Calibre Mining Corp. (TSX-V:CXB) (the “Company” or “Calibre”) is
pleased to report final results for the 2017 drilling program on
Eastern Borosi Gold Project, Nicaragua (the “Project”), which is
being funded by Calibre’s JV partner IAMGOLD Corporation
(“IAMGOLD”), and also announce the initiation of an updated NI
43-101 mineral resource estimate which will incorporate results
from 26,000 metres of drilling competed over the last four years.
Highlights
- Drilling in 2017 consisted of 22 diamond drill holes for a
total of 7,290 metres, with results reported here for the final
eight holes.
- New step out drilling on the East Dome has intersected 6.0
metres grading 2.74 g/t gold and 42.5 g/t silver and 4.05 metres
grading 0.38 g/t gold and 328.3 g/t silver.
- All drilling completed by Calibre/IAMGOLD between 2014 and 2017
totaling 26,000 metres in 138 drill holes will now be incorporated
into an updated NI 43-101 mineral resource estimate, anticipated to
be completed by year end, for the Riscos de Oro Gold-Silver Deposit
and maiden NI 43-101 mineral resource estimates for the Guapinol,
Vancouver, Main Blag, and East Dome gold-silver mineralized
systems.
- IAMGOLD continues to fund the Second Option with the right to
earn a further 19% in the Project (70% total) by paying Calibre
cumulative cash payments totalling $450,000 and incurring further
exploration expenditures of $5 million.
President and CEO Greg Smith stated: “With the
culmination of four successful drilling programs between 2014 and
2017 on the Eastern Borosi Gold Project we are excited to initiate
an updated NI 43-101 resource estimate which will include the
maiden resource estimates for the newly defined zones at the
Guapinol, Vancouver, Main Blag and East Dome gold-silver
systems. IAMGOLD continues to be an excellent partner and we
look forward to continuing to advance the Project.”
Recent Drill Highlights from Eastern Borosi
Gold-Silver Project |
HoleID |
|
|
Target |
|
|
|
|
|
From m |
|
|
To m |
|
|
Length (m) |
|
|
Au (g/t) |
|
|
Ag (g/t) |
BL17-058 |
|
|
East
Dome |
|
|
|
|
|
296.00 |
|
|
300.05 |
|
|
4.05 |
|
|
0.38 |
|
|
328.3 |
BL17-058 |
|
|
East
Dome |
|
|
2nd
zone |
|
|
330.24 |
|
|
333.97 |
|
|
3.73 |
|
|
0.98 |
|
|
58.0 |
BL17-059 |
|
|
East
Dome |
|
|
|
|
|
113.00 |
|
|
125.90 |
|
|
12.90 |
|
|
0.13 |
|
|
31.9 |
BL17-059 |
|
|
East
Dome |
|
|
Incl. |
|
|
122.13 |
|
|
125.90 |
|
|
3.77 |
|
|
0.23 |
|
|
66.0 |
BL17-060 |
|
|
East
Dome |
|
|
|
|
|
315.67 |
|
|
321.67 |
|
|
6.00 |
|
|
2.74 |
|
|
42.5 |
BL17-060 |
|
|
East
Dome |
|
|
2nd
zone |
|
|
356.92 |
|
|
361.92 |
|
|
5.00 |
|
|
0.38 |
|
|
29.3 |
RD17-047 |
|
|
RDO |
|
|
|
|
|
345.85 |
|
|
348.05 |
|
|
2.20 |
|
|
5.62 |
|
|
5.3 |
Notes: - Intervals are core lengths / true width
are estimated to be 70-80% of lengths. - Length weighted averages
from uncut assays.
IAMGOLD – Eastern Borosi
Project
Exploration to date on the Eastern Borosi
Project has outlined several tens of kilometres of highly
prospective mineralized structures located in an historic
gold-silver mining district. Targets have been defined by
surface soil and rock sampling, trenching and drilling.
Drilling in 2017 consisted of 22 diamond drill
holes for a total of 7,290 metres, with results reported here for
the final eight holes. Drilling in 2017 targeted a series of
high grade gold-silver vein systems defined by historic drilling
and drilling campaigns in 2014, 2015, and 2016. Step out
drill holes tested down plunge and on-strike extensions. Low
sulphidation epithermal gold-silver mineralization intersected on
the Eastern Borosi Project is hosted within porphyritic andesite
and consists of structurally controlled, high energy
quartz-carbonate vein breccias, vein-stockworks and discrete smokey
quartz veins containing fine grained sulphide minerals.
