Calibre Mining Corp. (TSX-V: CXB) (the “Company” or “Calibre”) is
pleased to provide an update of the 2019 exploration and drilling
program on the Eastern Borosi Gold-Silver Project in Nicaragua (the
“Project”). Exploration and drilling on the Project is
currently being funded by Calibre’s joint-venture partner, IAMGOLD
Corporation (“IAMGOLD”).
Highlights
- 2019 drilling to date has included four holes (1,522 metres) at
La Luna and three holes (607 metres) at San Cristobal, of a planned
6,000 metre drill program
- Drilling has expanded the La Luna
and San Cristobal gold-silver zones with intercepts including:
Hole ID |
Target |
From (m) |
To (m) |
Length (m) |
Au (g/t) |
Ag (g/t) |
LL19-024 |
La Luna |
21.35 |
30.00 |
8.65 |
2.03 |
5.0 |
LL19-025 |
La Luna |
77.00 |
83.68 |
6.68 |
2.43 |
26.4 |
SC19-006 |
San Cristobal |
130.08 |
138.25 |
8.17 |
1.31 |
58.8 |
Notes:
- Intervals are core lengths; true width are estimated to be
80-90% of core lengths.
- Length weighted averages from uncut assays.
- See Table #2 for complete results.
President and CEO Greg Smith stated: “The first
quarter drilling results at the Eastern Borosi Project continue to
expand the discoveries at the San Cristobal and La Luna gold-silver
vein systems. Additional drilling in 2019 will test a series
of high priority drill targets with no previous drilling.”
2019 Exploration and Drilling
Program
The 2019 drilling program commenced in March
2019 and the first set of drill holes consist of follow-up drilling
on two successful high-grade discoveries from the fourth quarter of
2018 - San Cristobal and La Luna. To date in 2019 drilling
has included four holes (915 metres) at La Luna and three holes
(607 metres) at San Cristobal.
At La Luna, the follow-up drilling has tested
the lateral and vertical extensions of the Main Structure and
Sulfide Zone structure as well as one step out hole on a recently
defined additional anomaly. Drill hole LL19-024 intercepted a
strongly oxidized, argillic-altered mineralized andesite breccia
zone with minor quartz fragments between 21.35 and 30.00m (8.65m)
with results of 8.65m grading 2.03 g/t Au and 5.0 g/t Ag including
25.08-28.80m (3.72m) grading 4.59 g/t Au and 10.45 g/t Ag.
Drill hole LL19-025 (La Luna) intercepted two structures; the
first zone between 77.00-83.68m (6.68m) consists of well
mineralized tectonic breccia with quartz vein fragments along with
a 2.28m wide quartz-carbonate vein breccia with result of 6.68m
grading 2.43 g/t Au and 26.4 g/t Ag including 2.28m grading 5.0 g/t
Au and 51.46 g/t Ag.
At San Cristobal, the follow-up drilling
includes along-strike and down-dip step outs spaced at
approximately 75 metre centers. SC19-006 intercepted the
principal structure between 130.08-138.25m (8.17m) grading 1.33 g/t
Au and 58.8 g/t Ag. The structure contained a mix of
mineralized andesite breccia with strong argillic and propylitic
alteration and quartz-carbonate vein breccia with blebs and remnant
bands of dark-grey to black sulphide including pyrite, galena and
sphalerite.
Additional drilling is planned for the first
half of 2019 on the Riscos de Oro SW extension target,
approximately one kilometre south-west of the Riscos de Oro
Deposit, part of a more than four kilometer trend, where previous
soil and rock geochemistry, trenching, and linear topographic
features provide a priority drill target.
The 2019 exploration and drilling program
includes plans to complete an estimated 6,000 metres of diamond
drilling, concurrent with target generative and advancement
work. The drilling metres are projected to be evenly split
between follow-up drilling and first pass discovery drilling.
In addition to the drilling, generative exploration is underway,
including targeted soil sampling and surface rock sampling, over
areas where previous work outlined anomalous gold and silver often
associated with base metals. The results of the first
six months will be reviewed and priority targets tested with first
pass, discovery oriented, drilling in the second half of 2019.
IAMGOLD / Calibre – Eastern Borosi
Project A 2018 resource estimate for the Project (see news
release dated April 3, 2018) by Roscoe Postle Associates Inc.
estimated an Inferred Mineral Resource totaling 4.42M tonnes
grading 5.72 g/t AuEq (4.93 g/t Au and 80 g/t Ag) containing
812,000 ounces AuEq. Exploration to date has outlined
kilometres of highly prospective mineralized structures located in
a historic gold-silver mining district.
