203,766 1.79 11,758 25 % -11 % 14 %
356 159,771 1.50 7,692 111,145 1.56 5,563 36 % -4 % 32 %
350 171,927 1.30 7,160 120,407 0.94 3,637 35 % 32 % 65 %
Total 1,416,129 1.48 67,330 1,055,242 1.46 49,593 29 % 1 % 30 %
The tables above demonstrate the correlation between the ore control block model, supported by the closer spaced 9 x 9 metre drilling, and the 2022 Mineral Reserve Block Model from the Feasibility Study1. The comparison was carried out on 7.9 million tonnes of material extending from the current topography to bench 350 on blocks within 9 metres of RC drilling using 6 x 6 x 6 metre block sizes. For the 2022 Mineral Reserve Block Model, blocks flagged as Proven & Probable are reported. For the Ore Control Block Model, a similar method was used to delineate ore vs. waste, respecting a minimum mining width of six metres and a minimum grade of 0.38 g/t gold. The RC drilling is a component of the Company's standard mining approach.
Footnotes:
Refer to the 'Valentine Gold Project NI 43-101 Technical Report and Feasibility Study, Newfoundland & Labrador, Canada' dated November 30, 2022 and found on the Calibre website at www.calibremining.com and on SEDAR+ at www.sedarplus.ca .
Quality Assurance/Quality Control
QA/QC protocols followed at the Valentine Gold Mine for the RC ore control drilling include the insertion of blanks and standards at regular intervals in each sample batch. RC drillhole cuttings are cone split at the rig to nominally 2.5 kg samples, shipped to the SGS facility in Grand Falls-Windsor for preparation, split to 1 kg, and then shipped to SGS Burnaby, BC. for gold analysis by the LeachWELL method. Since the construction of the onsite lab, samples collected at the RC rig are sent to this lab. Once received, samples are dried in the oven and riffle split down to 1 kg after 3 recombination's in the riffle splitter. The 1 kg sample is then pulverized and undergoes the LeachWELL procedure before being analyzed using ICP-OES.
Qualified Person
The scientific and technical information contained in this news release was approved by David Schonfeldt P.GEO, Calibre Mining's Corporate Chief Geologist and a 'Qualified Person' under National Instrument 43-101.
About Calibre
Calibre is a Canadian-listed, Americas focused, growing mid-tier gold producer with a strong pipeline of development and exploration opportunities across Newfoundland & Labrador in Canada, Nevada and Washington in the USA, and Nicaragua. Calibre is focused on delivering sustainable value for shareholders, local communities and all stakeholders through responsible operations and a disciplined approach to growth. With a strong balance sheet, a proven management team, strong operating cash flow, accretive development projects and district-scale exploration opportunities Calibre will unlock significant value.
ON BEHALF OF THE BOARD
'Darren Hall'
Darren Hall, President & Chief Executive Officer
For further information, please contact:
Ryan King
SVP Corporate Development & IR
T: 604.628.1012
Calibre's head office is located at Suite 1560, 200 Burrard St., Vancouver, British Columbia, V6C 3L6.
Cautionary Note Regarding Forward Looking Information
This news release includes certain 'forward-looking information' and 'forward-looking statements' (collectively 'forward-looking statements') within the meaning of applicable Canadian securities legislation. All statements in this news release that address events or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are identified by words such as 'expect', 'plan', 'anticipate', 'project', 'target', 'potential', 'schedule', 'forecast', 'budget', 'estimate', 'assume', 'intend', 'strategy', 'goal', 'objective', 'possible' or 'believe' and similar expressions or their negative connotations, or that events or conditions 'will', 'would', 'may', 'could', 'should' or 'might' occur. Forward-looking statements necessarily involve assumptions, risks and uncertainties, certain of which are beyond Calibre's control. For a listing of risk factors applicable to the Company, please refer to Calibre's annual information form ('AIF') for the year ended December 31, 2023, its management discussion and analysis for the year ended December 31, 2023 and other disclosure documents of the Company filed on the Company's SEDAR+ profile at www.sedarplus.com.
Calibre's forward-looking statements are based on the applicable assumptions and factors management considers reasonable as of the date hereof, based on the information available to management at such time. Calibre does not assume any obligation to update forward-looking statements if circumstances or management's beliefs, expectations or opinions should change other than as required by applicable securities laws. There can be no assurance that forward-looking statements will prove to be accurate, and actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements. Accordingly, undue reliance should not be placed on forward-looking statements.
