Calibre Mining Corp. (TSX-V:CXB) (the “Company” or “Calibre”) is
pleased to announce that Joint Venture partner IAMGOLD Corporation
(“IAMGOLD”) has reported an initial and updated NI 43-101 compliant
Inferred Mineral Resource estimate on the Eastern Borosi Gold
Project, Nicaragua (the “Project”). The Project is a Joint
Venture between IAMGOLD 51% and Calibre 49%.
Highlights
- IAMGOLD has reported an Inferred
Mineral Resource estimate totaling 4.42M tonnes grading 5.72 g/t
AuEq containing 812,000 ounces AuEq
- The resource includes underground
Inferred Mineral Resources in three deposits of 3.22M tonnes
grading 7.05 g/t AuEq containing 729,500 ounces AuEq
- The resource includes an open pit
Inferred Mineral Resource in one deposit of 1.20M tonnes grading
2.13 g/t AuEq containing 82,000 ounces AuEq
- Exploration and drilling on the
Project is on-going and is being funded by Calibre’s JV partner
IAMGOLD.
Greg Smith, President and CEO of Calibre,
stated: “With our JV partner IAMGOLD, Calibre is very pleased to
report initial and updated resource estimates for the Eastern
Borosi gold project of 729,500 oz AuEq grading 7.05 g/t AuEq for
underground resources and a further 82,000 oz AuEq grading 2.13 g/t
AuEq for open pit resources (see table below). Exploration on
the Eastern Borosi project has outlined several tens of kilometres
of gold and silver-bearing structures with a 6,000 metre drill
program currently underway with the goal of making new discoveries
and expanding on the current high-grade gold-silver resources on
the Project.”
Craig MacDougall, Senior Vice President,
Exploration for IAMGOLD, stated, "This new resource estimate
reported for the Eastern Borosi project consolidates the results of
successive drilling campaigns completed by the joint venture
partners under the direction of the Calibre exploration team
between 2014 and the end of 2017. Numerous vein systems and targets
remain to be explored and the potential for resource additions and
further discoveries is considered to be favourable."
The four deposits are located in an
approximately 8 by 10 kilometre area and observed to display
different lens orientations and grades. The various veins are
generally open along strike and locally at depth. The potential for
adding additional resources will continue to be evaluated in future
exploration programs. A deposit location plan map is attached
to this news release.
Summary of INFERRED Mineral Resources –
AS OF March 15, 2018IAMGOLD Corporation / Calibre
Mining Corp. – Eastern Borosi Project
Category |
Method / |
Tonnage |
Grade |
Contained Ounces |
Grade |
Contained Ounces |
Grade |
Contained Ounces |
|
Vein |
(000 t) |
Au |
Au |
Ag |
Ag |
AuEq |
AuEq |
|
|
|
(g/t) |
(oz) |
(g/t) |
(oz) |
(g/t) |
(oz) |
Inferred |
Underground |
|
|
|
|
|
|
|
|
Blag |
740 |
3.01 |
71,500 |
117 |
2,776,000 |
4.16 |
99,000 |
|
East Dome |
513 |
2.23 |
37,000 |
219 |
3,611,000 |
4.38 |
72,500 |
|
Riscos |
1,184 |
5.73 |
218,000 |
106 |
4,046,500 |
6.77 |
258,000 |
|
Guapinol |
612 |
12.74 |
251,000 |
12 |
243,500 |
12.86 |
253,000 |
|
Vancouver |
170 |
8.54 |
46,500 |
15 |
82,000 |
8.69 |
47,500 |
|
Total Underground |
3,219 |
6.03 |
624,000 |
104 |
10,758,500 |
7.05 |
729,500 |
|
|
|
|
|
|
|
|
|
Inferred |
Open
Pit |
|
|
|
|
|
|
|
|
La Luna |
1,199 |
1.98 |
76,500 |
16 |
601,000 |
2.13 |
82,000 |
|
|
|
|
|
|
|
|
|
Inferred |
Total Underground and Open Pit |
4,418 |
4.93 |
700,500 |
80 |
11,359,500 |
5.72 |
812,000 |
Notes:
- CIM (2014) definitions were followed for classification of
Mineral Resources.
- Mineral Resources are estimated at a cut-off grade of 2.0 g/t
AuEq for resources potentially mined by underground methods and
0.42 g/t AuEq for resources potentially mined by open pit
methods.
- Gold equivalent values were calculated using the formula: AuEq
(g/t) = Au (g/t) + Ag (g/t) / (101.8)
- Mineral Resources are estimated using a long-term gold price of
US$1,500 per ounce of gold, US$23 per ounce of silver.
