Calibre Mining Corp. (TSX-V:CXB) (the “Company” or “Calibre”) is
pleased to announce the Company and Centerra Gold Inc. (“Centerra”)
have expanded the 2017 exploration program and have initiated a
second diamond drilling program targeting a series of newly defined
gold-copper targets on the Northern Siuna Project (the “Project”),
located in Northeast Nicaragua. Centerra can earn a 70%
interest in the 253 km2 Project by investing $9.0 million in
exploration on the property before December 31, 2020.
Highlights
- a second diamond drilling program has been initiated targeting
a series of high priority gold-copper targets in the Northern Siuna
area and will consists of approximately 3,000 metres in 10
holes
- the expanded exploration program includes additional
exploration on the El Avion target where soil and rock sampling in
2017 have outlined multi-element anomalies and where current
exploration consist of geochemical sampling and IP geophysics
- the ongoing 2017 diamond drilling program at Cerro Aeropuerto
continues testing extensions to the high grade gold results from
the 2016 drilling which included; 8.1m grading 22.5 g/t Au,
and 2.7m grading 120.6 g/t Au, with step-outs testing 750
metres of strike length.
Greg Smith, President and CEO of Calibre stated:
“The expanded 2017 exploration program with Centerra utilizing two
drill rigs is now active on three fronts with step out drilling at
Cerro Aeropuerto, maiden drilling program on the El Dorado Trend
anomalies, and additional work on the expanded El Avion gold-copper
target. This multi-faceted exploration strategy provides
excellent opportunities for expanding identified gold-silver
resources and for additional gold-copper discoveries on the Siuna
Project.”
Northern Siuna ProjectWork during H1 2017 has
included a Project-wide sampling program designed to extend
existing anomalous zones and define new anomalous trends.
Exploration and sampling have covered the entire 241 sq. km
Northern Siuna Area at 400 metre by 400 metre spacing with selected
areas receiving infill sampling on 200 metre by 200 metre
grids. Results have outlined several kilometre-scale
anomalous areas which remain open along the 35 kilometre strike
length of prospective geology. The first trend to be drill
tested is the El Dorado Trend which has been defined for over eight
kilometres and consists of variably anomalous gold, silver, copper
and lesser lead, zinc, and molybdenum.
Extensive exploration in 2016 and 2017 has
outlined variably anomalous multi-elements anomalies in soils and
rock samples. Additionally the area has been covered by
ground magnetics over 150 line kilometres which has provided data
assisting in the geological interpretation of this complex
area. An extensive dipole-dipole IP program consisting of
34.6 line kilometres generated chargeability highs reflecting
increase sulphide content in both intrusive and
sedimentary/volcanic units and broad resistivity highs defining
large intrusive centres. Targets include replacement and
skarn mineralization, gold-copper porphyries, and structurally
controlled precious metal mineralization.
The 2017 diamond drill program at Northern Siuna
will consist of up to ten diamond drill holes totaling
approximately 3000 metres. The drilling will test a series of
geological, geochemical, and geophysical targets along a five
kilometer portion of the trend.
El Avion TargetThe El Avion
Target is located in the northernmost portion of the Siuna
Project. Exploration in 2016 and 2017 has defined a series of
multi-element anomalous targets over an area of 5km by 4km.
Soil sampling at 200m x 200m spacing has been completed over the
entire area with the central 2km x 3km portion now covered by 100m
x 100m spaced sampling. The strongly anomalous gold and
indicator element results continue to highlight the potential of
the target area. Geochemical sampling completed in Q2-Q3 2017
included rock samples with values ranging up to 24.2 g/t Au, 9.2
g/t Ag, 6,190 ppm Cu, 197 Mo, 746 ppm Pb and 1,025 ppm Zn.
Work completed in 2017 also includes 47 line
kilometres of ground magnetics. On-going work also consist of
a dipole-dipole Induced Polarization (IP) survey which consist of
five lines totaling 15 line kilometres.
Geochemical and geophysical anomalies highlight
a series of structural trends dominated by the regional NE-SW trend
which is the dominant trend in the adjacent Bonanza Camp and
including secondary N-S and NNW-SSE trends. To date two
styles of mineralization have been identified consisting of; 1)
intrusive related replacement, skarn, and potentially porphyry
gold-silver-copper zones similar to other zones with the Siuna
Project and 2) low to intermediate sulphidation quartz veins and
breccias analogous to mineralization previously and currently mined
in the near-by Bonanza Mining District.
Cerro Aeropuerto DepositThe
on-going 2017 diamond drill program at Cerro Aeropuerto consists of
eight to ten diamond drill holes totaling approximately 3500
metres. The drilling is testing 750 metres of strike length
stepping out on the high grade results returned in the 2015/2016
drilling program highlighted by; 8.1m grading 22.5 g/t Au, 2.7m
grading 120.6 g/t Au, 7.6m grading 18.5 g/t Au, and 10.4m grading
3.9 g/t Au. The high grade zone within the Cerro Aeropuerto
Deposit has been traced by drilling and is open along strike and
down dip. In addition to the 2015/2016 intercepts previous
drilling which forms part of the existing Inferred Resource
intercepted; 28.5m grading 5.0 g/t Au, 2.2m grading 16.9 g/t Au,
and 19.5m grading 3.68 g/t Au. The 2017 diamond drilling is
directed at testing extensions to the high grade zone along strike
to both the north and south and down dip.
The Siuna Project is located in the south-west
portion of the Borosi Concessions and contains the past producing
open pit and underground La Luz Mine that produced 17.1 million
tonnes of ore grading 4.14 g/t gold (2.3 million ozs gold) as well
as, one kilometre to the south, the NI43-101 compliant Inferred
Resource at the Cerro Aeropuerto gold-silver deposit which hosts
707,750 ozs gold and 3.1 million ozs silver in 6.05M tonnes grading
3.64 g/t Au and 16.16 g/t Ag at a cut off of 0.6 g/t (see Calibre
News Release dated February 28, 2011).
Notes: - 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. Resource Estimate for Cerro Aeropuerto
detailed in Technical Report titled NI 43-101 Technical Report and
Resource Estimation of the Cerro Aeropuerto and La Luna Deposits,
Borosi Concessions, Nicaragua by Todd McCracken, dated April 11,
2011.
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
For further information contact:Ryan King604
628-1012www.calibremining.com
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