Drilling of three additional holes at East Dome
has extended the mineralization 100 metres to the southwest
(BL17-059) and step out drilling BL17-058 and BL17-060 has
intersected mineralization a further 75-100 metres down dip.
BL17-059 was a 100 metres step out to the southwest and extended
the known mineralization intersecting a broad zone consisting of
stockwork and veined zones which returned 12.9m grading 0.13 g/t Au
and 31.9 g/t Ag (113 – 125.9m) including 3.77m grading 0.23 g/t Au
and 66.0 g/t Ag (122.13 – 125.90m). Two holes drilled
below the currently defined mineralized Au-Ag shoot extended the
zone to depth each intersecting two intervals including BL17-058
with 4.05m grading 0.38 g/t Au and 328.3 g/t Ag (296 – 300.05m) and
3.73m grading 0.98 g/t Au and 58.0 g/t Ag (330.24 – 333.97m) and
BL17 -060 which intersected 6.0m grading 2.74 g/t Au and 42.5g/t Ag
(315.67 – 321.67m) and a second zone of 5.0m grading 0.38 g/t Au
and 29.3g/t Ag (356.92 – 361.92m). The East Dome Zone has
expanded each year since the discovery in 2015 and remains open
along strike in both directions and down dip.
Drilling on the Main Blag Gold-Silver Vein
System has extended the mineralization 50 metres to the south
testing the structure in that area to a depth of 325 metres below
surface. BL17-056 intersected multiple structures
including 1.38m grading 0.46 g/t Au, 9.4 g/t Ag, 0.35% Pb and 0.44%
Zn (375.8 – 377.18m), a second zone of 2.91m grading 0.55 g/t Au,
12.8 g/t Ag, 0.55% Pb, and 0.91% Zn (428.25 – 431.16m); and a third
zone of 10.90m grading 0.99 g/t Au, 15.4 g/t Ag, 0.71% Pb, and
2.00% Zn (434.62 – 445.52m); including 4.12m grading 1.56 g/t Au,
28.0 g/t Ag, 1.39% Pb, and 3.81% Zn (441.4 – 445.52m). Drill
hole BL17-057 was lost in a fault zone before reaching the targeted
structure.
One new hole tested the Guapinol
mineralization. GP17-052 intersected 2.20m grading 0.45 g/t
Au and 1.6 g/t Ag (245.4 – 247.6m). Drilling on the Riscos de
Oro (RDO) Structure extended the mineralized zone with RD17-046
intersecting 3.70m grading 0.32 g/t Au and 3.6 g/t Ag (366 –
369.7m); including; 1.05m grading 0.75 g/t Au and 3.9 g/t Ag and
RD17-047 which intersected 2.95m grading 4.23 g/t Au and 4.3 g/t Ag
(345.85 – 348.8m); including 2.20m grading 5.62 g/t Au and 5.3 g/t
Ag and a second zone of 1.92m grading 1.56 g/t Au and 7.7 g/t Ag
(361 – 362.92m) including 0.92m grading 2.91 g/t Au and 13.0 g/t
Ag.
All drilling completed by Calibre/IAMGOLD
between 2014 and 2017 totaling 26,000 metres in 138 drill holes
will now be incorporated into an updated NI-43-101 mineral resource
estimate for the Riscos de Oro Deposit and maiden NI-43-101 mineral
resource estimates for the Guapinol, Vancouver, Main Blag, and East
Dome gold-silver systems.
IAMGOLD has completed the First Option having
made US$450,000 in payments to Calibre and completed US$5 million
in expenditures and has vested a 51% interest in the Eastern Borosi
Project. IAMGOLD has entered the Second Option with the right
to earn a further 19% in the Project (by paying $450,000 and
further exploration expenditures of $5 million) having paid the
first installment of $150,000 and the 2017 work program
continues. The total potential investment by IAMGOLD to earn
a 70% interest in the Project is US$10.9 million.
Calibre is committed to best practice standards
for all exploration, sampling and drilling activities.
Drilling was completed by independent firm Kluane Drilling
Ltd. 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 Acme Labs 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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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,
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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
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differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on
forward-looking statements.
For further information contact:
Ryan King
604 628-1012
www.calibremining.com
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