Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) (the
“
Company” or “
Calibre”) is
pleased to announce initial results from exploration drilling
completed during the fourth-quarter of 2019 at the La Libertad mine
and the Amalia exploration property.
The program tested four zones of prospective
epithermal-style gold mineralization at varying stages of
development, ranging from active mining to pre-discovery
exploration. The Company completed 27 drill holes targeting
the Jabali and Esmeralda deposits and the Buenos Aires gold system.
A further eight shallow drill holes were completed on two
vein structures at the Amalia property. The results will
serve to further orient the Company’s 2020 exploration program for
La Libertad and Amalia, which is part of the Company’s broader
exploration strategy that includes the El Limon mine and Pavon
advanced stage exploration project (see figures).
Highlighted Drill Results
Include:
- Amalia • 17.84 g/t Au over 7.0m
Estimated True Width (“ETW”) from 60.6 metres depth in hole
EZ19-001
- La Libertad • 10.66 g/t Au over
1.7m ETW from 123.5 metres depth in hole
JB19-473 • 2.59 g/t Au over 3.0m ETW from
38.0 metres depth in hole EM19-004 • 4.56 g/t
Au over 1.1m ETW from 4.6 metres depth in hole
PU19-004
Russell Ball, Chief Executive Officer, stated: “As
highlighted by the shallow high-grade intercept, the Amalia
property offers excellent potential for the discovery of additional
mill feed for La Libertad. The Amalia property encompasses a
large system of low-sulphidation, epithermal gold structures that
has had very limited modern exploration and no previous
drilling. Our 2020 exploration program is off to a great
start and we have ramped-up to include four drill rigs between La
Libertad and Amalia.”
At La Libertad, 27 drill holes totaling 3,429
metres were completed to begin testing the gold vein systems at the
Jabali and Esmeralda deposits, as well as the Buenos Aires prospect
which had not been previously drilled.
At Amalia (located approximately 35 kilometres
northeast of the La Libertad mill) eight holes totaling 1,181
metres were drilled as an initial test of the Espinoza and Pavona
vein structures. Six holes were drilled along a 250-metre section
of the Espinoza vein structure to test the down-dip potential of
anomalous gold grades identified from previous surface trenching,
which has so far traced the structure over a one-kilometer strike
extent. The first hole (EZ19-001) intercepted 7.0m averaging 17.84
g/t Au within 45 metres vertical depth from surface. Drilling is
currently in progress to follow up on these positive initial
results. (See a complete table of drill hole details at the bottom
of this press release.)
At the Jabali underground mine, two infill holes
were drilled to upgrade resource classification in support of mine
planning and engineering design. At Esmeralda, results have been
received for twelve of thirteen holes drilled along a 600-metre
extension of the Esmeralda vein system as it continues beyond the
past-producing Esmeralda open-pit. Six of the holes
intercepted near-surface gold mineralization over narrow widths and
the results are being evaluated. At Buenos Aires, first pass
reconnaissance drilling targeted three vein structures exposed
within a 3.5 km2 area that is a site of widespread artisanal
mining. Significant surface trenching results at Buenos Aires
range from 1.5m @ 7.1 g/t Au to 6.2m @ 2.3 g/t Au. Anomalous gold
mineralization was confirmed along all three of the structures
tested, including hole PU19-004 which intercepted 1.1 metres
grading 4.6 g/t Au along the Pulpito structure. Drilling
results from the Esmeralda and Buenos Aires targets are being
evaluated in combination with results from ongoing reconnaissance
drill testing of other targets within the broader La Libertad
property.
2020 Exploration Program
Calibre’s exploration program during the first half
of 2020 will include:
- Additional drilling at Amalia to follow-up on the strong
results from hole EZ19-001, accelerated surface mapping and
sampling along strike extensions of the Espinoza vein trend, as
well as reconnaissance level prospecting over the Company’s 83 km2
of mineral concessions;
- First-pass drilling at La Libertad to test the resource
expansion potential along the vein systems in the Jabali, Rosario
and San Antonio areas; and
- Reconnaissance drilling of the untested Tranca and Nancite vein
systems located 500 meters south of Jabali.
The Company plans to complete approximately 20,000
metres of drilling at La Libertad and approximately 5,000 metres at
Amalia during the first half of 2020. Results from the first half
will form the basis for further exploration and resource
delineation work during the latter half of 2020. All of the results
of the Company’s 2020 exploration drilling will be incorporated
into updated mineral resource and reserve estimates to be completed
at year-end.
Quality Assurance / Quality
Control
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 link:
Link 1 – PDF
Figures
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.
A complete summary of the drill hole assays and
drill hole locations for Calibre’s 2019 drilling program at Amalia
and La Libertad 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 La
Libertad dated August 30, 2019, which is available at
www.sedar.com.
