Mar 7 2017
Calibre Mining Corp. (TSX VENTURE:CXB) (the "Company" or "Calibre") is pleased to announce advancement on the Company's 100% owned Primavera, Monte Carmelo, and Santa Maria Gold Projects located within the 876 sq km Borosi Concession, Northeast Nicaragua.
Highlights
- On the Primavera Gold-Copper Porphyry Project, work has included data compilation, target prioritization, and a site visit by consulting porphyry expert Dr. Richard Sillitoe.
- The maiden drilling program on the 100% owned Monte Carmelo Gold Skarn Project continues and will consist of a minimum of 2,500 metres.
- At the Santa Maria Epithermal Gold-Silver Project, the Company has completed permitting and community engagement agreements for the planned maiden diamond drilling program.
- Two additional on-going exploration programs funded by Calibre's partners IAMGOLD (Eastern Borosi Project) and Centerra Gold (Siuna Project) are advancing including IAMGOLD's ongoing drill program at the Risco de Oro and Guapinol Gold-Silver Projects.
President and CEO Greg Smith stated: "Calibre is aggressively advancing the Company's 100% owned gold projects in the Borosi District with Calibre personnel having done an exceptional job executing three concurrent exploration programs. These programs offer excellent opportunities for new discoveries with maiden drilling programs at Monte Carmelo and Santa Maria gold projects and the first drilling on the Primavera Deposit and District since 2012. Additionally, we continue to manage and complete exploration programs for our partners IAMGOLD and Centerra Gold."
100% Owned Primavera Gold-Copper Porphyry
Calibre continues to advance the 100% owned Primavera Gold-Copper Porphyry Project. The Company acquired 100% of the Primavera Project in November 2016 and has been actively completing data compilation and interpretations designed to finalize target prioritization for the 2017 Reverse Circulation ("RC") and diamond drilling programs.
In February 2017 a site visit was completed by one of the world's foremost porphyry experts Dr. Richard Sillitoe. Dr. Sillitoe's extensive experience and insights have advanced the understanding of the Primavera Gold-Copper deposit and additional follow-up work is on-going. Several of Dr. Sillitoe's conclusions will have a significant positive impact on the exploration programs going forward and have been incorporated into the planned drill program including;
The (Primavera) prospect has many similarities to other gold-rich porphyry deposits, including a good Au/Cu correlation, presence of abundant hydrothermal magnetite and a molybdenum-rich halo to the gold-copper zone.
In view of the widespread occurrence of porphyry copper deposits in district-scale clusters and alignments, exploration needs to be focused on assessment of nearby, untested areas.
The proposed programme of scout drilling of geochemical targets is considered the best means of further appraising the district potential.
The drilling program will be finalized over the next 45 days and exploration drilling targeted at the discovery of additional gold-copper porphyry deposits is schedule to commence in Q2 2017.
100% Owned Monte Carmelo Gold Skarn
The maiden drilling program at the 100% owned Monte Carmelo Gold Skarn Project continues with the first 3 of a planned 7 drill holes completed. The program will consist of a minimum of 2500 metres of diamond drilling targeting high-grade gold skarn mineralization exposed on surface and tested by an extensive program of auger drilling.
100% Owned Santa Maria Project
During the first two months of 2017 Calibre completed the permitting process for the upcoming drilling program on the 100% Owned Santa Maria Epithermal Gold-Silver Vein Project.
Additionally Calibre has signed community assistance and engagement agreements with the local villages adjacent to the Santa Maria Project.
The maiden drilling program, consisting of 3000 metres of diamond drilling, will begin upon completion of the remaining drill holes at Monte Carmelo which is anticipated to occur in Q2, 2017.
On-Going Exploration with Partners IAMGOLD and Centerra Gold
Additional to the exploration and drilling programs on-going on the 100% projects, Calibre is managing on-going exploration for both partners IAMGOLD on the Eastern Borosi Project and Centerra Gold and the Siuna Project.
The 2017 drilling program, fully funded by IAMGOLD, started on the 176 sq km Eastern Borosi Project in January 2017. The program will consist of a minimum of 6000 metres of diamond drilling.
Exploration on the 253 sq km Siuna Project, fully funded by Centerra Gold, is on-going. Work is currently focused on regional scale soil sampling program covering 100% of the 241 sq km northern block. Additional work including further diamond drilling is planned for 2017.
Calibre is committed to best practice standards for all exploration, sampling and drilling activities. Drilling is being 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.