Calibre Mining Corp. (TSX: CXB) (the “
Company” or
“
Calibre”) is pleased to report 2018 and 2019
exploration drilling and target delineation results from the La
Libertad mine and surrounding concessions. B2Gold Corp.
(“B2Gold”) was successful in identifying several new near-mine gold
trends, as well as several high-priority regional targets over its
650km2 district scale concessions (see figures).
Calibre is currently processing ore from the
Jabali underground mine, the Jabali Antenna open-pit, the San Juan
open-pit and spent ore at the La Libertad mill at an annual
throughput rate of 1.6Mtpa.
Highlights of Resource Expansion
Drilling Completed by B2Gold (2018 – 2019)
Jabali Antenna
- Drilling returned high-grade intercepts from the Jabali Antenna
zone, including:° 18.51 g/t Au over 4.20m ETW
(JB19-470)° 7.81 g/t Au over 5.30m ETW
(JB19-457)° 6.61 g/t Au over 6.00m ETW
(JB18-448)° 8.30 g/t Au over 4.60m ETW
(JB19-468)° 4.89 g/t Au over 8.10m ETW
(JB19-464) ° 5.57 g/t Au over 4.65m ETW
(JB18-444)° 5.67 g/t Au over 3.90m ETW
(JB18-455)° 4.01 g/t Au over 5.10m ETW
(JB19-466)
Chamarro
- Drilling returned high-grade intercepts from the Chamarro
target, including: ° 29.36 g/t Au over 5.15m ETW
(CH18-030)° 7.01 g/t Au over 7.10m ETW
(CH18-028)° 5.85 g/t Au over 5.25m ETW
(CH18-029) ° 4.79 g/t Au
over 4.50m ETW (CH18-032)
Rosario
- Drilling returned high-grade intercepts from the Rosario
target, including: ° 6.26 g/t Au over 8.60m ETW
(RS18-004)° 5.09 g/t Au over 6.20m ETW
(RS18-019)° 4.18 g/t Au over 5.40m ETW
(RS18-016)° 4.77 g/t Au over 3.50m ETW
(RS19-041)
San Antonio
- Drilling returned high-grade intercepts from the San Antonio
target, including: ° 4.96 g/t Au over 9.70m ETW
(SA18-017)° 5.69 g/t Au over 5.50m ETW
(SA18-029)° 3.04 g/t Au over 10.30m ETW
(SA18-033)° 4.02 g/t Au over 7.50m ETW
(SA18-027)° 3.03 g/t Au over 2.65m ETW
(SA19-036)
Highlights of Target Delineation
Drilling Completed by B2Gold (2015 – 2019)
Buenos Aires
- Anomalous channel results for the Bueno Aires vein system,
including: ° 6.93 g/t Au over 5.45m
(PALCH19-017)° 4.55 g/t Au over 3.75m
(PUCH19-012)° 4.05 g/t Au over 3.30m
(PALCH19-013) ° 3.60 g/t Au over 3.34m
(BUCH18-003)
Nancite
- Anomalous channel results for the Nancite vein system,
including: ° 22.06 g/t Au over 1.10m
(NACH18-001)° 7.58 g/t Au over 0.94m
(NACH18-013)° 3.39 g/t Au over 1.35m
(NACH18-002)° 2.10 g/t Au over 3.10m
(NACH18-005)° 1.74 g/t Au over 5.09m
(NACH18-007)° 1.12 g/t Au over 5.15m
(NACH18-012)
Tranca
- Anomalous channel results for the Tranca vein system,
including: ° 9.25 g/t Au over 5.30m
(TRCH18-006)° 4.19 g/t Au over 1.30m
(TRCH19-027)° 1.95 g/t Au over 15.55m,
including 3.48 g/t Au over 1.80m
(TRCH18-001)° 1.27 g/t Au over 6.70m
(TRCH18-009)
Esmeralda
- Anomalous trench and channel results for the Esmeralda vein
system, including: ° 15.70 g/t Au over 2.35m
(ESMCH19-014)° 4.39 g/t Au over 5.50m
(ESMCH19-013)° 4.16 g/t Au over 3.95m
(ESMCH19-015)° 1.23 g/t Au over 12.70m
(ESMTR19-008)
Amalia
- Anomalous trench results for the Amalia vein system, including:
° 78.68 g/t Au over 5.84m (AMTR15-006;
uncapped)° 7.11 g/t Au over 6.88m
(AMTR15-001)° 4.70 g/t Au over 13.86m
(AMTR15-005)° 1.58 g/t Au over 7.70m
(AMTR16-016)
Russell Ball, Chief Executive Officer of Calibre
stated: “The La Libertad district has produced over 1.7 million
ounces of gold and we see a number of near-mine and regional
opportunities to make new discoveries and expand known resources
and thus extend the mine life at La Libertad. We recently
commenced drilling at our Buenos Aires and Amalia targets.”
