Calibre Mining Corp. (TSX-V:CXB) (the “Company” or “Calibre”) is
pleased to announce the start of the 2017 drilling program on the
100% owned Primavera Gold-Copper Porphyry Project, Nicaragua.
Highlights
- The 2017 drilling program at Primavera has begun and will test
a series of high priority targets in two areas within the overall
Primavera Gold-Copper Porphyry District;1) NE Trend (2km x
1km area) extending northeast from the existing deposit, and2)
San Francisco Target (2km x 2km area) centered three
kilometres southeast of the Primavera deposit.
- This is the first drilling program at Primavera since 2012 and
will consist of approximately 45 Reverse Circulation drill holes
totaling 8200 metres. Drilling will in part be guided by a
series of recommendations made by Dr. Richard Sillitoe, one of the
world’s foremost porphyry experts, following his site visit and
evaluation in February 2017.
- The Primavera Gold-Copper Porphyry Deposit contains an Inferred
Resource at a 0.5 g/t AuEq cutoff of 45.0 million tonnes grading
0.84 g/t AuEq (0.54 g/t Au, 1.15 g/t Ag and 0.22 % Cu) containing
782,000 ounces of gold, 1.7 million ounces of silver and 219
million pounds of copper (1.2 million AuEq ounces).
- Numerous high priority drill targets prospective for further
gold-copper porphyry mineralization exist within the 5.0 kilometre
by 4.0 kilometre Primavera target area as defined by anomalous gold
and copper in rock and soil samples, magnetic and radiometric
geophysical anomalies, and targets where geological mapping has
identified porphyry style mineralization or alteration.
Greg Smith, President and CEO of Calibre stated:
“We are extremely excited to get back drilling on our flagship 100%
owned Primavera Gold-Copper Porphyry District. Calibre’s
exploration programs within the five km by four km Primavera target
area have identified numerous high priority geochemical,
geophysical, and geologic targets which highlight the potential for
further gold-copper porphyry discoveries within the Primavera
district. Porphyry gold-copper deposits tend to occur in
clusters and to date Calibre has discovered the first porphyry
deposit in Nicaragua that hosts a 1.2 million AuEq ounce
resource.”
The 2017 drill program is the first drilling
program at Primavera since 2012 and will consist of approximately
45 Reverse Circulation drill holes totaling 8200 metres. The
2017 drilling program at Primavera has begun and is testing a
series of high priority targets in two areas; 1) the NE Trend
covers an area 2km x 1km extending northeast from the existing
deposit, and 2) the San Francisco Target with an extent of 2km x
2km centered three kilometres southeast of the Primavera
deposit.
In February 2017 a site visit was completed by
one of the world’s foremost porphyry experts Dr. Richard
Sillitoe. Dr. Sillitoe’s extensive experience and insights
advanced the understanding of the Primavera Gold-Copper
deposit. Several of Dr. Sillitoe’s conclusions will have a
significant positive impact on the exploration programs going
forward and have been incorporated into the planned drill program
including; 1) the (Primavera) prospect has many similarities to
other gold-rich porphyry deposits, including a good Au/Cu
correlation, presence of abundant hydrothermal magnetite and a
molybdenum-rich halo to the gold-copper zone, 2) in view of the
widespread occurrence of porphyry copper deposits in district-scale
clusters and alignments, exploration needs to be focused on
assessment of nearby, untested areas, and 3) the proposed programme
of scout drilling of geochemical targets is considered the best
means of further appraising the district potential.
Recent surface rock sampling completed as part
of the field preparations for the RC drilling program have further
enhanced the drilling targets. Results includes high grade
gold and copper in two of four samples collected along the NE Trend
with samples collected 1.5 and 2.25 kilometres northeast of the
Primavera Deposit. Results including 4.09 g/t Au, 18.9 g/t
Ag, and 1.71 % Cu and a second sample returning 5.50 g/t Au.
The mineralized material consists of diorite hosted quartz breccia
and stockworks with chalcopyrite and bornite. No previous
drilling exists with one kilometre of these anomalous samples and
the upcoming program will include drill holes targeted in these
areas.
