Calibre Mining has declared that its business partner B2Gold has agreed a Phase II exploration and budget for the Primavera prospect, which is a gold-copper project situated 7 km to the southern part of the past Santa Rita skarn mine, producing gold and copper, in the Borosi Project, northeast Nicaragua.
Stockwork quartz veining exposed in trench PRTR11-005
Calibre has discovered three regions with extensive copper and gold anomalies, which is emphasized by an 850 m by 300 m copper-gold soil anomaly having 250 ppm copper and 100 ppb gold, at the Primavera prospect. The area is considered as having potential for porphyry and epithermal systems. The company has encountered excellent copper and gold mineralization in grab samples from breccias and quartz layers in the central section of the prospect area during reconnaissance rock sampling. It has intersected 2.41% copper, 31.8 g/t gold in the sample B10R1372, 0.14% copper, 24.8 g/t gold in the sample B10R4083, 1.33% copper, 14.65 g/t gold in the sample B10R1371 and 34.1 g/t gold in the sample B10R5092.
The exploration program commenced currently will include two individual phases. Phase I comprises pit sampling and trenching in the Primavera gold-copper soil anomaly, which is 850 m by 300 m. Phase II will comprise diamond drill of the most potentially discovered targets. The total budget for the diamond drilling and trenching program phase at Primavera is $441,000.
Calibre has got entire drilling results from a primary trench unearthed in the copper-gold soil anomaly at Primavera. The company has assayed 1.48 g/t gold and 832 ppm copper over 29.85 m in the trench PRTR11-005 within a rich stockwork veining zone. Trench’s mineralized interval is open in both directions and additional extension of the trenching is in progress.
The Primavera prospect is under an option contract with B2Gold wherein Calibre operates the region and B2Gold may get up to a 51% interest in Borosi region’s concessions by granting CDN $8 million as expenses by June 2014.
When the earn-in agreement is over, B2Gold may be selected to perform an individual prospect in the concession region for further 14% interest by means of a Preliminary Economic Assessment.