Calibre Mining Corp. (TSX-V:CXB) (the “Company” or “Calibre”) is
pleased to report results to date for the on-going 2018 diamond
drilling program on the Eastern Borosi Gold-Silver Project,
Nicaragua (the “Project”). Exploration and drilling on the
Project is being funded by Calibre’s JV partner IAMGOLD Corporation
(“IAMGOLD”).
Highlights
- Drill holes on the Cadillac
vein-structure successfully expanded on the 2017 discovery
which included LS17-008 with 4.10 metres grading 9.81 g/t AuEq with
LS18-027 intersecting 2.10 metres grading 18.1 g/t AuEq (1.21 g/t
Au and 1,097 g/t Ag). On the adjacent Jaguar gold-silver vein
structure new results include GP18-034 intersecting 28.75 metres
grading 0.90 g/t AuEq (0.26 g/t Au and 41.5 g/t Ag).
- At the East Dome Deposit new results have expanded the zone
along strike and to depth including BL18-062 with 16.5 metres at
1.13 g/t AuEq (0.40 g/t Au and 47.8 g/t Ag) and BL18-063
intersecting 4.65 metres grading 3.05 g/t AuEq (1.60 g/t Au and
94.3 g/t Ag).
- The 2018 diamond drilling program
has to the end of H1 2018 completed 25 holes totaling 5,808.49
metres with results for the first 23 holes reported in this news
release.
President and CEO Greg Smith stated: “The 2018
Drilling Program on the Eastern Borosi Project continues to expand
on the high grade gold-silver discoveries. The on-going
drilling is testing newly discovered zones outside of the current
Mineral Resource, testing extensions to the mineralization within
the Resource, and will include first pass drilling of New Targets.
IAMGOLD and Calibre completed a maiden Inferred Mineral Resource
estimate in Q2/18 for the Eastern Borosi Project that contains
812,000 ounces AuEq.”
Highlights of the H1 2018 Eastern Borosi
Gold-Silver Project diamond drilling program include;
|
|
|
|
|
|
|
|
|
Hole ID |
|
Target |
From m |
To m |
Length (m) |
Au (g/t) |
Ag (g/t) |
AuEq g/t |
LS18-027 |
|
Cadillac |
137.60 |
139.70 |
2.10 |
1.21 |
1097.0 |
18.09 |
LS18-027 |
incl. |
Cadillac |
137.60 |
138.40 |
0.80 |
3.10 |
2801.0 |
46.19 |
LS18-034 |
|
Jaguar |
176.75 |
205.50 |
28.75 |
0.26 |
41.5 |
0.90 |
LS18-034 |
incl. |
Jaguar |
186.20 |
188.53 |
2.33 |
0.86 |
84.6 |
2.16 |
BL18-062 |
|
East
Dome |
186.70 |
203.20 |
16.50 |
0.40 |
47.8 |
1.13 |
BL18-062 |
incl. |
East
Dome |
199.33 |
202.40 |
3.07 |
0.60 |
104.2 |
2.20 |
BL18-063 |
|
East
Dome |
225.43 |
230.08 |
4.65 |
1.60 |
94.3 |
3.05 |
BL18-063 |
incl. |
East
Dome |
229.00 |
230.08 |
1.08 |
3.24 |
166.0 |
5.79 |
BL18-063 |
2nd |
East
Dome |
203.20 |
206.25 |
3.05 |
0.21 |
101.6 |
1.77 |
LS18-025 |
|
Cadillac |
145.40 |
149.00 |
3.60 |
2.15 |
16.8 |
2.41 |
LS18-025 |
incl. |
Cadillac |
146.30 |
147.40 |
1.10 |
5.30 |
9.2 |
5.44 |
Notes: |
|
- H1 2018 Drilling
Highlights. See final table for complete results. |
|
|
- Intervals are core
lengths / true width are estimated to be 80-90%
of lengths |
|
|
- Length weighted
averages from uncut assays. |
|
|
- g/t AuEq calculated
using $1300/oz gold and $20.0/oz silver |
|
|
|
H1 2018 Diamond Drilling
ProgramDrilling in H1 2018 consisted of step out holes
following up on previous high grade intercepts on a series of
structures. Total holes completed to date: 25 - (3 Veta Loca
“B”, 3 Guapinol N., 12 Cadillac and Jaguar, 6 East Dome, and 1 Blag
Main). Total meterage to date in 2018 for the completed
holes is as follows: 5,808.49 metres - (468.17m Veta Loca “B”,
590.17m Guapinol N., 2,413.78m Cadillac and Jaguar, 2,052.72m East
Dome, and 283.65m Blag Main).