Calibre’s budgeted drilling program of
approximately 25,000 metres for Q4 2019 and 2020 will target
current resources with expansion potential, as well as undrilled,
priority targets identified by B2Gold. In addition, Calibre
will conduct concurrent target delineation exploration programs at
the Amalia, Esmeralda, Volcan, Cosmatillo, Morales and Santa Julia
targets for a total estimated cost of US$6.25 million. The
target delineation programs will include geological mapping,
surface geochemical sampling (rock and soil) and trenching.
Calibre has also budgeted a 15,000 metre drill
program at its Pavon project for a total estimated cost of US$3.75
million. Details of the drilling program will be included
with the updated Pavon NI 43-101 news release, due later this
quarter.
Overview
Drilling completed by B2Gold in 2018-2019
focused on infill and expansion drilling at the Jabali Antenna and
Chamarro zones, as well as infill and step-out drilling at the
Rosario and San Antonio targets, with a total of 16,868 metres
drilled in 132 holes.
Located 500 metres to the southeast of the
Rosario resource, the advanced stage Cosmatillo vein trend was also
drilled in 2018 with a total of 1,706 metres completed in 14
holes.
A mix of reconnaissance and step-out drilling
was also completed at the Mojon East, Quintana and Tope North
targets with a total of 1,269 metres completed in eight holes.
During 2018 and 2019, B2Gold conducted
substantial target delineation programs over its near-mine
concessions with a total of 5,452 soil samples and 271 rock samples
collected, as well as 449 channel and trenches completed for a
total of 6,106 metres.
Priority targets which received work included
the Buenos Aires district, Esmeralda trend and the regional Amalia
target. A total of 2,699 soil samples, 126 rock samples, and
2,054 metres of channel and trench sampling were completed at the
Buenos Aires district. At the near- mine Esmeralda target, a
total of 1,170 metres of channel and trench sampling was
completed. At the regional Amalia target, a total of 1,110
soil samples, 254 rock samples, and 499 metres of channel and
trench sampling has been completed since 2014.
Previous Drilling on Current La Libertad
Resources
Jabali Antenna
Located approximately nine kilometres to the
east of the historic Mojon open-pit, the Jabali Antenna zone is an
east-west striking, north dipping (-75°) vein, which comprises the
1.5-kilometre-long portion of the greater Jabali vein system.
A total of 4,978 metres of infill drilling was completed in 36
holes in 2018. The zone has a current indicated resource of
457 kt, grading 4.90 g/t Au, containing 72,000 ounces of gold and a
current inferred open-pit resource of 1.14 Mt, grading 7.81 g/t Au,
containing 285,000 ounces of gold (see Calibre NI 43-101 Technical
Report on La Libertad dated August 30, 2019 filed on Calibre’s
profile on SEDAR).
The Jabali Antenna zone has been drilled to a
depth of 250 metres and shows the potential for expansion at depth
across the 300-metre-wide northern ore-shoot, 75-metre-wide central
ore-shoot and below the shallowly plunging ore-shoot located at the
western end of the system.
Chamarro
Located four kilometres to the northeast along
strike of the historic Mojon open-pit, the Chamorro target is
characterized by high grade, closely spaced, sub-parallel northeast
striking veins dipping at 80° to the southeast. A total of
1,537 metres of infill drilling was completed in 11 holes in
2018. The zone has a current inferred resource of 217 kt,
grading 1.56 g/t Au, containing 11,000 ounces of gold (see Calibre
NI 43-101 Technical Report on La Libertad dated August 30, 2019
filed on Calibre’s profile on SEDAR).
