Calibre Provides Infill and Near-Mine Program Updates; Highlights Include Limon Open-Pit

Infill Drilling Highlights:

Panteon Underground Deposit

• 13.73 g/t Au over 3.9 metres Estimated True Width (“ETW”) from 277.9 to 284.4 metres in LIM-20-4467;
• 28.41 g/t Au over 6.8 metres ETW from 207.2 to 216.0 metres in LIM-20-4468;
• 4.86 g/t Au over 8.6 metres ETW from 151.5 to 164.6 metres; and
• 62.67 g/t Au over 4.0 metres ETW from 164.6 to 170.2 metres in LIM-20-4476.

Limon South Open Pit (Pozo Bono)

• 16.97 g/t Au over 12.2 metres ETW from 87.8 to 102.9 metres in LIM-20-4457; and
• 20.77 g/t Au over 1.2 metres ETW from 56.8 to 62.7 metres in LIM-20-4474.

Limon Central Open Pit

• 10.30 g/t Au over 2.9 metres ETW from 215.9 to 218.9 metres in LIM-20-4484; and
• 11.89 g/t Au over 23.6 metres ETW from 234.5 to 262.0 metres in LIM-20-4489.

Limon North Open Pit (Tigra/Chapparal)

• 5.09 g/t Au over 12.9 metres ETW from 196.3 to 209.5 metres in LIM-20-4471; and
• 5.28 g/t Au over 10.1 metres ETW from 190.2 to 201.1 metres in LIM-20-4462.

Jabali West Underground Deposit

• 8.80 g/t Au over 5.6 metres ETW from 175.1 to 181.5 metres in JB20-499; and
• 6.30 g/t Au over 7.6 metres ETW from 83.9 to 92.9 metres in JB20-509.
  
  

Resource Expansion & Exploration Drilling Results:

Panteon Underground Deposit

• 8.19 g/t Au over 3.7 metres ETW from 227.5 to 232.3 metres in LIM-20-4485.
  

Rosario Gold Prospect (Libertad)

• 2.34 g/t Au over 14.3 metres ETW from 208.2 to 226.5 metres in RS-20-052; and
• 7.96 g/t Au over 5.1 metres ETW from238.5 to 245.4 metres in RS20-060.

Nancite Gold Prospect (Libertad)

• 17.26 g/t Au over 1.5 metres from 132.3 to 134.3 metres and 5.02 g/t Au over 2.8 metres from 185.5 to 189.3 metres in NA20-010.
  

Russell Ball, Chief Executive Officer of Calibre stated: “The infill program continues to deliver results ahead of our expectations, with higher than expected grades and broader widths in the case of Panteon underground and the Limon open-pits. With the infill drilling program complete, we recently transitioned to resource expansion drilling. The Panteon underground deposit continues to deliver strong results and we expect the deposit to grow to the southeast.”

Calibre’s integrated infill, resource expansion and first pass exploration drilling program continues with 16 diamond drill rigs at the Limon and Libertad operations and the Pavon project. The results discussed below represent a combination of (i) 7,894 metres of infill drilling from the Limon open pits, Panteon underground and Jabali West underground deposits, and (ii) 13,779 metres of resource expansion and exploration drilling at the Panteon underground and Limon North (Tigra/Chaparral) prospects at Limon, as well as at Jabali West underground, and the Rosario, Tranca, Nancite and Escandalo prospects at Libertad.

Panteon Underground Deposit

Following up on earlier 2020 drill results, which confirmed the relative positions of two parallel high-grade shoots along the southern extension of the Panteon vein system, the Company completed infill drilling on the two zones returning strong gold grades over broad, mineable widths:

• LIM-20-4476 intercepted 62.67 g/t Au over 4.0m ETW, approximately 30m above LIM-20-4468; and
• LIM-20-4468 intercepted 28.41 g/t Au over 6.8m ETW, outlining a particularly high-grade zone within 20 meters of historic mine workings (see news release figures link below).

