Calibre Mining Corp. (TSX-V:CXB) (the “Company” or “Calibre”) is
pleased to report final drilling results for the Q4 2017 diamond
drilling program on the Eastern Borosi Gold Project, Nicaragua (the
“Project”). Exploration and drilling on the Project is being
funded by Calibre’s JV partner IAMGOLD Corporation (“IAMGOLD”).
Highlights
- Step Out drilling during Q4 2017
was successful in extending high grade discoveries at the Cadillac
and Veta Loca gold-silver vein systems on the Eastern Borosi
Gold-Silver Project
- Drill holes on the Cadillac
vein-structure successfully expanded on discovery drill hole
LS15-008 which intersected 4.10 metres grading 9.81 g/t AuEq with
new drill hole LS17-018 intersecting 4.10 metres grading 10.52 g/t
AuEq and LS17-020 intersecting 3.49 metres grading 9.28 g/t
AuEq. The Cadillac vein system has been tested over a strike
length of 200 metres and a depth of 100 metres and remains open
along strike and down dip.
- On the Veta Loca gold-silver vein structure new results include
a high grade intercept on the Veta Loca “B” structure with GP17-046
intersecting 7.45 metres grading 9.73 g/t AuEq. The Veta Loca
vein system has been tested over a strike length of 350 metres and
a depth of 200 metres and remains open along strike and down
dip.
- The Q4 2017 drilling program
consisted of 16 holes (9 at Veta Loca and 7 at Cadillac) totaling
2,519.4 metres. Exploration to date on the Eastern Borosi
Gold-Silver Project has outlined several tens of kilometres of
highly prospective mineralized structures located in an historic
gold-silver mining district.
President and CEO Greg Smith stated: “These
additional high grade drill results from recently discovered gold
and silver vein structures on the Eastern Borosi Project highlight
the potential for further discoveries of high grade gold-silver
mineralization. The Cadillac and Veta Loca vein systems are
new discoveries that are not included in the on-going NI 43-101
maiden resource estimate currently nearing completion on the
Eastern Borosi Gold-Silver Project.”
Highlights of the Q4 2017 diamond drilling
program on the Eastern Borosi Gold-Silver Project include;
Hole ID |
|
Target |
Fromm |
Tom |
Length(m) |
Au (g/t) |
Ag(g/t) |
AuEq (g/t) |
GP17-057 |
|
Veta
Loca |
33.70 |
41.15 |
7.45 |
9.69 |
2.9 |
9.73 |
GP17-057 |
incl |
Veta
Loca |
35.00 |
36.50 |
1.50 |
44.40 |
9.4 |
44.54 |
LS17-018 |
2nd |
Cadillac |
121.00 |
128.50 |
7.50 |
4.42 |
103.4 |
5.99 |
LS17-018 |
incl |
Cadillac |
121.70 |
125.80 |
4.10 |
7.76 |
179.3 |
10.52 |
LS17-022 |
|
Cadillac |
135.58 |
137.25 |
1.67 |
16.66 |
271.6 |
20.84 |
LS17-020 |
|
Cadillac |
118.55 |
122.04 |
3.49 |
7.48 |
116.7 |
9.28 |
LS17-020 |
incl |
Cadillac |
119.80 |
120.86 |
1.06 |
20.20 |
361.0 |
25.67 |
LS17-018 |
3rd |
Cadillac |
135.00 |
144.00 |
9.00 |
0.80 |
20.7 |
1.11 |
GP17-054 |
|
Veta Loca |
171.63 |
175.85 |
4.22 |
1.69 |
1.3 |
1.71 |
|
|
|
Notes: |
|
- Q4 2017 Drilling
Highlights. See final table for complete results. |
|
|
- Intervals are core
lengths / true width are estimated to be 80-90% of
lengths |
|
|
- Length weighted
averages from uncut assays. |
|
|
- g/t AuEq calculated
using $1300/oz gold and $20.0/oz silver |
Q4 2017 Diamond Drilling
ProgramDrilling in Q4 2017 consisted of step out holes
following up on previous high grade intercepts on structures not
currently part of the on-going resource estimate. The
drilling tested two high grade gold-silver discoveries
specifically; 1) Cadillac Zone where drilling in hole LS15-008
intersected 4.10 metres grading 9.81 g/t AuEq (8.93 g/t Au and 57.4
g/t Ag) between 65.6 and 69.7m, and 2) Veta Loca Zone where drill
hole GP16-046 included 6.31metres grading 10.26 g/t AuEq (10.15 g/t
Au and 6.9 g/t Ag) between 88.0 and 94.31m.
The Cadillac Zone is one of
five defined gold-silver structures in the La Sorpresa area located
five kilometer north of the Blag Gold-Silver Zone.