Primavera Au-Cu Porphyry Project – 100%
Calibre MiningThe Primavera Project zone consists of
classic porphyry style gold-copper mineralization. Porphyry
style mineralization is hosted within the volcanic and intrusive
rocks and associated with both potassic and propylitic
alteration. The chalcopyrite +/- bornite copper
mineralization is primarily hosted by a quartz veinlet stockwork
and overall sulphide content is quite low. Drilling
encountered intense zone of potassic alteration dominated by
potassium feldspar, biotite, and magnetite. In addition the
presence of sheeted and banded quartz-magnetite veins along with
the alteration and mineralization textures further confirmed the
potential for a gold-copper porphyry system. Primavera is the
first porphyry gold-copper project discovered in Nicaragua and the
mineralization remains open for expansion.
A maiden resource estimated in December 2016 for
the Primavera Gold-Copper Porphyry Deposit contains an Inferred
Resource at a 0.5 g/t AuEq cutoff of 45.0 million tonnes grading
0.84 g/t AuEq containing 782,000 ounces of gold, 1.7 million ounces
of silver and 219 million pounds of copper (1.2 million AuEq
ounces).
Inferred Resource at a cutoff of 0.5 g/t AuEq for
the Primavera Au-Cu Porphyry Deposit
tonnes |
Aug/t |
Agg/t |
Cu% |
AuEq |
Auozs |
Agozs |
CuLbs |
Au Eqozs |
44,974,000 |
0.54 |
1.15 |
0.22 |
0.84 |
782,000 |
1,661,000 |
218,670,000 |
1,200,000 |
Notes: CIM definition standards were
followed for the 2016 resource estimate which used Ordinary Krig
grade estimation within a three-dimensional block model with
mineralized zones defined by wireframed solids. A base cutoff
grade of 0.5 g/t AuEq was used for reporting resources.
Densities varied by material type and ranged from 2.4 for saprolite
to 2.71 for diorite and the volcanics. Numbers may not add
exactly due to rounding. Gold Equivalent (AuEq) calculated
using $1300/oz Au for gold, $2.40/lb for Copper, and $20.00/oz Ag
for silver. Mineral Resources that are not mineral reserves
do not have economic viability. The quantity and grade of
reported inferred resources in this estimation are uncertain in
nature and there has been insufficient exploration to define these
inferred resources as an indicated or measured mineral resource and
it is uncertain if further exploration will result in upgrading
them to an indicated or measured mineral resource category.
WSP 's resource estimate for Primavera is based on drill core assay
results from a total of 33 holes totaling 13,491 metres of drilling
and 52 trenches totaling 660.9 metres. Variograms were
generated for gold, copper and silver and search parameters
established for grade interpolation using kriging. All
details of the Resource Estimate are summarized in a National
Instrument 43-101 technical report available on SEDAR prepared by
Todd McCracken, P.Geo. of WSP, who is independent of Calibre and a
Qualified Person ("QP") as defined by Section 1.5 of National
Instrument 43-101.
Geochemical and geophysical surveys have
outlined a five kilometre by four kilometre area, the Primavera
Regional Anomaly, interpreted to outline an intrusive/volcanic
complex and which highlights the potential for additional
gold-copper porphyry discoveries. Additional ground surveys
were completed in 2015 and 2016 and additional high priority
targets have been outlined but not tested by drilling.
Calibre has completed data compilation and target
prioritization. The planned drilling is targeting anomalies
adjacent to the current deposit and exploration drilling designed
to identify additional porphyry mineralization associated with the
numerous geological, geochemical, and geophysical anomalies and
targets within the Primavera Project. A second regional scale
anomaly, San Isidro, has been defined by geochemical and geophysics
exploration and covers an area 4.0 kilometres by 2.0 kilometres
located five kilometer west of the Primavera Anomaly.
Calibre is committed to best practice standards
for all exploration, sampling and drilling activities.
Drilling was completed by independent and experienced firms.
Analytical quality assurance and quality control procedures include
the systematic insertion of blanks, standards and duplicates into
the sample strings. Samples are placed in sealed bags and
shipped directly to Acme Labs (a Bureau Veritas Group Company) in
Managua, Nicaragua for sample preparation and then to Bureau
Veritas Lab in 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
413 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 Centerra Gold (253 km2) concessions covering
an aggregate area of 429 km2 and is party to a joint venture on the
33.6 km2 Rosita D gold-copper-silver project with Rosita Mining
Corporation. Major shareholders of Calibre include gold
producer B2Gold Corp, Pierre Lassonde and management.
Calibre Mining Corp.
“Greg Smith”
Greg Smith,
P.Geo.President and CEO
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Safe Harbor Statement under the United
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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
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cause the actual results, performance or achievement of Calibre to
be materially different from any future results, performance or
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For further information contact:
Ryan King
604 628-1012
www.calibremining.com
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