The complete H1 2018 assay results are provided
in the Table 2 below. Drill hole details and maps can be
found on Calibre’s website www.calibremining.com. See
following paragraphs for highlighted descriptions for each
mineralized zone tested in H1 2018.
Results to date in 2018 continue to expand the
Cadillac Zone including LS18-027 intersecting 2.10
metres grading 18.09 g/t AuEq (1.21 g/t Au and 1097 g/t Ag between
137.6 and 139.7 metres) which was completed in the central portion
of the currently drilled tested strike extent of the Cadillac
Zone. LS18-025 intersected 3.60 metres grading 2.41 g/t AuEq
(2.15 g/t Au and 16.8 g/t Ag between 145.4 and 149.0 metres) and
was a 50 metre step out to the north and is currently the
northernmost hole drilled on the Cadillac Structure.
2018 drilling also tested the adjacent Jaguar Structure located 400
metres to the east with intercepts including; 28.75 metres grading
0.90 g/t AuEq (0.26 g/t Au and 41.5 g/t Ag between 176.75 and 205.5
metres in LS18-034) and 11.93 metres grading 0.48 g/t AuEq (0.11
g/t Au and 23.8 g/t Ag between 86.47 and 98.4 metres in
LS18-029).
The East Dome Deposit is
located in the central portion of the Eastern Borosi Project.
Results to date in 2018 have extended the mineralization to depth
and along strike including drill hole BL18-062 assaying 16.5 metres
grading 1.13 g/t AuEq (0.40 g/t Au and 47.8 g/t Ag) between 186.7
and 203.2m which extended the mineralization 50 metres down dip in
the southern portion of the zone. Additionally BL18-063
returned three separate intercepts extending the zone down dip in
the northern end of the currently drill tested portion with
intervals including; 0.5 metres grading 5.25 g/t AuEq (5.20 g/t Au
and 3.4 g/t Ag), 3.05 metres grading 1.77 g/t AuEq (0.21 g/t Au and
101.6 g/t Ag), and 4.65 metres grading 3.05 g/t AuEq (1.60 g/t Au
and 94.3 g/t Ag). Drill hole BL18-061 was lost prior to reaching
the principal zone but did intersect a higher structure returning
10.84 metres grading 0.31 g/t AuEq (0.18 g/t Au and 8.5 g/t Ag)
between 120.31 and 131.15m.
The Veta Loca Zone is located
300 metres south of the Guapinol Gold-Silver Deposit. The
zone consists of at least three closely spaced sub-parallel vein
structures. The principal Veta Loca structure was intersected
by drill hole GP18-062 assaying 4.97 metres grading 0.54 g/t AuEq
(0.53 g/t Au and 0.9 g/t Ag) between 20.95 and 25.92m. The
Veta Loca “B” structure located approximately 100 metres east of
the principal structure was intersected by drill holes GP18-063 and
GP18-064 with anomalous gold. The Veta Loca Zone continues to
exhibit a high degree of structural complexity.
The Guapinol North Zone is
located 300 metres north of the Guapinol Gold-Silver Deposit and
was first identified in 2014 with drill hole GP14-008 intersecting
2.3 metres grading 2.53 g/t Au and 1.96 g/t Ag between 85.8 and
88.1 metres. Three drill holes completed in 2018 intersected
a series of close-spaced narrow structures with moderately
anomalous gold and silver.
IAMGOLD / Calibre – Eastern Borosi
Project 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 previous
drilling.
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 completing additional cash
payments totalling $450,000 and further exploration expenditures
totaling $5 million) having paid the first and second installments
of $150,000 each and funding the on-going 2018 work program.
The total potential investment by IAMGOLD to earn a 70% interest in
the Project is US$10.9 million.
Eastern Borosi Project Resource
Estimate A 2018 resource estimate for the Eastern Borosi
Project was completed in Q2 2018 (see news release dated April 3,
2018). Roscoe Postle Associates Inc. (“RPA”) estimates an
Inferred Mineral Resource totaling 4.42M tonnes grading 5.72 g/t
AuEq (4.93 g/t Au and 80 g/t Ag) containing 812,000 ounces
AuEq. The resource includes underground Inferred Mineral
Resources in three deposits of 3.22M tonnes grading 7.05 g/t AuEq
containing 729,500 ounces AuEq and an open pit Inferred Mineral
Resource in one deposit of 1.20M tonnes grading 2.13 g/t AuEq
containing 82,000 ounces AuEq. The 2018 estimate Mineral
Resource estimate for the Eastern Borosi project incorporates assay
results from 77 diamond drill holes, totaling nearly 17,350 metres,
variably spaced from 60 to 90 metres apart.