- A minimum mining width of 2.4 m was used for underground and 3
m for open pit.
- Bulk density is 2.65 t/m3 for Blag, East Dome, Riscos De Oro,
and La Luna, and 2.60 t/m3 for Guapinol and Vancouver.
- East Dome is included in the Blag resource model and Vancouver
is included in the Guapinol resource model.
- Numbers may not add due to rounding.
- Mineral Resources that are not Mineral Reserves do not have
economic viability
On behalf of the joint venture, Roscoe Postle
Associates Inc. (“RPA”) has completed initial resource estimates
for the Blag, East Dome, Guapinol, and Vancouver veins, as well as
updated Mineral Resource estimates for the Riscos de Oro and La
Luna veins, which are part of the Eastern Borosi joint venture.
The resource models assumed open pit extraction for the La
Luna veins, and underground mining extraction for the other veins.
The underground resource estimate comprises Inferred
Resources totaling 3,219,000 tonnes grading 6.03 g/t Au and 104 g/t
Ag for 624,000 ounces of contained gold and 10,758,500 ounces of
contained silver. The open pit resource comprises inferred
resources totaling 1,199,000 tonnes grading 1.98 g/t Au and 16 g/t
Ag, for 76,500 ounces of contained gold and 601,000 ounces of
contained silver. A summary of the Inferred Mineral Resource
estimate is presented in the table above.
The Mineral Resource estimate for the Eastern
Borosi project incorporates assay results from 77 diamond drill
holes, totaling nearly 17,350 metres, variably spaced from 60 to 90
metres apart targeting the Blag, East Dome, Guapinol, Vancouver and
Riscos de Oro veins and up to 150 metres apart on the La Luna vein.
The drill hole data base comprises both historic and recent
drill holes completed by the joint venture partners. Blag and
Riscos de Oro deposits were historically mined by open-pit and
limited underground development and the mined areas were used in
the interpretation of the mineralized wireframes. Mined out
areas and areas above established underground levels were removed
from the resource models for reporting purposes.
This Mineral Resource estimate was based on four
block models, corresponding to Blag, Riscos de Oro, Guapinol, and
La Luna deposits. The Blag deposit includes Blag and East
Dome veins, while the Guapinol deposit includes the Guapinol and
Vancouver veins. Resource 3D wireframes were built for each
mineralized vein. Underground wireframes were modelled at a
nominal 2.0 g/t AuEq over 2.4 m true thickness. The open pit
veins were modelled at a nominal 0.4 g/t AuEq over 3 m true
thickness. The wireframes were used to constrain and populate
the resource block models. The block grade estimate used the
inverse distance squared (ID2) interpolation method. The
Mineral Resource is reported at a cut-off grade of 2.0 g/t gold
equivalent (AuEq) for the underground and at a cut-off grade of
0.42 g/t AuEq for the open-pit, at a gold price of US$1,500 per
ounce and a silver price of US$23 per ounce. High-grade gold
assays were capped at values ranging from 8 g/t to 40 g/t and high
grade silver assays were capped at values ranging from 40 g/t to
800 g/t depending on domain. The open pit component of the
Mineral Resource estimate was constrained by a preliminary pit
optimization shell. The effective date of this resource estimate is
March 15, 2018. A supporting NI 43-101 Technical Report will
be filed on SEDAR at www.sedar.com within 45 days of this
release.
Next StepsCalibre, currently the project
operator, has initiated the 2018 exploration and drilling program
funded by IAMGOLD. Current work consists of detailed surface
geochemistry, rock sampling, and mapping to evaluate a series of
emerging targets and potential extensions to certain known zones.
A diamond drilling program has started with an initial
program of 6,000 metres to further test targeted zones and defined
targets, as well as complete first pass testing of new targets to
expand the current resources. Results will be reviewed as
they are received in order to prioritize developing targets with a
view to ultimately complete up to 10,000 metres of drilling in 2018
should results warrant.
IAMGOLD / Calibre – Eastern Borosi
ProjectExploration 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 in 2017 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 an
additional $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.
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.
The mineral resource estimate, including
verification of the data disclosed, has been completed by Roscoe
Postle Associates Inc. (“RPA”) and reported in accordance with NI
43-101 requirements and CIM Estimation Best Practice Guidelines.
The resource estimate was prepared by Tudorel Ciuculescu,
P.Geo. of RPA. Tudorel Ciuculescu, P.Geo. who is an
independent qualified person under NI 43-101, has reviewed and
approved the contents of this release.
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.
A photo accompanying this announcement is available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/196a164d-d65e-430f-bd03-e35f9613a5e6.
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