Drill holes on the Cadillac structure successfully expanded on the
discovery drill hole LS15-008 which intersected 4.10 metres grading
9.81 g/t AuEq with recent drilling in Q4 2017 including LS17-018
which intersected 4.10 metres grading 10.52 g/t AuEq (7.76 g/t Au
and 179.3 g/t Ag between 121.7 and 125.8 metres) 50 metres south
and 50 metres down dip from the discovery drill hole.
Additionally LS17-020 intersecting 3.49 metres grading 9.28 g/t
AuEq (7.48 g/t Au and 116.7 g/t Ag between 118.55 and 122.04
metres) 25 metres north and 50 metres down dip. The farthest
south drill hole intersected the structure between 135.58 and
137.25 metres returning 20.84 g/t AuEq (16.66 g/t Au and 271.6 g/t
Ag) over 1.67 m.
Assays for LS17-023 drilled 50 metres north of
LS15-008, and the most northerly hole to test the structure to
date, show elevated gold, silver and base metals values over a 3.26
m interval grading 0.81 g/t Au and 17.9 g/t Ag. The presence
of gold, silver and base metals values in LS17-023 is positive for
continued exploration to the north along strike and at depth.
Overall vein textures are stronger in the holes to the south and
vein widths and textures generally improve at depth in the holes to
the south. The currently tested portion of the Cadillac
Zone is characterized by silver/gold ratios generally between 5 and
25 with significant lead and zinc usually over 500ppm and commonly
in the thousands of ppm (>0.1%).
The central portion of the Cadillac Zone as
currently tested by the drilling has returned consistently high
grade results along strike across 50 metres near surface expanding
to 200 metres wide at the deepest tested level of 100 metres below
surface with intervals as follows;
Hole ID |
Target |
From m |
To m |
Length (m) |
Au(g/t) |
Ag(g/t) |
AuEq (g/t) |
LS15-008 |
Cadillac |
65.60 |
69.70 |
4.10 |
8.93 |
57.4 |
9.81 |
LS15-007 |
Cadillac |
65.60 |
69.70 |
1.40 |
9.70 |
98.0 |
11.21 |
LS17-018 |
Cadillac |
121.70 |
125.80 |
4.10 |
7.76 |
179.3 |
10.52 |
incl |
Cadillac |
121.70 |
124.00 |
2.30 |
13.57 |
317.3 |
18.38 |
LS17-020 |
Cadillac |
118.55 |
122.04 |
3.49 |
7.48 |
116.7 |
9.25 |
incl |
Cadillac |
119.80 |
120.86 |
1.06 |
20.20 |
361.0 |
25.67 |
LS17-022 |
Cadillac |
135.58 |
137.25 |
1.67 |
16.66 |
271.6 |
20.78 |
incl |
Cadillac |
135.58 |
136.55 |
0.97 |
28.60 |
454.0 |
35.48 |
The Cadillac vein system has been tested
over a strike length of 200 metres and a depth of 100m vertical
metres and remains open along strike and down dip.
The Veta Loca Zone is located
300 metres south of the Guapinol Gold-Silver Zone. To date 11
drill holes (2,800 metres) have discovered at least three closely
spaced sub-parallel vein structures. The principal Veta Loca
structure was intersected by drill hole GP16-046 assaying 6.31
metres grading 10.26 g/t AuEq (10.15 g/t Au and 6.9 g/t Ag)
between 88.0 and 94.31m.
Drilling in Q4 2017 included the first holes on
the Veta Loca “B” structure with GP17-057 intersecting 7.45 metres
grading 9.73 g/t AuEq (8.93 g/t Au and 57.4 g/t Ag) between
65.6 and 69.7m. A second drill hole located 100 metres
north intersected the structure at a shallow depth below surface
and within the saprolite returning 3.47 metres grading 0.42 g/t
AuEq (0.41 g/t Au and 1.0 g/t Ag) between 10.67 and 14.14m.
On the principal Veta Loca”A” structure
additional intercepts from theQ4 2017 drilling include;
GP17-053 assaying 6.66 metres grading 0.38 g/t AuEq (0.36 g/t Au
and 1.2 g/t Ag) between 103.7 and 110.36m, GP17-054 assaying
2.11metres grading 3.22 g/t AuEq (3.19 g/t Au and 1.8 g/t Ag)
between 173.74 and 175.85m, GP17-055 assaying 6.15 metres grading
0.37 g/t AuEq (0.34 g/t Au and 1.5 g/t Ag) between 160.45 and
166.6m, and GP17-056 assaying 4.50 metres grading 1.46 g/t AuEq
(1.44 g/t Au and 1.2 g/t Ag) between 44.3 and 48.8m. Drill
hole GP17-061 drilled in the central portion of the area
intersected a shallow structure interpreted to be the extension of
the Veta Loca “C” vein with 1.98 metres grading 0.98 g/t AuEq (0.95
g/t Au and 2.0 g/t Ag) between 43.49 and 45.47 m but failed to
intersect the Veta Loca “A” vein.