CIM (2014) definitions were followed for
classification of Mineral Resources. Mineral Resources are
estimated at a cut-off grade and a minimum mining width of 2.0 g/t
AuEq and 2.4 metres for potentially underground mined resources and
0.42 g/t AuEq and 3.0 metres for resources potentially mined by
open pit. Gold equivalent values were calculated using the
formula which incorporates long-term gold price of US$1,500 per
ounce of gold ad US$23 per ounce of silver and estimated factors
for recoveries and selling costs: AuEq (g/t) = Au (g/t) + Ag (g/t)
/ (101.8). Bulk density range from 2.65 t/m3 to 2.60 t/m3.
2018 Exploration and Drilling
Program The 2018 exploration and drilling program
continues. Additional drilling will be completed in 2018 on
existing zones and new targets with holes completed on the Main
Blag Deposit (assays pending) and upcoming drilling on the La Luna
Deposit, the first drilling to test La Luna since 2010.
Further drilling is expected to be completed on selected resource
structures, existing drill defined targets, and first pass testing
of new zones.
Calibre Mining Best
PracticeCalibre 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
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.
Cautionary Note Regarding Forward
Looking Statements
This news release contains certain
forward-looking statements. Any statements that express or involve
discussions with respect to predictions, expectations, beliefs,
plans, projections, objectives, assumptions or future events or
performance (often, but not always, using words or phrases such as
“expects” or “does not expect”, “is expected”, “anticipates” or
“does not anticipate” “plans”, “estimates” or “intends” or stating
that certain actions, events or results “ may”, “could”, “would”,
“might” or “will” be taken, occur or be achieved) are not
statements of historical fact and may be “forward-looking
statements”. Forward-looking statements are subject to a
variety of risks and uncertainties which could cause actual events
or results to materially differ from those reflected in the
forward-looking statements.
Safe Harbor Statement under the United
States Private Securities Litigation Reform Act of 1995:
Except for the statements of historical fact contained herein, the
information presented constitutes “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act
of 1995. Such forward-looking statements including but not
limited to those with respect to the price of gold, potential
mineralization, reserve and resource determination, exploration
results, and future plans and objectives of the Company involve
known and unknown risks, uncertainties and other factors which may
cause the actual results, performance or achievement of Calibre to
be materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements. There can be no assurance that such statements
will prove to be accurate as actual results and future events could
differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on
forward-looking statements.
|
|
|
Table
2 |
|
Eastern Borosi Project - H1-2018 Drilling Results |
Hole_ID |
|
Target |
From_m |
To_m |
Length (m) |
Au (g/t) |
Ag (g/t) |
AuEq (g/t) |
GP18-062 |
|
Veta
Loca |
20.95 |
25.92 |
4.97 |
0.53 |
