Calibre Mining Corp. (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