Drilling at Chamarro has outlined a shallow
resource to a depth of approximately 100 metres. The zone
shows the potential for expansion at depth and in multiple
directions.
Rosario
Rosario is a shallow resource located two
kilometres to the southwest along strike from the historic San
Diego open-pit. It is characterized by a steeply dipping vein
at 80° to the southeast. A total of 6,067 metres of infill
and step-out drilling was completed in 48 holes in 2018 and
2019. The zone has a current inferred resource of 260 kt,
grading 2.08 g/t Au, containing 17,000 ounces of gold (see Calibre
NI 43-101 Technical Report on La Libertad dated August 30, 2019
filed on Calibre’s profile on SEDAR).
The Rosario resource has been defined to a depth
of 125 metres and shows potential for expansion at depth across
multiple 100-metre-wide ore-shoots.
San Antonio
Located approximately four kilometres to the
southeast of the historic Tope/San Diego open-pit, San Antonio is
characterized as a shallow resource with a moderately dipping vein
plunging 65-70° to the southeast. A total of 4,074 metres of
infill and step-out drilling was completed in 35 holes in 2018 and
2019. The zone has a current inferred resource of 374 kt,
grading 2.75 g/t Au, containing 33,000 ounces of gold (see Calibre
NI 43-101 Technical Report on La Libertad dated August 30, 2019
filed on Calibre’s profile on SEDAR).
The San Antonio resource has been defined by
drilling to a depth of 125 metres and shows potential for expansion
at depth across multiple 100-metre-wide ore-shoots.
Near Mine and Regional Targets at La
Libertad With No Previous Drilling
Buenos Aires/Nancite/Tranca
The Buenos Aires/Nancite/Tranca district is
located approximately five kilometres to the southwest of the
Jabali vein. The district contains multiple, sub-parallel,
east-west and northeast oriented veins defined by highly anomalous
gold values in rock and soil samples, as well as high-grade channel
samples collected across outcrops. The defined veins have a
total strike length of greater than 10 kilometres and are currently
untested by drilling.
Esmeralda
Located between the historic Esmeralda and Santa
Maria open-pits, the Esmeralda trend is made up of multiple
sub-parallel, northeast oriented veins with a total strike length
of greater than 1.2 kilometres. The structures have been
traced by high-grade gold in trench and channel sampling across
outcrops.
Amalia
Located approximately 30 kilometres to the
northeast of the La Libertad mill, the high-grade Amalia vein
target consists of multiple, north-northeast oriented veins
currently defined by highly anomalous gold in rock and soil
samples, as well as highly anomalous gold in trenches. The
defined veins have a total strike length of over five
kilometres.
Gold Mineralization at La
Libertad
Gold mineralization at La Libertad is typical of
low-sulphidation, epithermal gold vein systems. The
mineralization is strongly structurally controlled with veins
forming along pre-existing fault planes and occupying extensional
openings which occurred during the time of emplacement.
Evidence also exists for significant post-mineral movement along
localized structures in the form of mineralized tectonic
breccias.
Veins consist of milky white, sugary textured
quartz, with varying amounts of chalcedonic, colloform, cockscomb
and vuggy quartz. Bladed pseudomorph quartz after calcite has
been observed which indicates boiling of the hydrothermal
fluid. Pyrite is the dominant sulphide occurring as
disseminations and blebs up to 2%, with base metal sulphides
including sphalerite, galena, and chalcopyrite present at deeper
targets such as Jabali. Low-grade gold mineralization can
extend tens of metres into the host rock related to auxiliary
quartz dominant stringer veinlets. Moderate to strong
argillic and propylitic alteration haloes commonly flank the
veins.
Current and past producing vein trends range
from 500 metres to over 4 kilometres in length, with widths ranging
from less than one metre to greater than 15 metres. Ore
shoots along the principal structures extend from 50 metres to
greater than 300 metres horizontally, and from 50 metres to greater
than 250 metres vertically.
To view a PDF of the tables and figures as referenced in this
news release, please go to the following links:
Link 1 – figures plan,
sections, etc.Link 2 – drilling
table 2018/2019Link 3 – trench
table 2015-2019
Qualified Person
The scientific and technical data contained in
this news release relating to La Libertad has been reviewed and
approved by Angela D. Johnson, P.Geo., a Qualified Person as
defined by NI 43-101.