Following the completion of infill drilling, the focus shifted to resource expansion drilling to test the potential for mineralization down-plunge and along strike to the southeast. The initial step out hole (LIM-20-4485) intercepted 8.19 g/t Au over 3.7 metres extending the southern shoot approximately 40 metres to the southeast (see drill results news release announced April 9, 2020) and (drill results news release September 15, 2020).

Calibre is continuing to drill the Panteon vein system along strike to the southeast toward its projected intersection with the Santa Pancha vein system. The Santa Pancha underground mine is located approximately 150 metres east of the Panteon vein system. Over the past ten months, Calibre has been advancing underground development to the Panteon vein system to mine ore starting in the first quarter of 2021.

On June 3, 2020, Calibre announced a maiden resource estimate at Panteon which contained an Indicated Mineral Resource of 90,000 tonnes at an average grade of 9.88 g/t Au for 29,000 contained gold ounces, and additional Inferred Mineral Resources of 303,000 tonnes at an average grade of 6.79 g/t Au for 66,000 contained gold ounces (for additional details see news release here).

Limon Open Pit Deposits (Limon Central, Pozo Bono and Tigra-Chaparral)

Infill drilling continues to confirm the continuity of gold grades along the Limon vein system, which hosts a series of near-surface, open-pit mineral resources along a northwesterly trend in excess of two kilometres. Infill drilling to upgrade resources from Inferred to Indicated classification in each of the deposits has returned results above expectations. Examples include:

• Drilling below the active Limon Central open-pit reserve intercepted 7.9 metres ETW grading 3.24 g/t Au (LIM-20-4478) and 23.6 metres ETW grading 11.89 g/t Au (LIM-20-4489);
• Approximately 750 metres to the south, drilling at the Pozo Bono deposit returned 16.97 g/t Au over 12.2 metres ETW (LIM-20-4457) and 20.77 g/t Au over 1.2 metres ETW (LIM-20-4474);
• Approximately one kilometer to the north, drilling at the Tigra-Chaparral deposit returned 10.1 metres ETW grading 5.28 g/t Au (LIM-20-4462) and 12.9 metres ETW grading 5.09 g/t Au (LIM-20-4471).
  

The combination of the above, along with previously reported results from the Limon Norte deposit, further underscore the robust character of near-surface gold mineralization along the Limon vein trend. With infill drilling along the trend completed, the focus of drilling has transitioned to testing resource expansion opportunities along strike and down-dip of the principal zones of high-grade mineralization.

As at December 31, 2019, the Limon Mine Complex included open-pit Probable Reserves of 1.4 million tonnes grading 4.25 g/t Au containing 195,000 ounces of gold. Additional open-pit mineral resources include Indicated resources totaling 0.5 million tonnes grading 4.29 g/t Au containing 62,000 ounces of gold (exclusive of mineral reserves), and Inferred resources totaling 3.8 million tonnes grading 5.49 g/t Au containing 679,000 ounces of gold (for additional details see news release here). Results of the combined infill and step-out exploration drilling will be integrated into an updated mineral resource estimate prepared as of December 31, 2020, with a data cut-off date of November 7, 2020.

Jabali West Underground Deposit (Libertad)

The Jabali West deposit is located directly below the Jabali Antena open-pit. Since the resumption of drilling in July, Calibre has completed 17 infill holes (2,600 metres), with highlights since the September 15 news release of:

• 8.80 g/t Au over 5.6 metres ETW from 175.1 to 181.5 metres (JB20-499); and
• 6.30 g/t Au over 7.6 metres ETW from 83.9 to 92.9 metres (JB20-509).

For a full list and location of results, please reference the drill hole table and figures link below.

Calibre is now advancing step-out drilling to test the potential to extend the resource which remains open down-plunge to the west.

Results of the combined infill and step-out exploration drilling will be integrated into an updated mineral resource estimate prepared as of December 31, 2020, with a data cut-off date of December 7, 2020.