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As part of its annual planning cycle, the Company has reassessed the growth opportunities available within its portfolio with the approach of optimising the portfolio rather than focussing on fixed investment targets for each asset. 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ASX/TSX CODE: PRUCAPITAL STRUCTURE:Ordinary shares: 1,350,988,737Performance rights: 9,328,134REGISTERED OFFICE:Level 2437 Roberts RoadSubiaco WA 6008Telephone: +61 8 6144 DIRECTORS:Rick MenellNon-Executive ChairmanJeff QuartermaineManaging Director & CEO Amber BanfieldNon-Executive DirectorElissa CorneliusNon-Executive DirectorDan LougherNon-Executive DirectorJohn McGloinNon-Executive DirectorJames RutherfordNon-Executive Director CONTACTS:Jeff QuartermaineManaging Director & FormanInvestor Relations+61 484 036 RyanMedia+61 420 582 These estimates including the tables set out below have been prepared by Orca in accordance with Canadian National Instrument 43-101 standards and have not been reported in accordance with the JORC Code. 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TORONTO, Aug. 20, 2025 /CNW/ - Argo Corporation ("Argo" or the "Company") (TSXV: ARGH), (OTCQX: ARGHF), a leader in next-generation transit solutions, is pleased to announce the completion of the distribution of Preferred Shares, Series A of Argo (the "Series A Preferred Shares") under its previously announced special stock dividend (the "Stock Dividend") and the conversion by the holders thereof, of all of its outstanding 12.0% secured convertible debentures previously issued via private placement (the "Debentures") into units of the Company ("Units"). Special Stock Dividend Argo has completed the distribution of its Series A Preferred Shares under its previously announced Stock Dividend today (the "Distribution Date"). Pursuant to the Stock Dividend, all of the Company's holders of common shares (the "Common Shares") were entitled to receive one Series A Preferred Share for each Common Share held. The Common Shares started trading on a "due-bill" basis at the opening of trading on August 13, 2025 (the "Record Date") and will commence trading on an "ex-distribution" basis (i.e., without the entitlement to receive the Stock Dividend) at the opening of markets on August 21, 2025, the first trading day following the Distribution Date. A due bill attached to each Common Share between the opening of markets on the Record Date and the close of markets on the Distribution Date (the "Due Bill Period"). During the Due Bill Period, any seller of Common Shares was deemed to sell and assign the right to the Stock Dividend to the purchaser of such Common Shares. Accounts for registered shareholders and beneficial shareholders (i.e., those who hold Common Shares through an intermediary) have been, or will be, credited with the Series A Preferred Shares on or about the Distribution Date. The complete rights, privileges, restrictions and conditions attaching to the Series A Preferred Shares are set out in the articles of amendment of the Company, which are available under the Company's SEDAR+ profile on Conversion of the Debentures and Early Warning Reporting Disclosure As previously announced by Argo on February 8, 2024, the Company issued the Debentures in an aggregate principal amount of $3,536,400 through a private placement. Each Debenture was convertible into Units at a conversion price of $0.06 per Unit, at the sole option of the holder, any time following the completion of a transaction satisfactory to the holder of such Debenture resulting in the distribution of the shares of FoodsUp Inc. owned by the Corporation, or the value related thereto, to its shareholders. Each Unit consists of one Common Share and one common share purchase warrant (each, a "Warrant"). Each Warrant is exercisable into one Common Share at the exercise price of $0.06 per Warrant at any time prior to February 8, 2026, subject to certain adjustments and acceleration provisions. An aggregate of 58,939,998 Units (consisting of 58,939,998 Common Shares and 58,939,998 Warrants) were issued in connection with the conversion of the Debentures (the "Conversion"). Following the Conversion, there are 197,623,000 Common Shares issued and outstanding, with an additional 58,939,998 issuable upon exercise of the Warrants. In connection with the Conversion, certain holders of Debentures will file early warning reports in respect of their ownership of Common Shares and securities convertible or exercisable into Common Shares. The head office of Argo is located at 101-545 King Street West, Toronto, Ontario, Canada, M5V 1M1. Copies of the early warning reports will be available on SEDAR+. As part of the Conversion, Praveen Arichandran converted his Debenture in the principal amount of $1,091,017.00 held indirectly by Mr. Arichandran through Arichandran Investments Inc. ("Investco"). Investco's address is 66 Wellington