Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) (the
“
Company” or “
Calibre”) is
pleased to announce initial results from the fourth-quarter 2019
drilling program at El Limon. The drilling was successful in
expanding gold mineralization along the El Limon vein system, with
high-grade intercepts returned from extensions below the current
Limon Norte deposit. A total of five drill holes were completed
during the fourth quarter: four targeting the down-dip extensions
at Limon Norte and one infill hole at Santa Pancha to assist with
mine planning and engineering efforts (see figures).
Highlighted Drill Results Include:
- Limon Norte
- 11.85 g/t Au over 5.1m Estimated True Width (“ETW”)
from 209.4 meters depth in hole LIM19-4417
- 18.65 g/t Au over 5.1m ETW from 197.1 metres depth in
hole LIM19-4418
- 4.13 g/t Au over 20.3m ETW from 248.4 metres depth in
hole LIM19-4420
Russell Ball, Chief Executive Officer, stated: “A nice start to
our exploration program at El Limon. We ramped-up the program
significantly in January and I am confident that our 2020 drilling
campaign will deliver positive results in this world-class, low
sulfidation epithermal district. I look forward to providing
regular updates on our progress at El Limon as the year
unfolds.”
A total of 1,285 metres was drilled in five holes during the
fourth quarter at Limon Norte and Panteon: Limon Norte is located
approximately 100 metres north of the current open-pit at Limon
Central; Panteon is a vein splay that extends from the Santa Pancha
underground mine. The Company is currently drilling at
Panteon and is mobilizing a second drill to resume drilling along
the main El Limon vein-system.
Four of the five holes drill tested the down-dip extension at
Limon Norte. The drilling confirms the continuity of gold
mineralization, with hole LIM19-4420 intercepting the Limon Norte
structure 60 metres down-dip from the currently reported mineral
resource. The fifth hole was infill drilling at Santa Pancha to
upgrade resource classification to support a future mineral reserve
estimate for Santa Pancha and to assist with mine planning and
engineering efforts. (See a complete table of drill hole details at
the bottom of this press release.)
2020 Exploration Program
Calibre’s program will continue to focus on resource expansion
along the main Limon vein-system as well as at Santa Pancha and
Atrevesada. Based on the positive results from the 2019 drilling,
the Company now plans to increase drilling at El Limon from the
budgeted 7,000 meters to between 10,000 and 12,000 metres in
2020.
Concurrent with resource expansion drilling, the
Company will explore the broader Limon district through an ongoing
program of systematic mapping and geochemical sampling to identify
new drill targets at the under-explored Lourdes, Tecomapas/Ramadas
and San Antonio areas.
Calibre maintains a Quality Assurance/Quality Control (“QA/QC”)
program for all its exploration projects using industry best
practices. Key elements of the QA/QC program include verifiable
chain of custody for samples, regular insertion of certified
reference standards and blanks, and duplicate check assays. Drill
core is halved and shipped in sealed bags to Bureau Veritas in
Managua, Nicaragua, an independent analytical services provider
with global certifications for Quality ISO9001:2008, Environmental
Management: ISO14001 and Safety Management OH SAS 18001 and AS4801.
Prior to analysis, samples are prepared at Veritas’ Managua
facility and then shipped to its analytical facility in Vancouver,
Canada. Gold analyses are routinely performed via fire assay/AA
finish methods. Analyses for silver and other elements of interest
are performed via Induction Coupled Plasmaspectrometry (“ICP”).
Qualified Person
The scientific and technical data contained in this news release
has been reviewed and approved by Mark A. Petersen, P.Geo., VP
Exploration, a Qualified Person as defined by NI 43-101.
To view a PDF of the figures as referenced in this news release,
please go to the following links:
Link 1 – PDF Figures
Link 2 – VRIFY 3D Images to support the
February 4, 2020, El Limon Drill Results News Release
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.com W: 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. A complete
summary of the drill hole assays and drill hole locations for
Calibre’s 2019 drilling program at El Limon is provided in the
following table. For additional details, please refer to the
Company’s website at www.calibremining.com and the NI 43-101
Technical Report for El Limon dated August 30, 2019, which is
available at www.sedar.com.
2019 EL LIMON DRILLING RESULTS |
TargetZone |
Drill HoleID |
From(m) |
To(m) |
Interval(m) |
Estimated True Width (m) |
Au(g/t) |
Limon Norte |
LIM-19-4417 |
179.0 |
192.7 |
13.7 |
|
0.10 |
|
|
192.7 |
194.1 |
1.4 |
1.4 |
3.01 |
|
|
194.1 |
209.4 |
15.3 |
|
0.04 |
|
|
209.4 |
214.5 |
5.2 |
5.1 |
11.85 |
|
|
214.5 |
221.0 |
6.4 |
|
0.16 |
Limon Norte |
LIM-19-4418 |
139.0 |
192.5 |
53.5 |
|
0.02 |
|
|
192.5 |
197.1 |
4.6 |
|
0.74 |
|
|
197.1 |
202.4 |
5.3 |
5.1 |
18.65 |
|
|
202.4 |
222.8 |
20.5 |
|
0.18 |
|
|
222.8 |
226.9 |
4.0 |
|
0.01 |
Limon Norte |
LIM-19-4419 |
88.1 |
90.5 |
2.5 |
|
0.09 |
|
|
221.7 |
224.3 |
2.7 |
|
0.04 |
|
|
224.3 |
236.8 |
12.5 |
|
0.47 |
|
|
236.8 |
242.7 |
5.9 |
|
0.02 |
Limon Norte |
LIM-19-4420 |
216.2 |
248.4 |
32.2 |
|
0.07 |
|
|
248.4 |
269.9 |
21.5 |
20.3 |
4.13 |
|
Includes |
248.4 |
252.0 |
3.6 |
3.4 |
10.14 |
|
|
252.0 |
258.4 |
6.4 |
6.0 |
0.09 |
|
|
258.4 |
259.9 |
1.5 |
1.4 |
10.43 |
|
|
259.9 |
263.6 |
3.7 |
3.5 |
0.02 |
|
|
263.6 |
268.1 |
4.6 |
4.3 |
7.46 |
|
|
268.1 |
269.9 |
1.8 |
1.7 |
1.36 |
|
|
269.9 |
274.3 |
4.4 |
|
0.83 |
|
|
274.3 |
282.0 |
7.6 |
|
0.20 |
Panteon |
LIM-19-4421 |
38.7 |
50.0 |
11.3 |
|
0.04 |
|
|
50.0 |
51.9 |
2.0 |
1.8 |
8.05 |
|
|
51.9 |
56.4 |
4.5 |
|
0.12 |
|
|
151.3 |
172.8 |
21.5 |
|
0.03 |
|
|
172.8 |
175.5 |
2.8 |
|
0.11 |
|
|
175.5 |
177.5 |
1.9 |
|
0.58 |
|
|
177.5 |
198.3 |
20.8 |
|
0.04 |
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