As at December 31, 2019, the Jabali West Inferred Mineral Resource totaled 1.2 million tonnes averaging 7.87 g/t Au containing 315,000 ounces of gold (see Technical Report titled “The La Libertad Mine, Chontales Department, Nicaragua” available on SEDAR).

Nancite Prospect (Libertad)

The Nancite prospect follows a four kilometre east-west trending structure located approximately five hundred metres south, and parallel to, the Jabali vein trend. Since the resumption of drilling in July, Calibre has drilled an additional 11 holes (2,402 metres) of first pass exploration drilling focused on the upper 125 metres of a one kilometre section of the four kilometre east-west trending structure. Drill hole NA-20-010 intercepted 17.26g/t over 1.5m, the highest-grade intercept on the multi-kilometre trend to date. We are evaluating the results to determine whether future exploration work is warranted.

Rosario Prospect (Libertad)

The Rosario deposit is located six kilometres southwest of the Libertad mill and currently hosts an inferred resource of 260,000 tonnes averaging 2.08 g/t Au containing 17,000 ounces of gold. Calibre has completed 3,200 metres of step-out and infill drilling in 14 holes, 9 of which are reported here (see drill results news release September 15, 2020). Step-out drilling to expand the resource laterally and at depth has intercepted significant gold mineralization, including 7.96 g/t Au over 5.1m ETW (RS-20-060) and 2.34 g/t Au over 14.3m ETW (RS-20-052).

The Rosario deposit is localized along a major northeasterly trending structure that marks the northern margin of the Cosmotillo vein cluster. During the first quarter of 2020, Calibre initiated a comprehensive field and data review of legacy surface and drill hole data to better understand the relationship between structural controls to gold mineralization and related hydrothermal alteration at Libertad. This work resulted in the recognition of the Cosmotillo area as an eight-square kilometer zone of barren, silica-clay lithocap style alteration that characteristically overlies unexposed bonanza style epithermal gold mineralization similar to the vein systems at Jabali and Panteon. Calibre recently completed drilling a series of deeper exploration holes (approximately 150 metres below the current Rosario mineral resource) to test the potential for higher-grade, bonanza style gold mineralization at depth. Assay results are pending.

To view a PDF of the figures as referenced in this news release, please go to the following links:

Link 1 – PDF Figures

Link 2 – VRIFY 3D Images

Quality Assurance/Quality Control

Calibre maintains a Quality Assurance/Quality Control (“QA/QC”) program for all its exploration projects using industry best practices. Key elements of the QA/QC program include verifiable chain of custody for samples, regular insertion of certified reference standards and blanks, and duplicate check assays. Drill core is halved and shipped in sealed bags to Bureau Veritas in Managua, Nicaragua, an independent analytical services provider with global certifications for Quality Management Systems ISO 9001:2008, Environmental Management: ISO14001 and Safety Management OH SAS 18001 and AS4801. Prior to analysis, samples are prepared at Veritas' Managua facility and then shipped to its analytical facility in Vancouver, Canada. Gold analyses are routinely performed via fire assay/AA finish methods. For greater precision of high-grade material, samples assaying 10 g/t Au or higher are re-assayed by fire assay with gravimetric finish. Analyses for silver and other elements of interest are performed via Induction Coupled Plasmaspectrometry (“ICP”).

Qualified Person

The scientific and technical data contained in this news release has been reviewed and approved by Mark A. Petersen, P.Geo., VP Exploration, and a Qualified Person as defined by NI 43-101.

ON BEHALF OF THE BOARD

“Russell Ball”

Russell Ball, Chief Executive Officer

For further information, please contact:

Ryan King
Vice President, Corporate Development & IR
T: (604) 628-1012
E: calibre@calibremining.com
W: www.calibremining.com

About Calibre Mining Corp.

Calibre Mining is a Canadian-listed gold mining and exploration company with two 100%-owned operating gold mines in Nicaragua. The Company is focused on sustainable operating performance and a disciplined approach to growth.

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", "intend" 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 for the year ended December 31, 2019, available on www.sedar.com. This list is not exhaustive of the factors that may affect Calibre's forward-looking statements.

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.