Vancouver, British Columbia: Calibre Mining Corp. (TSX-V: CXB) (the "Company" or "Calibre") is pleased to announce the third set of results from the 2016 drilling program on the Eastern Borosi Project, Nicaragua which is being funded by Calibre's partner IAMGOLD Corporation ("IAMGOLD").
Highlights
- Drilling to date in 2016 consists of 30 diamond drill holes for a total of 6,008 metres, with results for 8 new holes reported in this news release
- A step out hole on the East Dome Structure has intersected 15.35 metres grading 1.21 g/t gold and 120.9 g/t silver, including 3.00 metres grading 3.61 g/t gold and 348.7 g/t silver, and a second step out hole intersected of 16.50 metres grading 2.27 g/t gold and 127.9 g/t silver, including 3.38 metres grading 9.64 g/t gold and 404.4 g/t silver
- The first drilling on the Veta Loca gold target has intersected 6.31 metres grading 10.15 g/t gold and 6.9 g/t silver, including 0.79 metres grading 46.20 g/t gold and 10.5 g/t silver
- Diamond drilling of the Blag Gold-Silver Vein System continues to extend the defined mineralization at the Main Blag Structure with an intercept of 6.23 metres grading 2.60 g/t gold and 10.5 g/t silver
Recent Drill Highlights from Eastern Borosi Gold-Silver Project
| Hole ID | Target | From m | To m | Length (m) | Au (g/t) | Ag (g/t) | Pb (ppm) | Zn (ppm) |
|---|---|---|---|---|---|---|---|---|
| BL16-042 | Main Blag | 307.77 | 314.00 | 6.23 | 2.60 | 10.5 | 5,346 | 9,228 |
| BL16-043 | East Dome | 97.65 | 113.00 | 15.35 | 1.21 | 120.9 | 53 | 74 |
| including | East Dome | 110.00 | 113.00 | 3.00 | 3.61 | 348.7 | 93 | 78 |
| BL16-044 | East Dome | 194.00 | 210.50 | 16.50 | 2.27 | 127.9 | 620 | 414 |
| including | East Dome | 206.17 | 209.55 | 3.38 | 9.64 | 404.4 | 2,868 | 1,222 |
| GP16-046 | Veta Loca | 88.00 | 94.31 | 6.31 | 10.15 | 6.9 | 17 | 53 |
| including | Veta Loca | 88.00 | 88.79 | 0.79 | 46.20 | 10.5 | 77 | 57 |
Notes: - Intervals are core lengths / true width are estimated to be 70-80% of lengths
- Length weighted averages from uncut assays.
IAMGOLD Option -- 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. Targets have been defined by surface soil and rock sampling, trenching and drilling.
Drill holes completed to date in 2016 include: 30 drill holes with 8 at East Dome; 7 testing the Main Blag vein system, 3 on the Santos Trend; 3 at the BVS gold target, 5 on the Vancouver vein system; 2 at the California Vein, and 2 on the Veta Loca gold target Total meterage to date: 6,008.02 metres (1,651.39m East Dome; 1,497.00m Main Blag; 466.64m Santos; 621.26 BVS, 1,111.71m Vancouver; 362.94 California, and 297.08 Veta Loca). Results were previously reported for 22 holes (see News Releases June 8, 2016 and July 26, 2016). Additional results have been received and are being reported in this news release for the further eight (8) holes including two holes completed at Main Blag, two holes testing the East Dome, two holes testing the Vancouver Structure, and two holes at the Veta Loca Structure. On-going drilling continues to test the Main Blag and East Dome Systems.
Diamond drilling of the Main Blag Gold-Silver Vein System continues to extend the defined mineralization, with hole BL16-042 intercepting 6.23 metres grading 2.60 g/t gold and 10.5 g/t silver - the deepest intercept to date intersecting the structure between 307.8 and 314.0 metres down hole (approximately 260 metres below surface). A second hole targeting the structure was lost. Additional drilling is on-going at the Main Blag Structure.
Two step out holes on the East Dome Structure have intersected 15.35 metres grading 1.21 g/t gold and 120.9 g/t silver, including 3.00 metres grading 3.61 g/t gold and 348.7 g/t silver (BL16-043) and a second intercept of 16.50 metres grading 2.27 g/t gold and 127.9 g/t silver, including 3.38 metres grading 9.64 g/t gold and 404.4 g/t silver (BL16-044). The two holes have further extended the East Dome mineralization to the south under the topographic high and tested a vertical extent to the mineralization of 125 metres. The intercepts extend the mineralization 75 metres to the south, stepping out from drill hole BL16-040 which intersected 2.78 metres grading 2.69 g/t gold and 431.6 g/t silver. Further step-out drilling is planned for 2016.
The first drilling on the Veta Loca gold target, located 500 metres south of the Guapinol-Vancouver Structures, has intersected 6.31 metres grading 10.15 g/t gold and 6.9 g/t silver including 0.79 metres grading 46.20 g/t gold and 10.5 g/t silver with a second hole 150 metres north returning no significant values.
Two step-out drill holes were targeted at extending the Vancouver Vein Structure; however, GP16-043 did not intersect any significant values and GP16-044 was lost before reaching the structure.
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 / IAMGOLD Eastern Borosi Project
Calibre and IAMGOLD entered into an option agreement dated May 26, 2014 whereby IAMGOLD can earn a 51% interest in the Project consisting of 176 km2 within the Borosi Concessions, Northeast Nicaragua, by incurring US$5 million in exploration expenditures and making US$450,000 in payments to Calibre by May 26, 2017, the first and second anniversary US $150,000 payments having been made in May 2015 and May 2016 respectively. The total potential investment by IAMGOLD to earn a 70% interest in the Project is US$10.9 million. The Project hosts gold-silver resources in two deposits and a series of well-defined low sulphidation epithermal gold-silver targets.
About Calibre Mining Corp.
Calibre controls a 100% interest in over 340 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, an option agreement with Centerra Gold on 253 km2 , joint venture exploration programs underway with B2Gold Corp. on 66.1 km2 of concessions which includes the Primavera gold-copper porphyry discovery and the Monte Carmelo Gold Zone, and a joint venture on the 33.6 km2 Rosita 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 King
604 628-1012
www.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 Atlas 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.