2019 AMALIA and LA LIBERTAD DRILLING RESULTS |
TargetZone |
Drill HoleID |
From(m) |
To(m) |
Interval(m) |
EstimatedTrue Width (m) |
Au(g/t) |
Amalia |
EZ19-001 |
0.0 |
60.6 |
60.6 |
|
0.01 |
|
|
60.6 |
70.0 |
9.5 |
7.0 |
17.84 |
|
Includes |
60.6 |
65.4 |
4.9 |
3.6 |
16.92 |
|
|
65.4 |
66.5 |
1.1 |
0.8 |
49.48 |
|
|
66.5 |
68.8 |
2.4 |
1.8 |
13.61 |
|
|
68.8 |
70.0 |
1.2 |
0.9 |
1.89 |
|
|
70.0 |
170.7 |
100.7 |
|
0.01 |
|
EZ19-002 |
0.0 |
47.2 |
47.2 |
|
0.01 |
|
|
47.2 |
50.9 |
3.7 |
2.8 |
2.76 |
|
|
50.9 |
54.5 |
3.6 |
|
0.39 |
|
|
54.5 |
108.2 |
53.7 |
|
0.02 |
|
EZ19-003 |
61.0 |
124.3 |
63.3 |
|
0.02 |
|
|
124.3 |
126.4 |
2.1 |
|
0.82 |
|
|
126.4 |
131.7 |
5.3 |
|
0.14 |
|
|
131.7 |
133.5 |
1.8 |
1.2 |
1.34 |
|
|
133.5 |
141.5 |
7.9 |
|
0.51 |
|
|
141.5 |
144.6 |
3.1 |
2.1 |
2.27 |
|
|
144.6 |
175.3 |
30.7 |
|
0.01 |
|
EZ19-004 |
1.5 |
157.0 |
155.5 |
|
0.01 |
|
EZ19-005 |
0.0 |
167.6 |
167.6 |
|
0.02 |
|
EZ19-006 |
0.0 |
64.0 |
64.0 |
|
0.03 |
|
PV19-001 |
3.4 |
52.7 |
49.4 |
|
0.01 |
|
|
52.7 |
54.3 |
1.6 |
|
0.56 |
|
|
54.3 |
100.5 |
46.2 |
|
0.02 |
|
|
100.5 |
101.5 |
1.0 |
0.8 |
1.16 |
|
|
101.5 |
105.5 |
4.0 |
|
0.01 |
|
PV19-002 |
0.0 |
68.6 |
68.6 |
|
0.01 |
Buenos Aires |
BU19-001 |
0.0 |
109.7 |
109.7 |
|
0.05 |
|
BU19-002 |
0.0 |
122.4 |
122.4 |
|
0.00 |
|
BU19-003 |
0.0 |
129.9 |
129.9 |
|
0.01 |
|
BU19-004 |
0.0 |
120.4 |
120.4 |
|
0.01 |
|
BU19-005 |
3.1 |
52.8 |
49.8 |
|
0.02 |
|
|
52.8 |
55.0 |
2.1 |
1.9 |
1.03 |
|
|
55.0 |
89.9 |
35.0 |
|
0.02 |
|
PU19-001 |
0.0 |
134.7 |
134.7 |
|
0.01 |
|
PU19-002 |
0.0 |
112.0 |
112.0 |
|
0.02 |
|
|
112.0 |
113.2 |
1.3 |
0.8 |
2.63 |
|
|
113.2 |
150.9 |
37.7 |
|
0.10 |
|
PU19-003 |
0.0 |
22.9 |
22.9 |
|
0.02 |
|
|
22.9 |
24.2 |
1.4 |
1.0 |
2.82 |
|
|
24.2 |
183.3 |
159.1 |
|
0.01 |
|
PU19-004 |
0.0 |
4.6 |
4.6 |
|
0.01 |
|
|
4.6 |
6.1 |
1.5 |
1.1 |
4.56 |
|
|
6.1 |
177.9 |
171.8 |
|
0.02 |
|
PU19-005 |
0.0 |
137.7 |
137.7 |
|
0.02 |
|
SS19-001 |
0.0 |
40.3 |
40.3 |
|
0.01 |
|
SS19-002 |
0.0 |
19.7 |
19.7 |
|
0.02 |
|
|
19.7 |
22.1 |
2.3 |
2.2 |
1.09 |
|
|
22.1 |
92.8 |
70.8 |
|
0.00 |
Esmeralda |
EM19-001 |
0.0 |
170.7 |
170.7 |
|
0.01 |
|
EM19-002 |
0.0 |
109.7 |
109.7 |
|
0.03 |
|
EM19-003 |
0.0 |
53.0 |
53.0 |
|
0.05 |
|
|
53.0 |
54.6 |
1.6 |
1.5 |
0.82 |
|
|
54.6 |
103.6 |
49.1 |
|
0.01 |
|
EM19-004 |
0.0 |
38.0 |
38.0 |
|
0.12 |
|
|
38.0 |
41.5 |
3.5 |
3.0 |
2.59 |
|
|
41.5 |
44.6 |
3.2 |
|
0.84 |
|
|
44.6 |
65.5 |
20.9 |
|
0.01 |
|
EM19-005 |
0.0 |
78.5 |
78.5 |
|
0.04 |
|
|
78.5 |
79.7 |
1.1 |
1.0 |
2.35 |
|
|
79.7 |
108.2 |
28.6 |
|
0.07 |
|
EM19-006 |
