Calibre and B2Gold Initiate Trenching Program on the Minnesota Gold-Copper Project, Borosi Concessions, Nicaragua
February 18 2014 - 8:15AM
Marketwired Canada
Calibre Mining Corp. (TSX VENTURE:CXB) (the "Company" or "Calibre") is pleased
to announce results from follow-up rock and soil sampling at the Minnesota
gold-copper project within the B2Gold Corp. ("B2Gold") (TSX:BTO)(NYSE MKT:BTG)
Joint Venture on the Borosi concessions, northeast Nicaragua. Calibre controls a
49% interest in the joint venture and B2Gold has a 51% interest and is project
operator. As announced on October 9th, 2013 Calibre has executed a Definitive
Joint Venture Agreement with B2Gold that grants B2Gold the right to earn an
additional 19% in the Borosi concessions joint venture by spending $6 million in
additional project expenditures over three years. Each 12 months of the option
B2Gold must complete a minimum $1.5 million of exploration and development
expenditures on the property.
At least four new trenches totaling 400 linear metres will be excavated at
prioritized locations along the Minnesota gold trend. The primary goal of the
trenching program will be to expand on the mineralization observed at channel
sample locations MNTR13-001 (7.5 metres grading 3.93 g/t Au) and MNTR13-002 (9.2
metres grading 4.17 g/t Au) located in the centre of the eastern 500 metre x 250
metre gold and copper soil anomaly. In addition to the trenching program the
existing soil grid will be expanded to the east to follow-up on the highly
anomalous soil samples collected in the recent test pits (PR13S2221 - 2.40 g/t
Au).
Recent Minnesota Project Rock and Soil assay results include:
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Prospect Sample ID Sample Type Au (g/t)
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Minnesota P13R0755 Rock 28.90
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Minnesota P13R0653 Rock 3.69
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Minnesota P13R0828 Rock 3.08
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Minnesota P13R0744 Rock 2.98
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Minnesota P13R0664 Rock 2.24
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Minnesota P13R0858 Rock 1.35
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Minnesota PR13S2221 Soil 2.40
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Minnesota PR13S2199 Soil 1.79
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Minnesota PR13S2210 Soil 0.90
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Minnesota PR13S2217 Soil 0.59
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Minnesota PR13S2324 Soil 0.34
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- Soil samples collected at a range of depth in 2m x 2m x 2m exploration
test pits
Greg Smith, President and CEO of Calibre stated: "The recent high grade rock and
soil sample results from Minnesota continue to emphasize the strong nature of
gold mineralization on the property. Step-out sampling and geologic mapping has
identified multiple targets along the two kilometre gold trend which will be
investigated by trenching. Given the encouraging results from the previous
channel sampling program and the widespread nature of gold mineralization on the
Minnesota project we look forward to the current trenching program expanding the
potential of this gold-copper system."
Previous channel sampling assay results along the Minnesota trend include: 9.20
metres grading 4.17 g/t Au (MNTR13-002), 7.50 metres grading 3.93 g/t Au
(MNTR13-001), 6.40 metres grading 5.56 g/t Au (BRTR11-044), 8.00 metres grading
6.35 g/t Au (BRTR11-047), 12.80 metres grading 1.27 g/t Au (BRTR11-057), 6.00
metres grading 2.12 g/t Au (BRTR11-054), and 4.65 metres grading 1.51 g/t Au
(BRTR11-053).
The Minnesota target area consists of a favourable multi-phase intrusive centre
with peripheral epithermal vein sets and widespread alteration. The target is
defined by a strong 1.75 kilometre x 1.25 kilometre gold and copper soil anomaly
and has considerable gold endowment as indicted by the abundant small-scale
artisanal gold miners that are active in the Minnesota region.
The Minnesota gold-copper project is located 20 kilometres northwest of the
Primavera gold-copper project where a B2Gold/Calibre drill program intersected
significant porphyry-style gold-copper mineralization including: 261.70 metres
grading 0.78 g/t Au, 0.30% Cu (PR-11-002) and 172.35 metres grading 0.48 g/t Au
and 0.24% Cu (PR-12-008). The Minnesota area was selected as a high priority
target during regional evaluation of the entire Borosi Joint Venture area.
Updated maps detailing the result of the current exploration program at the
Minnesota Gold/Copper Project will be posted on the Company's web site at
www.calibremining.com.
Quality assurance and quality control procedures include the systematic
insertion of blanks, standards and duplicates into the rock and soil sample
strings. Samples are placed in sealed bags and shipped directly to Acme Labs in
Managua, Nicaragua for sample preparation and then to Acme Labs in Vancouver,
Canada for 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 controls a 100% interest in 429 km2 of mineral concessions and
additionally, Calibre has joint venture exploration programs underway with
B2Gold Corp. on 322.3 km2 of concessions which include the Primavera gold-copper
porphyry discovery and Alder Resources Ltd. on the 33.6 km2 Rosita
gold-copper-silver project. Major shareholders of Calibre include gold producer
B2Gold Corp.
Calibre Mining Corp.
Greg Smith, P.Geo., President and CEO
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Calibre Mining Corp.
Ryan King
604 628-1012
www.calibremining.com
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