0.9 |
0.54 |
GP18-063 |
|
Veta
Loca "B" |
107.65 |
108.60 |
0.95 |
0.05 |
2.0 |
0.08 |
GP18-064 |
|
Veta Loca "B" |
142.85 |
144.00 |
1.15 |
0.14 |
0.5 |
0.15 |
GP18-065 |
|
Guapinol |
144.87 |
145.75 |
0.88 |
0.19 |
1.1 |
0.21 |
GP18-065 |
2nd |
Guapinol |
148.50 |
151.10 |
2.60 |
0.40 |
1.5 |
0.42 |
GP18-066 |
|
Guapinol |
141.85 |
146.32 |
4.47 |
0.26 |
1.0 |
0.28 |
GP18-066 |
incl. |
Guapinol |
141.85 |
142.78 |
0.93 |
0.83 |
2.6 |
0.87 |
GP18-066 |
2nd |
Guapinol |
182.70 |
186.05 |
3.35 |
0.22 |
0.8 |
0.23 |
GP18-067 |
|
Guapinol |
200.35 |
202.35 |
2.00 |
0.10 |
1.2 |
0.12 |
GP18-067 |
2nd |
Guapinol |
215.00 |
216.70 |
1.70 |
0.62 |
1.9 |
0.65 |
GP18-067 |
3rd |
Guapinol |
217.27 |
217.77 |
0.50 |
0.81 |
2.4 |
0.85 |
LS18-024 |
|
Cadillac |
101.75 |
102.45 |
0.70 |
0.05 |
12.2 |
0.24 |
LS18-025 |
|
Cadillac |
145.40 |
149.00 |
3.60 |
2.15 |
16.8 |
2.41 |
LS18-026 |
|
Cadillac |
173.00 |
173.85 |
0.85 |
0.26 |
7.4 |
0.37 |
LS18-026 |
2nd |
Cadillac |
185.05 |
185.35 |
0.30 |
0.46 |
13.4 |
0.67 |
LS18-026 |
3rd |
Cadillac |
208.30 |
209.64 |
1.34 |
0.15 |
5.3 |
0.23 |
LS18-027 |
|
Cadillac |
137.60 |
139.70 |
2.10 |
1.21 |
1097.0 |
18.09 |
LS18-027 |
incl. |
Cadillac |
137.60 |
138.40 |
0.80 |
3.10 |
2801.0 |
46.19 |
LS18-028 |
|
Cadillac |
89.38 |
92.00 |
2.62 |
0.01 |
89.1 |
1.38 |
LS18-028 |
2nd |
Cadillac |
139.55 |
140.19 |
0.64 |
0.12 |
1.9 |
0.15 |
LS18-029 |
|
Jaguar |
86.47 |
98.40 |
11.93 |
0.11 |
23.9 |
0.48 |
LS18-029 |
incl. |
Jaguar |
92.40 |
97.70 |
5.30 |
0.14 |
40.3 |
0.76 |
LS18-029 |
incl. |
Jaguar |
96.90 |
97.70 |
0.80 |
0.09 |
203.0 |
3.21 |
LS18-030 |
|
Jaguar |
Hole lost
at start of vein interval |
|
|
0.00 |
LS18-031 |
|
Cadillac |
160.13 |
160.59 |
0.46 |
0.15 |
6.7 |
0.26 |
LS18-031 |
2nd |
Cadillac |
165.19 |
165.53 |
0.34 |
1.48 |
4.3 |
1.55 |
LS18-031 |
3rd |
Cadillac |
205.91 |
206.35 |
0.44 |
0.97 |
24.8 |
1.35 |
LS18-032 |
|
Jaguar |
166.84 |
173.85 |
7.01 |
0.25 |
20.1 |
0.56 |
LS18-033 |
|
Jaguar |
No
significant values |
|
|
|
LS18-034 |
|
Jaguar |
161.68 |
162.29 |
0.61 |
0.04 |
51.1 |
0.83 |
LS18-034 |
2nd |
Jaguar |
165.07 |
165.50 |
0.43 |
0.11 |
25.4 |
0.50 |
LS18-034 |
3rd |
Jaguar |
176.75 |
205.50 |
28.75 |
0.26 |
41.5 |
0.90 |
LS18-034 |
incl. |
Jaguar |
186.20 |
191.57 |
5.37 |
0.64 |
51.6 |
1.43 |
LS18-034 |
incl. |
Jaguar |
186.20 |
188.53 |
2.33 |
0.86 |
84.6 |
2.16 |
LS18-035 |
|
Jaguar |
No significant values |
|
|
|
BL18-061 |
|
East
Dome |
120.31 |
131.15 |
10.84 |
0.18 |
8.5 |
0.31 |
BL18-062 |
|
East
Dome |
186.70 |
203.20 |
16.50 |
0.40 |
47.8 |
1.13 |
BL18-062 |
incl. |
East
Dome |
201.30 |
202.40 |
1.10 |
1.30 |
245.4 |
5.08 |
BL18-063 |
|
East
Dome |
122.70 |
123.20 |
0.50 |
5.20 |
3.4 |
5.25 |
BL18-063 |
2nd |
East
Dome |
203.20 |
206.25 |
3.05 |
0.21 |
101.6 |
1.77 |
BL18-063 |
3rd |
East
Dome |
225.43 |
230.08 |
4.65 |
1.60 |
94.3 |
3.05 |
BL18-064 |
|
East
Dome |
308.05 |
313.75 |
5.70 |
0.35 |
42.9 |
1.01 |
BL18-064 |
incl. |
East
Dome |
311.00 |
313.75 |
2.75 |
0.56 |
80.2 |
1.80 |
BL18-065 |
|
East Dome |
No significant values |
|
|
|
|
|
|
|
|
|
|
Calibre Mining (TSXV:CXB)
Historical Stock Chart
From Apr 2024 to May 2024
Calibre Mining (TSXV:CXB)
Historical Stock Chart
From May 2023 to May 2024