Street West, Suite 5300, Toronto, Ontario, Canada, M5K 1E6. Mr. Arichandran indirectly acquired 18,183,616 Units at a conversion price of $0.06 per Unit. Immediately before the Conversion, Mr. Arichandran owned 3,448,493 Common Shares and 3,323,616 restricted share units of Argo ("RSUs"), with each RSU convertible into one Common Share in accordance with the amended and restated omnibus long-term incentive plan of Argo, representing approximately 4.77% of the issued and outstanding Common Shares on a partially-diluted basis (assuming the conversion of all of Mr. Arichandran's RSUs). Immediately after the Conversion, Mr. Arichandran, directly or indirectly through Investco, owns 21,632,109 Common Shares, 3,323,616 RSUs and 18,183,616 Warrants, representing approximately 19.69% of the issued and outstanding Common Shares on a partially-diluted basis (assuming the conversion or exercise, as applicable, of all of Mr. Arichandran's RSUs and Warrants). The securities of Argo owned by Mr. Arichandran are held for investment purposes. Depending on various factors Mr. Arichandran may deem relevant, including, without limitation, market conditions, general economic and industry conditions, and the business and financial conditions of Argo, Mr. Arichandran may take such actions from time to time with respect to its investment in Argo as he deems appropriate. As part of the Conversion, Qamar Qureshi converted his Debenture in the principal amount of $1,091,017.00 held indirectly by Mr. Qureshi through ESG Holdings Inc. ("ESG"). ESG's address is 66 Wellington Street West, Suite 5300, Toronto, Ontario, Canada, M5K 1E6. Mr. Qureshi indirectly acquired 18,183,616 Units at a conversion price of $0.06 per Unit. Immediately before the Conversion, Mr. Qureshi owned 1,673,258 Common Shares and 3,323,616 RSUs, with each RSU convertible into one Common Share in accordance with the amended and restated omnibus long-term incentive plan of Argo, representing approximately 3.52% of the issued and outstanding Common Shares on a partially-diluted basis (assuming the conversion of all of Mr. Qureshi's RSUs). Immediately after the Conversion, ESG transferred its 18,183,616 Warrants in a private transaction. Thereafter, Mr. Qureshi, directly or indirectly through ESG, owns 19,856,874 Common Shares and 3,323,616 RSUs, representing approximately 11.54% of the issued and outstanding Common Shares on a partially-diluted basis (assuming the conversion of all of Mr. Qureshi's RSUs). The securities of Argo owned by Mr. Qureshi are held for investment purposes. Depending on various factors Mr. Qureshi may deem relevant, including, without limitation, market conditions, general economic and industry conditions, and the business and financial conditions of Argo, Mr. Qureshi may take such actions from time to time with respect to its investment in Argo as he deems appropriate. About Argo Argo delivers the first-ever vertically and publicly integrated city transit system, designed to augment public transportation and create a network of intelligently routed vehicles that work together to serve and scale to the needs of entire cities, putting people in control of their mobility. You can learn more at Praveen Arichandran, CEOArgo Corporation(800) 575-7051 Forward-Looking Information Certain information set out in this news release constitutes forward-looking information within the meaning of applicable securities laws. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "hope", "plan", "continue", "estimate", "expect", "may", "will", "intend", "could", "might", "should", "scheduled", "believe" and similar expressions. Although the forward-looking information contained in this news release is based upon what management of Argo believes are reasonable assumptions on the date of this news release, Argo cannot assure readers that actual results will be consistent with such forward-looking information. Forward-looking information involves substantial known and unknown risks, uncertainties and other factors which cause actual results to vary from those expressed or implied by such forward looking information, including without limitation those risks and uncertainties described in more detail in Argo's securities filings available at Forward-looking information should not be read as a guarantee of future performance or results, and will not necessarily be an accurate indication of whether or not such results will be achieved. The forward-looking information contained in this news release is provided as of the date hereof. Argo disclaims any intention or obligation to update or publicly revise any forward–looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws. All forward-looking information contained in this news release is expressly qualified in its entirety by the foregoing cautionary statements. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. SOURCE ARGO CORPORATION View original content to download multimedia:
