Calibre Mining Corp. (TSX-V:CXB) (the “Company” or “Calibre”) is
pleased to report additional results for the on-going 2018 diamond
drilling program on the Eastern Borosi Gold-Silver Project,
Nicaragua (the “Project”). Exploration and drilling on the
Project is being funded by Calibre’s JV partner IAMGOLD Corporation
(“IAMGOLD”).
Highlights
- Drill holes on the La Luna
gold-silver vein-structure include the highest-grade intercept ever
drilled on the zone with LL18-012 returning 15.9 metres grading
5.75 g/t Au and 34.3 g/t Ag (6.28 AuEq) including 4.65 metres
grading 17.78 g/t Au and 32.5 g/t Ag (18.28 AuEq).
- At the La Luna North Deposit new results include LL18-015
intersecting 9.81 metres at 2.26 g/t AuEq (1.96 g/t Au and 19.7 g/t
Ag) which was drilled in the central portion of the zone to confirm
mineralization near surface
- The La Luna gold-silver deposit is one of four deposits that
comprise the Eastern Borosi Project which hosts a NI 43-101
Inferred Resource of 4.42 Mt grading 5.72 g/t AuEq containing
812,000 oz AuEq (see news release dated April 3, 2018).
- The 2018 diamond drilling program
has to date completed 32 holes totaling 7,053 metres with results
for the remaining 9 holes reported in this news release.
Additional drilling will be completed in 2018.
President and CEO Greg Smith stated: “Recent
drilling at the La Luna gold-silver deposit has returned the
highest-grade intercept ever drilled on the La Luna Deposit and
additional drilling is currently underway to follow-up on this
discovery. Drilling in 2018 will also include first pass
drilling of New Targets with a further 3000 metres scheduled to be
completed before year end.”
Highlights of the H2 2018 Diamond Drilling
HoleID |
Target |
From m |
Tom |
Length(m) |
Au(g/t) |
Ag(g/t) |
AuEq(g/t) |
LL18-012 |
La
Luna South |
53.00 |
68.90 |
15.90 |
5.75 |
34.26 |
6.28 |
|
including |
62.90 |
67.55 |
4.65 |
17.78 |
32.48 |
18.28 |
**LL18-013 |
La
Luna South |
15.25 |
40.00 |
24.75 |
0.49 |
6.52 |
0.59 |
|
including |
15.25 |
21.35 |
6.10 |
1.07 |
12.26 |
1.26 |
LL18-015 |
La
Luna North |
56.00 |
65.81 |
9.81 |
1.96 |
19.65 |
2.26 |
|
including |
59.48 |
64.50 |
5.02 |
3.40 |
32.74 |
3.90 |
Notes: |
- H1 2018 Drilling
Highlights. See final table for complete results.- Intervals are
core lengths / true width are estimated to be 80-90% of lengths- **
interval from 10.0m to 15.25m with no recovery, old working- Length
weighted averages from uncut assays.- g/t AuEq calculated using
$1300/oz gold and $20.0/oz silver |
H2 2018 Diamond Drilling
ProgramDrilling to date in 2018 has consisted of step out
holes following up on previous high grade intercepts on a series of
structures. Total holes completed to date: 32 - (3 Veta Loca
“B”, 3 Guapinol, 12 Cadillac-Jaguar, 6 East Dome, 3 Main Blag, 5 La
Luna). Total meterage to date 2018 (completed holes):
7,053.08 metres - (468.17m Veta Loca “B”, 590.17m Guapinol, 2,414m
Cadillac-Jaguar, 2,052.72 East Dome, 1,087.32m Main Blag, 440.92m
La Luna). The complete H2 2018 assay results are provided in
the Table 2 below. Drill hole details and maps can be found
on Calibre’s website www.calibremining.com.
Results to date in 2018 continue to expand the
La Luna Zone including LL18-012 on the La Luna
South Structure intersecting 15.9 metres grading 6.28 g/t AuEq
(5.75 g/t Au and 34.3 g/t Ag between 53.0 and 68.9 metres)
including 4.65 metres grading 17.78 g/t Au and 32.5 g/t Ag (18.28
AuEq). This hole is located in the central portion of the
currently drilled tested strike extent of the southern La Luna
Deposit and the intercept is the highest grade mineralization
encountered to date on the La Luna Zone. Mineralization
remains open along strike and down dip. Additionally LL18-013
intersected 24.75 metres grading 0.59 g/t AuEq (0.49 g/t Au and 6.5
g/t Ag between 15.25 and 40.0 metres with a more than five metre
wide zone (10.0 to 15.25m depth) preceding the intercept of no
recovery related to previous mining activity.
2018 drilling also tested the La Luna North Zone
located 800 metres to the north on what is interpreted to be a
sub-parallel structure with intercepts including 9.81 metres at
2.26 g/t AuEq (1.96 g/t Au and 19.6 g/t Ag) and 0.55 metres at 1.67
g/t AuEq (1.48 g/t Au and 12.5 g/t Ag) which were drilled in the
central portion of the zone to confirm mineralization near
surface. Mineralization is open to depth, with the deepest
holes to date intersecting the structure less than 100 metres
vertically below surface, and along strike where the zone has been
traced by anomalous soil, rock, and trench sampling.
