Vancouver, British Columbia: Calibre Mining Corp. (TSX-V: CXB) (the "Company" or "Calibre") is pleased to announce the third set of results from the 2015 drilling program on the Eastern Borosi gold-silver project (the "Project") which is being financed under an option agreement with IAMGOLD Corporation ("IAMGOLD").
Highlights
- Diamond drilling on the Blag gold-silver vein system has further extended the high grade gold and silver mineralization including: 2.05 metres grading 5.18 g/t Gold and 1,026.0 g/t Silver (BL15-010), and 2.60 metres grading 9.01 g/t Gold and 949.1 g/t Silver (BL15-011)
- To date the 2015 drilling program has completed; 16 holes for 1,622.6 metres at La Sorpresa (see Calibre News Release dated April 4, 2014), seven holes totaling 1,037.9 metres at Blag (results included here for the last three of seven drill holes), and three holes at Guapinol for 1,031.7 metres (results pending).
- Drilling in 2014-2015 on the Blag gold-silver vein system has tested approximately 300 metres of vein strike length and more than 100 metres at depth. The Blag precious metal vein system is only one of six separate gold-silver vein systems that are being delineated during the 2014-2015 drill program on the Eastern Borosi project including: Guapinol, Vancouver, California, Riscos de Oro Extension, La Sorpresa and Blag.
President and CEO, Greg Smith stated: "The latest drilling on the Blag gold-silver vein system has returned the highest grade silver intercepts to date from the 2014/2015 drilling programs. The 2015 drilling program has discovered additional high grade gold and silver mineralization and has now defined a continuous high grade gold-silver shoot within the Blag System."
| Hole ID | From m | To m | Length (m) | Au g/t | Ag g/t |
|---|---|---|---|---|---|
| BL14-005* | 80.50 | 86.87 | 6.37 | 4.11 | 235.9 |
| BL15-006* | 138.30 | 140.21 | 1.91 | 5.36 | 127.8 |
| and* | 149.83 | 155.68 | 5.85 | 5.97 | 56.1 |
| BL15-009* | 135.33 | 145.25 | 9.92 | 5.36 | 194.6 |
| BL15-010 | 64.38 | 77.20 | 12.82 | 2.52 | 246.4 |
| including | 73.15 | 75.20 | 2.05 | 5.18 | 1,026.0 |
| BL15-011 | 21.86 | 32.60 | 10.74 | 3.08 | 381.3 |
| including | 26.00 | 28.60 | 2.60 | 9.01 | 949.1 |
| BL15-012** | 86.76 | 88.17 | 1.41 | 0.87 | 64.4 |
Notes;
* - Previously released in Nov. 4, 2014 or April 27, 2015
** - Hole lost in upper portion of mineralized zones.
- Results for holes BL14-001 to BL14-004, BL15 007, and BL15-008 previously released
- Intervals are core lengths / true width are estimated to be 70-80% of lengths
- Length weighted averages from uncut assays.
Results for Holes BL15-010 to BL15-012 extend the drill tested gold-silver mineralization at Blag a further 100 metres to the south of previous drilling. All of the drill holes completed in the southern half of the drill tested portion of the Blag gold-silver vein system (Holes BL14-005, BL15-006, BL15-009, BL15-010, and BL15-011) are beginning to define a high grade shoot with dimensions of 150 metres along strike and to a depth of approximately 110 metres, the high grade mineralization is open to depth and to the south. Drilling to date on the Blag gold-silver vein system has tested approximately 300 metres of strike length and to depths of up to >100 metres below surface in the vicinity of the historic small scale underground workings. The zone remains open along strike and down dip.
The 2015 program approved by partner IAMGOLD began on February 4th and is expected to consist of a minimum 5,500 metres of drilling with an approved budget of $1.5 million. Drilling continues on the Eastern Borosi Project and is currently testing the Guapinol gold-silver zone.
Low sulphidation epithermal gold-silver mineralization intersected at the Eastern Borosi Project gold-silver vein systems are 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.
Calibre and IAMGOLD entered into an option agreement dated May 26, 2014 whereby IAMGOLD can earn a 51% interest in the Eastern Borosi Gold-Silver 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 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.
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 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 the Minnesota Gold Zone, 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., 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
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.