0.0 |
18.3 |
18.3 |
|
0.13 |
|
|
18.3 |
39.6 |
21.3 |
|
0.49 |
|
|
39.6 |
99.1 |
59.4 |
|
0.05 |
|
|
99.1 |
101.4 |
2.3 |
2.0 |
1.83 |
|
|
101.4 |
170.7 |
69.3 |
|
0.03 |
|
EM19-007 |
0.0 |
179.8 |
179.8 |
Assays pending |
|
EM19-008 |
0.0 |
55.9 |
55.9 |
|
0.05 |
|
|
55.9 |
60.1 |
4.2 |
4.0 |
0.42 |
|
|
60.1 |
114.3 |
54.3 |
|
0.01 |
|
EM19-009 |
0.0 |
57.4 |
57.4 |
|
0.05 |
|
|
57.4 |
58.6 |
1.2 |
0.9 |
1.97 |
|
|
58.6 |
94.5 |
35.9 |
|
0.01 |
|
EM19-010 |
0.0 |
79.0 |
79.0 |
|
0.03 |
|
|
79.0 |
83.8 |
4.9 |
4.4 |
0.42 |
|
|
83.8 |
137.2 |
53.3 |
|
0.05 |
|
EM19-011 |
0.0 |
152.4 |
152.4 |
|
0.02 |
|
EM19-012 |
0.0 |
8.5 |
8.5 |
|
0.08 |
|
|
8.5 |
10.2 |
1.7 |
|
0.92 |
|
|
10.2 |
27.9 |
17.7 |
|
0.06 |
|
|
27.9 |
29.2 |
1.3 |
1.2 |
2.40 |
|
|
29.2 |
38.1 |
9.0 |
|
0.18 |
|
|
38.1 |
39.5 |
1.4 |
1.3 |
1.09 |
|
|
39.5 |
52.8 |
13.3 |
|
0.07 |
|
|
52.8 |
54.0 |
1.3 |
1.2 |
1.64 |
|
|
54.0 |
77.7 |
23.7 |
|
0.07 |
|
EM19-013 |
0.0 |
89.9 |
89.9 |
|
0.01 |
Jabali |
JB19-473 |
69.3 |
113.5 |
44.3 |
|
0.05 |
|
|
113.5 |
115.4 |
1.9 |
|
1.11 |
|
|
115.4 |
123.5 |
8.1 |
|
0.41 |
|
|
123.5 |
125.7 |
2.2 |
1.7 |
10.66 |
|
|
125.7 |
128.1 |
2.4 |
|
0.44 |
|
|
128.1 |
135.4 |
7.3 |
|
0.10 |
|
JB19-474 |
20.7 |
25.4 |
4.7 |
|
0.04 |
|
|
25.4 |
27.4 |
2.0 |
1.9 |
1.72 |
|
|
27.4 |
30.1 |
2.7 |
|
0.14 |
|
|
30.1 |
31.9 |
1.8 |
1.7 |
1.88 |
|
|
31.9 |
60.2 |
28.2 |
|
0.09 |
2019 AMALIA and LA LIBERTAD
DRILL HOLE COLLAR LOCATIONS |
MineProperty |
Target Zone |
Drill HoleID |
UTM North (m) |
UTMEast (m) |
Elevation(masl) |
Total Depth (m) |
Azimuth (degrees) |
Dip (degrees) |
La Libertad |
Amalia |
EZ19-001 |
718163.38 |
1384461.31 |
447.66 |
170.69 |
137.53 |
-44.63 |
La Libertad |
Amalia |
EZ19-002 |
718218.28 |
1384497.01 |
444.06 |
108.20 |
137.32 |
-44.35 |
La Libertad |
Amalia |
EZ19-003 |
718220.20 |
1384576.17 |
402.44 |
175.26 |
137.55 |
-44.90 |
La Libertad |
Amalia |
EZ19-004 |
718279.59 |
1384606.80 |
416.78 |
156.97 |
136.46 |
-44.27 |
La Libertad |
Amalia |
EZ19-005 |
718092.70 |
1384455.37 |
439.07 |
181.36 |
136.85 |
-44.86 |
La Libertad |
Amalia |
EZ19-006 |
718317.52 |
1384557.07 |
434.64 |
64.01 |
317.00 |
-55.00 |
La Libertad |
Amalia |
PV19-001 |
717873.99 |
1384409.64 |
449.27 |
201.17 |
90.00 |
-45.00 |
La Libertad |
Amalia |
PV19-002 |
717916.94 |
1384649.99 |
352.74 |
123.44 |
90.24 |
-44.87 |
La Libertad |
Buenos Aires |
BU19-001 |
701564.88 |
1352845.98 |
532.07 |
109.73 |
339.12 |
-45.92 |
La Libertad |
Buenos Aires |
BU19-002 |
701847.63 |
1352829.38 |
534.60 |
122.42 |
2.33 |
-45.73 |
La Libertad |