One additional hole completed on the
East Dome Deposit BL18-066 returned four separate
intercepts extending the zone down dip in the central area of the
currently drill tested portion with intervals including; 7.13
metres grading 1.55 g/t AuEq (0.66 g/t Au and 57.6 g/t Ag),
including 5.10 metres grading 1.99 g/t AuEq (0.90 g/t Au and 71.2
g/t Ag), and two additional intercepts of 9.15 metres grading 0.37
g/t AuEq (0.24 g/t Au and 8.6 g/t Ag) and 0.52 metres grading 1.10
g/t AuEq (0.38 g/t Au and 47.3 g/t Ag). Three
additional holes completed on the deeper extensions of the adjacent
Main Blag Deposit (BL18-067 – BL18-069) returned a
series of narrow gold-silver mineralized intercepts.
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 previous
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 completing additional cash
payments totalling $450,000 and further exploration expenditures
totaling $5 million) having paid the first and second installments
of $150,000 each and funding the on-going 2018 work program.
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 2018 resource estimate for the Eastern Borosi
Project was completed in Q2 2018 (see news release dated April 3,
2018). Roscoe Postle Associates Inc. (“RPA”) estimates an
Inferred Mineral Resource totaling 4.42M tonnes grading 5.72 g/t
AuEq (4.93 g/t Au and 80 g/t Ag) 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 and an open pit Inferred Mineral
Resource in one deposit of 1.20M tonnes grading 2.13 g/t AuEq
containing 82,000 ounces AuEq. The 2018 estimate 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.
CIM (2014) definitions were followed for
classification of Mineral Resources. Mineral Resources are
estimated at a cut-off grade and a minimum mining width of 2.0 g/t
AuEq and 2.4 metres for potentially underground mined resources and
0.42 g/t AuEq and 3.0 metres for resources potentially mined by
open pit. Gold equivalent values were calculated using the
formula which incorporates long-term gold price of US$1,500 per
ounce of gold ad US$23 per ounce of silver and estimated factors
for recoveries and selling costs: AuEq (g/t) = Au (g/t) + Ag (g/t)
/ (101.8). Bulk density range from 2.65 t/m3 to 2.60 t/m3.
2018 Exploration and Drilling
Program The 2018 exploration and drilling program
continues. Additional drilling has been completed in 2018 on
existing zones and new targets with holes completed on the Main
Blag Deposit and the La Luna Deposit, the first drilling to test La
Luna since 2010. Further drilling this year will be completed
in the extensions of selected resource structures and on first pass
testing of new zones.
Calibre Mining Best
PracticeCalibre is committed to best practice standards
for all exploration, sampling and drilling. Drilling was
completed by independent firm Kluane Drilling Ltd. Analytical
quality assurance and quality control includes 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.
Table 2 Eastern Borosi Project –
H2-2018 Drilling Results
Hole_ID |
Target |
From_m |
To_m |
Length (m) |
Au (g/t) |
Ag (g/t) |
AuEq g/t |
BL18-066 |
East Dome |
325.52 |
332.65 |
7.13 |
0.66 |
57.65 |
1.55 |
including |
|
326.50 |
331.60 |
5.10 |
0.90 |
71.17 |
1.99 |
|
|
338.55 |
347.70 |
9.15 |
0.24 |
8.62 |
0.37 |
|
|
480.64 |
481.16 |
0.52 |
0.38 |
47.30 |
1.10 |
BL18-067 |
Blag |
224.17 |
225.1 |
0.93 |
0.29 |
48.11 |
1.03 |
|
|
264.00 |
266.07 |
2.07 |
0.14 |
4.37 |
0.21 |
BL18-068 |
Blag |
290.70 |
291.33 |
0.63 |
0.14 |
2.80 |
0.18 |
|
|
295.64 |
296.30 |
0.66 |
0.38 |
6.00 |
0.47 |
|
|
301.00 |
301.72 |
0.72 |
0.19 |
3.10 |
0.24 |
BL18-069 |
Blag |
285.38 |
286.10 |
0.72 |
0.50 |
12.70 |
0.70 |
|
|
390.74 |
393.10 |
2.36 |
0.04 |
2.35 |
0.07 |
including |
|
392.22 |
392.55 |
0.33 |
0.08 |
2.50 |
0.12 |
LL18-012 |
La Luna South |
53.00 |
68.90 |
15.90 |
5.75 |
34.26 |
6.28 |
including |
|
62.90 |
67.55 |
4.65 |
17.78 |
32.48 |
18.28 |
**LL18-013 |
La Luna South |
15.25 |
40.00 |
24.75 |
0.49 |
6.52 |
0.59 |
including |
|
15.25 |
21.35 |
6.10 |
1.07 |
12.26 |
1.26 |
LL18-014 |
La Luna North |
69.30 |
69.85 |
0.55 |
1.48 |
12.50 |
1.67 |
|
|
83.82 |
101.05 |
17.23 |
0.08 |
3.97 |
0.14 |
LL18-015 |
La Luna North |
25.81 |
26.49 |
0.68 |
0.63 |
3.90 |
0.69 |
|
|
56.00 |
65.81 |
9.81 |
1.96 |
19.65 |
2.26 |
including |
|
59.48 |
64.50 |
5.02 |
3.40 |
32.74 |
3.90 |
with |
|
59.48 |
62.50 |
3.02 |
4.87 |
39.03 |
5.47 |
LL18-016 |
La Luna North |
37.00 |
43.00 |
6.00 |
0.31 |
2.77 |
0.35 |
including |
|
37.00 |
40.00 |
3.00 |
0.51 |
4.03 |
0.57 |
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