Calibre and B2Gold Initiate Trenching Program on the Minnesota Gold-Copper Project, Borosi Concessions, Nicaragua
February 18 2014 - 9:15AM
Marketwired
Calibre and B2Gold Initiate Trenching Program on the Minnesota
Gold-Copper Project, Borosi Concessions, Nicaragua
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb 18, 2014) -
Calibre Mining Corp. (TSX-VENTURE:CXB) (the "Company" or "Calibre")
is pleased to announce results from follow-up rock and soil
sampling at the Minnesota gold-copper project within the B2Gold
Corp. ("B2Gold") (TSX:BTO)(NYSEMKT:BTG) Joint Venture on the Borosi
concessions, northeast Nicaragua. Calibre controls a 49% interest
in the joint venture and B2Gold has a 51% interest and is project
operator. As announced on October 9th, 2013 Calibre has executed a
Definitive Joint Venture Agreement with B2Gold that grants B2Gold
the right to earn an additional 19% in the Borosi concessions joint
venture by spending $6 million in additional project expenditures
over three years. Each 12 months of the option B2Gold must complete
a minimum $1.5 million of exploration and development expenditures
on the property.
At least four new trenches totaling 400 linear metres will be
excavated at prioritized locations along the Minnesota gold trend.
The primary goal of the trenching program will be to expand on the
mineralization observed at channel sample locations MNTR13-001 (7.5
metres grading 3.93 g/t Au) and MNTR13-002 (9.2 metres grading 4.17
g/t Au) located in the centre of the eastern 500 metre x 250 metre
gold and copper soil anomaly. In addition to the trenching program
the existing soil grid will be expanded to the east to follow-up on
the highly anomalous soil samples collected in the recent test pits
(PR13S2221 - 2.40 g/t Au).
Recent Minnesota Project Rock and Soil assay results
include:
Prospect |
Sample ID |
Sample Type |
Au (g/t) |
Minnesota |
P13R0755 |
Rock |
28.90 |
Minnesota |
P13R0653 |
Rock |
3.69 |
Minnesota |
P13R0828 |
Rock |
3.08 |
Minnesota |
P13R0744 |
Rock |
2.98 |
Minnesota |
P13R0664 |
Rock |
2.24 |
Minnesota |
P13R0858 |
Rock |
1.35 |
Minnesota |
PR13S2221 |
Soil |
2.40 |
Minnesota |
PR13S2199 |
Soil |
1.79 |
Minnesota |
PR13S2210 |
Soil |
0.90 |
Minnesota |
PR13S2217 |
Soil |
0.59 |
Minnesota |
PR13S2324 |
Soil |
0.34 |
|
-
Soil samples collected at a range of depth in 2m x 2m x 2m
exploration test pits |
Greg Smith, President and CEO of Calibre stated: "The recent
high grade rock and soil sample results from Minnesota continue to
emphasize the strong nature of gold mineralization on the property.
Step-out sampling and geologic mapping has identified multiple
targets along the two kilometre gold trend which will be
investigated by trenching. Given the encouraging results from the
previous channel sampling program and the widespread nature of gold
mineralization on the Minnesota project we look forward to the
current trenching program expanding the potential of this
gold-copper system."
Previous channel sampling assay results along the Minnesota
trend include: 9.20 metres grading 4.17 g/t Au (MNTR13-002), 7.50
metres grading 3.93 g/t Au (MNTR13-001), 6.40 metres grading 5.56
g/t Au (BRTR11-044), 8.00 metres grading 6.35 g/t Au (BRTR11-047),
12.80 metres grading 1.27 g/t Au (BRTR11-057), 6.00 metres grading
2.12 g/t Au (BRTR11-054), and 4.65 metres grading 1.51 g/t Au
(BRTR11-053).
The Minnesota target area consists of a favourable multi-phase
intrusive centre with peripheral epithermal vein sets and
widespread alteration. The target is defined by a strong 1.75
kilometre x 1.25 kilometre gold and copper soil anomaly and has
considerable gold endowment as indicted by the abundant small-scale
artisanal gold miners that are active in the Minnesota region.
The Minnesota gold-copper project is located 20 kilometres
northwest of the Primavera gold-copper project where a
B2Gold/Calibre drill program intersected significant porphyry-style
gold-copper mineralization including: 261.70 metres grading 0.78
g/t Au, 0.30% Cu (PR-11-002) and 172.35 metres grading 0.48 g/t Au
and 0.24% Cu (PR-12-008). The Minnesota area was selected as a high
priority target during regional evaluation of the entire Borosi
Joint Venture area.
Updated maps detailing the result of the current exploration
program at the Minnesota Gold/Copper Project will be posted on the
Company's web site at www.calibremining.com.
Quality assurance and quality control procedures include the
systematic insertion of blanks, standards and duplicates into the
rock and soil sample strings. Samples are placed in sealed bags and
shipped directly to Acme Labs in Managua, Nicaragua for sample
preparation and then to Acme Labs in Vancouver, Canada for gold
fire assay and ICP-MS multi element analyses. The technical content
in this news release was read and approved by Gregory Smith, P.Geo,
President and CEO of the Company who is the Qualified Person as
defined by NI 43-101.
About Calibre Mining Corp.
Calibre controls a 100% interest in 429 km2 of mineral
concessions and additionally, Calibre has joint venture exploration
programs underway with B2Gold Corp. on 322.3 km2 of concessions
which include the Primavera gold-copper porphyry discovery and
Alder Resources Ltd. on the 33.6 km2 Rosita gold-copper-silver
project. Major shareholders of Calibre include gold producer B2Gold
Corp.
Calibre Mining Corp.
Greg Smith, P.Geo., President and CEO
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Calibre Mining Corp.Ryan King604
628-1012www.calibremining.com
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