Buenos Aires |
BU19-003 |
702365.99 |
1352742.11 |
534.70 |
129.85 |
2.02 |
-44.95 |
La Libertad |
Buenos Aires |
BU19-004 |
702805.05 |
1352857.99 |
541.85 |
120.40 |
166.05 |
-44.84 |
La Libertad |
Buenos Aires |
BU19-005 |
703280.97 |
1352846.14 |
562.90 |
89.92 |
344.33 |
-46.31 |
La Libertad |
Buenos Aires |
PU19-001 |
703948.02 |
1353024.51 |
646.68 |
134.71 |
1.72 |
-45.00 |
La Libertad |
Buenos Aires |
PU19-002 |
703843.74 |
1353003.25 |
629.07 |
150.88 |
2.00 |
-45.00 |
La Libertad |
Buenos Aires |
PU19-003 |
702927.46 |
1353026.54 |
554.90 |
190.50 |
1.95 |
-45.00 |
La Libertad |
Buenos Aires |
PU19-004 |
703120.25 |
1352984.41 |
561.59 |
192.02 |
344.75 |
-45.40 |
La Libertad |
Buenos Aires |
PU19-005 |
703178.15 |
1352933.93 |
562.65 |
184.82 |
345.04 |
-45.30 |
La Libertad |
Buenos Aires |
SS19-001 |
702953.42 |
1352561.06 |
535.56 |
80.77 |
344.85 |
-45.10 |
La Libertad |
Buenos Aires |
SS19-002 |
703341.35 |
1352558.86 |
550.97 |
129.54 |
344.90 |
-44.95 |
La Libertad |
Esmeralda |
EM19-001 |
697351.88 |
1353215.78 |
506.95 |
170.69 |
330.04 |
-50.96 |
La Libertad |
Esmeralda |
EM19-002 |
697240.44 |
1353169.48 |
511.66 |
109.73 |
330.10 |
-45.00 |
La Libertad |
Esmeralda |
EM19-003 |
697158.49 |
1353073.05 |
496.90 |
103.63 |
330.10 |
-45.00 |
La Libertad |
Esmeralda |
EM19-004 |
697068.96 |
1352991.30 |
503.85 |
65.53 |
329.01 |
-44.86 |
La Libertad |
Esmeralda |
EM19-005 |
697034.82 |
1352922.45 |
508.63 |
108.20 |
330.01 |
-50.86 |
La Libertad |
Esmeralda |
EM19-006 |
696847.09 |
1352758.71 |
524.00 |
170.69 |
149.28 |
-45.90 |
La Libertad |
Esmeralda |
EM19-007 |
696862.86 |
1352552.79 |
501.74 |
179.83 |
330.11 |
-44.82 |
La Libertad |
Esmeralda |
EM19-008 |
697015.06 |
1352650.07 |
502.31 |
114.30 |
330.00 |
-45.00 |
La Libertad |
Esmeralda |
EM19-009 |
697100.12 |
1352682.38 |
495.33 |
94.49 |
329.53 |
-45.63 |
La Libertad |
Esmeralda |
EM19-010 |
697354.48 |
1352780.57 |
493.74 |
137.16 |
330.04 |
-45.00 |
La Libertad |
Esmeralda |
EM19-011 |
697507.07 |
1352876.52 |
491.37 |
152.40 |
330.04 |
-45.32 |
La Libertad |
Esmeralda |
EM19-012 |
697632.46 |
1353267.37 |
521.73 |
88.86 |
329.83 |
-50.16 |
La Libertad |
Esmeralda |
EM19-013 |
696058.46 |
1352327.31 |
531.17 |
89.92 |
330.04 |
-45.00 |
La Libertad |
Jabali |
JB19-473 |
708226.33 |
1355794.86 |
325.81 |
138.40 |
22.80 |
-23.88 |
La Libertad |
Jabali |
JB19-474 |
707836.95 |
1355743.53 |
375.33 |
69.40 |
328.10 |
-24.61 |
Note: UTM collar coordinates refer to UTM map datum WGS84 Zone 16
North |
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