ON BEHALF OF THE BOARD
“Russell Ball”
Russell Ball, Chief Executive Officer
For further information, please contact:
Ryan King Vice President, Corporate Development
& IR Calibre Mining Corp. T: 604.628.1012 E:
calibre@calibremining.comW: www.calibremining.com
Cautionary Note Regarding Forward
Looking Information
All statements in this news release that address
events or developments that we expect to occur in the future are
forward-looking statements. Forward-looking statements are
statements that are not historical facts and are generally,
although not always, identified by words such as “expect”, “plan”,
“anticipate”, “project”, “target”, “potential”, “schedule”,
“forecast”, “budget”, “estimate”, “intend” or “believe” and similar
expressions or their negative connotations, or that events or
conditions “will”, “would”, “may”, “could”, “should” or “might”
occur. All such forward-looking statements are based on the
opinions and estimates of management as of the date such statements
are made.
Forward-looking statements necessarily involve
assumptions, risks and uncertainties, certain of which are beyond
Calibre’s control, including risks associated with or related to:
the volatility of metal prices; changes in tax laws; the dangers
inherent in exploration, development and mining activities; the
uncertainty of reserve and resource estimates; cost or other
estimates; actual production, development plans and costs differing
materially from the Company's expectations; the ability to obtain
and maintain any necessary permits, consents or authorizations
required for mining activities; the current ongoing instability in
Nicaragua and the ramifications thereof; environmental regulations
or hazards and compliance with complex regulations associated with
mining activities; the availability of financing and debt
activities, including potential restrictions imposed on Calibre’s
operations as a result thereof and the ability to generate
sufficient cash flows; remote operations and the availability of
adequate infrastructure; fluctuations in price and availability of
energy and other inputs necessary for mining operations; shortages
or cost increases in necessary equipment, supplies and labour; the
reliance upon contractors, third parties and joint venture
partners; the dependence on key personnel and the ability to
attract and retain skilled personnel; the risk of an uninsurable or
uninsured loss; adverse climate and weather conditions; litigation
risk; competition with other mining companies; community support
for Calibre’s operations, including risks related to strikes and
the halting of such operations from time to time; conflicts with
small scale miners; failures of information systems or information
security threats; compliance with anti-corruption laws, and
sanctions or other similar measures. The list is not exhaustive of
the factors that may affect Calibre’s forward-looking
statements.
Calibre’s forward-looking statements are based
on the applicable assumptions and factors management considers
reasonable as of the date hereof, based on the information
available to management at such time. These assumptions and factors
include, but are not limited to, assumptions and factors related to
Calibre’s ability to carry on current and future operations,
including: development and exploration activities; the timing,
extent, duration and economic viability of such operations,
including any mineral resources or reserves identified thereby; the
accuracy and reliability of estimates, projections, forecasts,
studies and assessments; the availability and cost of inputs; the
price and market for outputs, including gold; the timely receipt of
necessary approvals or permits; the ability to meet current and
future obligations; the ability to obtain timely financing on
reasonable terms when required; the current and future social,
economic and political conditions; and other assumptions and
factors generally associated with the mining industry.
Calibre's forward-looking statements are based
on the opinions and estimates of management and reflect their
current expectations regarding future events and operating
performance and speak only as of the date hereof. Calibre
does not assume any obligation to update forward-looking statements
if circumstances or management’s beliefs, expectations or opinions
should change other than as required by applicable securities laws.
There can be no assurance that forward-looking statements will
prove to be accurate, and actual results, performance or
achievements could differ materially from those expressed in, or
implied by, these forward-looking statements. Accordingly, no
assurance can be given that any events anticipated by the
forward-looking statements will transpire or occur, or if any of
them do, what benefits or liabilities Calibre will derive
therefrom. For the reasons set forth above, undue reliance should
not be placed on forward-looking statements.
Calibre Mining Best Practice
Calibre is committed to best practice standards
for all exploration, sampling and drilling. Drilling was
completed by independent drilling contractors. Analytical
quality assurance and quality control includes the systematic
insertion of blanks, standards and duplicates. Samples are
placed in sealed bags and shipped directly to Bureau Veritas Lab in
Managua, Nicaragua for sample preparation and then to Vancouver,
Canada for gold fire assay and ICP-MS multi element analyses.
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