IAMGOLD has completed the First Option having
made US$450,000 in payments to Calibre and completed US$5 million
in expenditures and has earned a 51% interest in the Project.
IAMGOLD has entered the Second Option with the right to earn
a further 19% in the Project (by completing additional cash
payments totalling US$450,000 and further exploration expenditures
totaling US$5 million) having paid the first and second
installments of US$150,000 each and funding the on-going 2019 work
program. The total potential investment by IAMGOLD to earn a
70% interest in the Project is US$10.9 million.
Calibre Mining Best
PracticeCalibre is committed to best practice standards
for all exploration, sampling and drilling. Drilling was
completed by independent firm Continental Drilling.
Analytical quality assurance and quality control includes the
systematic insertion of blanks, standards and duplicates.
Samples are placed in sealed bags and shipped directly to Bureau
Veritas Lab in Managua, Nicaragua for sample preparation and then
to Vancouver, Canada for 50 gram 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 owns a 100% interest in over
518 km2 of mineral concessions in the Mining Triangle of Northeast
Nicaragua including the Primavera Gold-Copper Project and Santa
Maria Gold Project. Additionally, the Company has optioned to
IAMGOLD (176 km2) and is party to a joint venture on the 33.6 km2
Rosita D gold-copper-silver project with Rosita Mining Corporation
and Century Mining. Calibre’s resources total 2.44 million
AuEq ozs of Inferred Resources in four deposits on the Borosi
gold-silver projects – see web site for details. Major
shareholders of Calibre include gold producer B2Gold Corp, Lukas
Lundin and management.
Calibre Mining Corp.
“Greg Smith”
Greg Smith,
P.Geo.President and CEO
For further information contact:Ryan King604
628-1012www.calibremining.com
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.
Cautionary Note Regarding Forward
Looking Statements
This news release contains certain
forward-looking statements. Any statements that express or involve
discussions with respect to predictions, expectations, beliefs,
plans, projections, objectives, assumptions or future events or
performance (often, but not always, using words or phrases such as
“expects” or “does not expect”, “is expected”, “anticipates” or
“does not anticipate” “plans”, “estimates” or “intends” or stating
that certain actions, events or results “ may”, “could”, “would”,
“might” or “will” be taken, occur or be achieved) are not
statements of historical fact and may be “forward-looking
statements”. Forward-looking statements are subject to a
variety of risks and uncertainties which could cause actual events
or results to materially differ from those reflected in the
forward-looking statements.
Safe Harbor Statement under the United
States Private Securities Litigation Reform Act of 1995:
Except for the statements of historical fact contained herein, the
information presented constitutes “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act
of 1995. Such forward-looking statements including but not
limited to those with respect to the price of gold, potential
mineralization, reserve and resource determination, exploration
results, and future plans and objectives of the Company involve
known and unknown risks, uncertainties and other factors which may
cause the actual results, performance or achievement of Calibre to
be materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements. There can be no assurance that such statements
will prove to be accurate as actual results and future events could
differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on
forward-looking statements.
Hole ID |
Target |
From m |
To m |
Length (m) |
Au (g/t) |
Ag (g/t) |
LL19-024 |
La Luna |
21.35 |
30.00 |
8.65 |
2.03 |
4.97 |
|
|
86.50 |
89.17 |
2.67 |
0.22 |
1.29 |
LL19-025 |
La Luna |
77.00 |
83.68 |
6.68 |
2.43 |
26.40 |
|
|
96.95 |
98.45 |
1.50 |
2.58 |
3.44 |
|
|
126.57 |
131.50 |
4.93 |
0.34 |
2.30 |
LL19-026 |
La Luna |
35.28 |
53.68 |
18.40 |
0.33 |
0.29 |
including |
|
35.28 |
43.52 |
8.24 |
0.58 |
0.46 |
|
|
88.75 |
90.75 |
2.00 |
0.53 |
4.33 |
LL19-027 |
La Luna |
53.00 |
63.82 |
10.82 |
0.25 |
3.60 |
including |
|
57.72 |
60.43 |
2.71 |
0.59 |
4.74 |
|
|
204.35 |
226.65 |
22.30 |
0.26 |
0.42 |
SC19-006 |
San Cristobal |
130.08 |
138.25 |
8.17 |
1.31 |
58.76 |
SC19-007 |
San Cristobal |
131.38 |
132.58 |
1.20 |
0.37 |
6.13 |
|
|
174.88 |
178.26 |
3.38 |
0.02 |
5.20 |
SC19-008 |
San Cristobal |
50.32 |
52.92 |
2.60 |
0.10 |
1.92 |
|
|
169.27 |
172.60 |
3.33 |
0.09 |
7.55 |
Notes: - see notes
under Table #1.
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