Calibre Mining Announces Additional 2017 Diamond Drilling and Advancement of the Resource Estimate on the Eastern Borosi Gold...
20 October 2017 - 12:15AM
Calibre Mining Corp. (TSX-V:CXB) (the “Company” or “Calibre”) is
pleased to report additional drilling has been initiated on the
Eastern Borosi Gold Project, Nicaragua (the “Project”), which is
being funded by Calibre’s JV partner IAMGOLD Corporation
(“IAMGOLD”). In addition, an updated NI 43-101 mineral
resource estimate for the Project, which will incorporate results
from 26,000 metres of drilling in 138 drill holes completed over
the last four years, is proceeding as planned.
Highlights
- An additional 1,600 to 1,700 metres of diamond drilling in an
estimated ten or eleven holes has begun and will be completed as
part of an expanded 2017 exploration program.
- Drilling will consist of step out holes following up on
previous high grade intercepts on structures not currently part of
the on-going resource estimate including;
Veta Loca (GP16-046) 6.31metres grading 10.26 AuEq
g/t
Cadillac (LS15-008) 4.10 metres grading 9.81 AuEq g/t
- Independent engineering firm RPA Inc. (RPA) has been contracted
to complete the on-going resource update and data transfer is
advancing, a site visit is scheduled for the last week of October,
and the resource update remains on-schedule for completion before
the end of 2017.
Calibre Mining and our partners now have four
drill rigs active on the Borosi projects: one diamond drill rig on
the Eastern Borosi Project with IAMGOLD, two diamond drill rigs on
the Siuna Gold Project with Centerra Gold and one RC rig active on
Calibre’s 100% owned Primavera Gold-Copper Project.
President and CEO Greg Smith stated: “We are
very pleased to be able to complete additional drilling on the
Eastern Borosi Gold Project in 2017 in an expanded program and
excited to be able to follow-up on the high grade intercepts on
these two gold discoveries at Veta Loca and Cadillac. The
updated NI 43-101 resource estimate which will include the maiden
resource estimates for the newly defined zones at the Guapinol,
Vancouver, Main Blag and East Dome gold-silver systems continues to
advance and will be a significant step forward for the
Project. Calibre is aggressively exploring the Borosi
Gold-Silver-Copper Project with our partners with four drill rigs
currently active on our 876 km2 property."
IAMGOLD – Eastern Borosi
Project
Drilling in Q4 2017 will consist of step out
holes following up on previous high grade intercepts on structures
not currently part of the on-going resource estimate. An
additional 1,600 to 1,700 metres of diamond drilling in an
estimated ten or eleven holes will be completed as part of an
expanded 2017 exploration program. The drilling will test two
high grade gold-silver discoveries specifically; 1) Veta Loca
(GP16-046) which included 6.31metres grading 10.26 AuEq g/t (10.15
g/t Au and 6.9 g/t Ag) between 88.0 and 94.31m, and 2) Cadillac
where drilling (LS15-008) intersected 4.10 metres grading 9.81 AuEq
g/t (8.93 g/t Au and 57.4 g/t Ag) between 65.6 and 69.7m.
Exploration to date on the Eastern Borosi
Project has outlined several tens of kilometres of highly
prospective mineralized structures located in an historic
gold-silver mining district. Low sulphidation epithermal
gold-silver mineralization intersected on the Eastern Borosi
Project is hosted within porphyritic andesite and consists of
structurally controlled, high energy quartz-carbonate vein
breccias, vein-stockworks and discrete smokey quartz veins
containing fine grained sulphide minerals. Targets have been
defined by surface soil and rock sampling, trenching and
drilling.
All drilling completed by Calibre/IAMGOLD
between 2014 and 2017 totaling 26,000 metres in 138 drill holes
will now be incorporated into an updated NI-43-101 mineral resource
estimate for the Riscos de Oro Deposit and maiden NI-43-101 mineral
resource estimates for the Guapinol, Vancouver, Main Blag, and East
Dome gold-silver systems. RPA has been selected to complete
the on-going resource update and data transfer has been
advanced. A due diligence site visit is scheduled for the
last week of October, and the resource estimate remains on-schedule
for completion before the end of 2017.
IAMGOLD has completed the First Option having
made US$450,000 in payments to Calibre and completed US$5 million
in expenditures and has vested a 51% interest in the Eastern Borosi
Project. IAMGOLD has entered the Second Option with the right
to earn a further 19% in the Project (by paying $450,000 and
further exploration expenditures of $5 million) having paid the
first installment of $150,000 and the 2017 work program
continues. The total potential investment by IAMGOLD to earn
a 70% interest in the Project is US$10.9 million.
Calibre is committed to best practice standards
for all exploration, sampling and drilling activities.
Drilling was completed by independent firm Kluane Drilling
Ltd. Analytical 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 (a Bureau Veritas
Group Company) in Managua, Nicaragua for sample preparation and
then to Acme Labs in Vancouver, Canada for 50 gram 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 owns a 100% interest in over
413 km2 of mineral concessions in the Mining Triangle of Northeast
Nicaragua including the Primavera Gold-Copper Project and Santa
Maria Gold Project. Additionally the Company has optioned to
IAMGOLD (176 km2) and Centerra Gold (253 km2) concessions covering
an aggregate area of 429 km2 and is party to a joint venture on the
33.6 km2 Rosita D gold-copper-silver project with Rosita Mining
Corporation. Major shareholders of Calibre include gold
producer B2Gold Corp, Pierre Lassonde and management.
Calibre Mining Corp.
“Greg Smith”
Greg Smith,
P.Geo.President and CEO
For further information contact:Ryan King604
628-1012www.calibremining.com
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