Assay results from the southernmost hole drilled
to date show multiple gold-silver structure with intercepts in
GP17-060 including moderate gold values related to an “upper” and
“lower” quartz vein structure. The upper zone consisted of
quartz-carbonate stockwork with moderate to strong argillic and
propylitic alteration returning 7.10 metres grading 0.45 g/t AuEq
(0.43 g/t Au and 1.4 g/t Ag) between 73.4 and 80.5 m. The
lower structure is defined by split coherent 20-60cm
quart-carbonate veins with surrounding stockwork zones. The
upper vein appears to be related to a small artisanal mining pit at
surface with a vein orientation of 020°/-90° (Veta Loca “C”)
assaying 3.63 metres grading 0.51 g/t AuEq (0.49 g/t Au and 1.0 g/t
Ag) between 162.99 and 166.62m. The lower “split vein” interval
aligns with the shallower offset vein intercept in GP17-056 to the
northeast and are interpreted to be the down dip portion of the
principal Veta Loca “A” vein assaying 5.80 metres grading 0.76 g/t
AuEq (0.74 g/t Au and 1.5 g/t Ag) between 170.8 and
176.6m.
The Veta Loca Zone is consistent with the nearby
Guapinol and Vancouver structures with silver/gold ratios generally
between 1 and 2 and with negligible lead and zinc usually under
200ppm. The Veta Loca vein system has been tested
over a strike length of 350 metres and a depth of 200 metres and
remains open along strike and down dip.
IAMGOLD / Calibre – 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. 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. Targets have been defined by
surface soil and rock sampling, trenching and drilling.
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 2018 work program has
begun. The total potential investment by IAMGOLD to earn a
70% interest in the Project is US$10.9 million.
Eastern Borosi Project Resource
Estimate A resource estimate for the Eastern Borosi
Project is underway and expected to be completed in Q1 2018.
Roscoe Postle Associates Inc. (“RPA”) has been selected to complete
the on-going resource estimates and RPA has completed the on-site
inspection while data transfer and modeling have been advanced.
This NI-43-101 compliant resource estimate will
include updated mineral resource estimates for the Riscos de Oro
and La Luna Deposits and maiden NI-43-101 mineral resource
estimates for the Guapinol, Vancouver, Main Blag, and East Dome
gold-silver systems. The estimates are incorporating all
drilling completed by Calibre/IAMGOLD between 2014 and Q3 2017
totaling 26,000 metres in 138 drill holes.
2018 Exploration and Drilling
Program Fieldwork has begun on the 2018 exploration and
drilling program. Current work consists of detailed surface
geochemistry, rock sampling, and mapping on a series of emerging
targets and potential extensions to certain known zones.
Additional drilling will be completed in 2018 on
existing zones and new targets. Prioritization of drilling
targets will be completed following receipt of the on-going
resource estimation. Further drilling is expected to be
completed on selected resource structures, existing drill defined
targets, and first pass testing of new zones.
Calibre Mining Best
PracticeCalibre 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
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.
HoleID |
Target |
