Calibre Mining Announces 3400 Metre Drill Program on the Eastern Borosi Project, Nicaragua
June 23 2014 - 9:00AM
Marketwired
Calibre Mining Announces 3400 Metre Drill Program on the Eastern
Borosi Project, Nicaragua
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jun 23, 2014) -
Calibre Mining Corp. (TSX-VENTURE:CXB) (the "Company" or "Calibre")
is pleased to announce that the Company and IAMGOLD Corporation
("IAMGOLD") have finalized the scope and budget of the 2014 diamond
drilling program on the Eastern Borosi Project, Nicaragua. Calibre
and IAMGOLD entered into an option agreement dated May 26, 2014
whereby IAMGOLD can earn a 51% interest and subsequently an
additional 19% for a total of 70% interest in the Eastern Borosi
Project (the "Project") consisting of 176 km2 within the Borosi
Concessions, Northeast Nicaragua. The total potential investment by
IAMGOLD to earn a 70% interest in the Eastern Borosi Project is
US$10.9 million. The Eastern Borosi Project hosts gold-silver
resources in two deposits and a series of well-defined low
sulphidation epithermal gold-silver targets.
Highlights
- The 2014 drilling program will begin with approximately 3400
metres of diamond drilling with a total budget of $1.0 million. The
remaining $500,000 of the first year's work commitment will allow
for an additional 2600 metres of drilling which will be prioritized
following a review of the results.
- The planned drilling program will comprise an estimated 31
diamond drill holes totalling 3,400 metres designed to test
approximately 3.0 kilometres of strike length of previously
identified gold-silver bearing structures.
- Drill targets have been prioritized and are based on previous
exploration including; surface mapping, exposures in small miner's
working, historic underground development and drilling as well as
soil and rock geochemistry and LIDAR surveying.
- Drilling will test a number of high priority gold-silver
targets including; Guapinol, Riscos de Oro extension, Blag,
California, Veta Vancouver, and Veta Toronto.
- Drilling is planned to commence in July, 2014.
President and CEO, Greg Smith stated: "It is a testament to the
high quality drill targets, favourable infrastructure, positive
exploration results generated by Calibre and the overall
gold-silver potential of the Eastern Borosi project that, with
IAMGOLD, we have been able to quickly prioritize and plan the 2014
drill program, which will be managed by Calibre. The 2014 drilling
program is planned to start in July, 2014 and will test up to 3.0
km of gold-silver bearing structures with tens of kilometres of
potential structures having been identified on the Eastern Borosi
project."
The Eastern Borosi Project includes the Riscos de Oro and La
Luna NI 43-101 Inferred Mineral Resources which total 4.70 million
tonnes grading 2.31 g/t Au and 34.99 g/t Ag containing 350,000
ounces of gold and 5.29 million ounces of silver. Both zones are
open for potential expansion. See Calibre News Release dated May
27, 2014 for details.
Updated maps detailing the planned drilling program at the
Eastern Borosi Project will be posted on the Company's web site at
www.calibremining.com. Unless otherwise specified, all amounts set
out in this news release are expressed in United States
dollars.
Quality assurance and quality control procedures include the
systematic insertion of blanks, standards and duplicates into the
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 253 km2 of mineral
concessions in the Mining Triangle of Northeast Nicaragua.
Additionally the Company has an option agreement with IAMGOLD
covering 176 km2 of concessions, joint venture exploration programs
underway with B2Gold Corp. on 322.3 km2 of concessions which
includes the Primavera gold-copper porphyry discovery, and has
optioned the 33.6 km2 Rosita gold-copper-silver project to Alder
Resources Ltd. Major shareholders of Calibre include gold producer
B2Gold Corp.
About IAMGOLD Corporation
IAMGOLD Corporation is a mid-tier gold producer with five
operating gold mines on three continents, North America, South
America, and Africa and one of the world's three niobium mines.
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.
Calibre Mining Corp.Ryan King604
628-1012www.calibremining.com
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