From m |
Tom |
Length(m) |
Au (g/t) |
Ag (g/t) |
Pb(ppm) |
Zn(ppm) |
LS17-017 |
Cadillac |
47.00 |
48.80 |
1.80 |
1.15 |
29.4 |
428 |
375 |
including |
|
48.00 |
48.80 |
0.80 |
2.07 |
11.6 |
637 |
492 |
LS17-018 |
Cadillac |
67.00 |
68.50 |
1.50 |
0.15 |
165.0 |
385 |
821 |
|
2nd |
121.00 |
128.50 |
7.50 |
4.42 |
103.4 |
2,129 |
3,275 |
including |
|
121.70 |
125.80 |
4.10 |
7.76 |
179.3 |
3,607 |
5,198 |
with |
|
121.70 |
124.00” |
2.30 |
13.57 |
317.3 |
5,911 |
7,286 |
|
|
130.00 |
131.00 |
1.00 |
1.08 |
4.1 |
2,010 |
2,830 |
|
3rd |
135.00 |
144.00 |
9.00 |
0.80 |
20.7 |
1,797 |
3,072 |
including |
|
135.00 |
136.00 |
1.00 |
2.44 |
12.4 |
1,218 |
2,272 |
and |
|
140.00 |
141.00 |
1.00 |
2.12 |
15.8 |
3,168 |
5,084 |
and |
|
143.00 |
144.00 |
1.00 |
1.31 |
112.0 |
6,472 |
9,007 |
LS17-019 |
Cadillac |
*Hole Lost |
|
|
|
|
|
LS17-020 |
Cadillac |
102.17 |
102.46 |
0.29 |
4.77 |
21.8 |
372 |
289 |
|
|
118.55 |
122.04 |
3.49 |
7.48 |
116.7 |
1,057 |
1,450 |
including |
|
119.80 |
122.04 |
2.24 |
11.59 |
179.3 |
1,618 |
2,148 |
with |
|
119.80 |
120.86 |
1.06 |
20.20 |
361.0 |
1,647 |
1,713 |
LS17-021 |
Cadillac |
41.59 |
42.20 |
0.61 |
0.12 |
68.0 |
267 |
289 |
|
|
57.75 |
58.14 |
0.39 |
0.23 |
1.1 |
90 |
243 |
LS17-022 |
Cadillac |
135.58 |
137.25 |
1.67 |
16.66 |
271.6 |
23,570 |
11,750 |
including |
|
135.58 |
136.55 |
0.97 |
28.60 |
454.0 |
39,700 |
18,800 |
GP17-053 |
Veta Loca |
97.82 |
102.52 |
4.70 |
0.39 |
1.5 |
8 |
63 |
|
|
103.70 |
110.36 |
6.66 |
0.36 |
1.2 |
7 |
56 |
including |
|
107.35 |
110.00 |
2.65 |
0.69 |
1.7 |
6 |
60 |
|
|
126.79 |
127.63 |
0.84 |
1.44 |
1.6 |
7 |
54 |
GP17-054 |
Veta Loca |
171.63 |
175.85 |
4.22 |
1.69 |
1.3 |
12 |
48 |
including |
|
173.74 |
175.85 |
2.11 |
3.19 |
1.8 |
15 |
38 |
with |
|
175.10 |
175.85 |
0.75 |
5.20 |
3.8 |
16 |
39 |
GP17-055 |
Veta Loca |
160.45 |
166.60 |
6.15 |
0.34 |
1.5 |
29 |
103 |
including |
|
163.00 |
165.00 |
2.00 |
0.59 |
1.2 |
22 |
104 |
GP17-056 |
Veta Loca |
44.30 |
48.80 |
4.50 |
1.44 |
1.2 |
60 |
146 |
GP17-057 |
Veta Loca |
33.70 |
41.15 |
7.45 |
9.69 |
2.9 |
101 |
297 |
|
|
35.00 |
37.50 |
2.50 |
27.49 |
5.8 |
13 |
289 |
|
|
35.00 |
36.50 |
1.50 |
44.40 |
9.4 |
12 |
309 |
GP17-058 |
Veta Loca |
77.87 |
80.74 |
2.87 |
0.19 |
1.1 |
8 |
76 |
|
|
88.28 |
94.71 |
6.43 |
0.25 |
0.9 |
11 |
81 |
GP17-059 |
Veta Loca |
10.67 |
14.14 |
3.47 |
0.41 |
1.0 |
9 |
228 |
GP17-060 |
Veta Loca |
73.40 |
80.50 |
7.10 |
0.43 |
1.4 |
3 |
64 |
including |
“C” |
74.40 |
75.80 |
1.40 |
1.59 |
3.0 |
11 |
47 |
|
|
102.75 |
103.70 |
0.95 |
0.97 |
1.5 |
4 |
63 |
|
|
152.24 |
156.46 |
4.22 |
0.28 |
2.3 |
25 |
84 |
including |
|
155.22 |
156.46 |
1.24 |
0.54 |
5.3 |
29 |
66 |
|
|
160.40 |
161.46 |
1.06 |
0.26 |
0.7 |
2 |
69 |
|
|
162.99 |
166.62 |
3.63 |
0.49 |
1.0 |
5 |
67 |
including |
|
166.14 |
166.62 |
0.48 |
2.24 |
2.6 |
13 |
37 |
|
|
167.86 |
168.31 |
0.45 |
0.89 |
1.2 |
10 |
65 |
|
“A” |
170.80 |
176.60 |
5.80 |
0.74 |
1.5 |
38 |
123 |
including |
|
172.15 |
173.42 |
1.27 |
1.39 |
2.5 |
11 |
82 |
with |
|
175.90 |
176.60 |
0.70 |
1.45 |
2.8 |
246 |
487 |
GP17-061 |
Veta Loca |
43.49 |
45.47 |
1.98 |
0.95 |
2.0 |
5 |
67 |
including |
“C” |
44.05 |
44.85 |
0.80 |
1.69 |
2.7 |
3 |
56 |
2nd |
|
47.40 |
52.83 |
5.43 |
0.15 |
1.4 |
6 |
78 |
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