An anonymous director reports
CALIBRE MINING INTERSECTS 15.9 METRES GRADING 6.28 G/T AUEQ AT THE LA LUNA GOLD-SILVER ZONE ON THE EASTERN BOROSI PROJECT, NORTHEASTERN NICARAGUA
Calibre Mining Corp. has released additional results for the continuing 2018 diamond drilling program on the Eastern Borosi gold-silver project, Nicaragua. Exploration and drilling on the project are being financed by Calibre's joint venture partner Iamgold Corp.
Highlights:
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Drill holes on the La Luna gold-silver vein structure include the highest-grade intercept ever drilled on the zone with LL18-012 returning 15.9 metres grading 5.75 grams per tonne gold and 34.3 g/t silver (6.28 gold equivalent) including 4.65 metres grading 17.78 g/t Au and 32.5 g/t Ag (18.28 AuEq).
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At the La Luna North deposit new results include LL18-015 intersecting 9.81 metres at 2.26 g/t AuEq (1.96 g/t Au and 19.7 g/t Ag), which was drilled in the central portion of the zone to confirm mineralization near surface.
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The La Luna gold-silver deposit is one of four deposits that comprise the Eastern Borosi project, which hosts a National Instrument 43-101 inferred resource of 4.42 million tonnes grading 5.72 g/t AuEq containing 812,000 ounces AuEq (see news release dated April 3, 2018).
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The 2018 diamond drilling program has to date completed 32 holes totalling 7,053 metres with results for the remaining nine holes reported in this news release. Additional drilling will be completed in 2018.
President and chief executive officer Greg Smith stated: "Recent drilling at the La Luna gold-silver deposit has returned the highest-grade intercept ever drilled on the La Luna deposit and additional drilling is currently under way to follow up on this discovery. Drilling in 2018 will also include first-pass drilling of new targets with a further 3,000 metres scheduled to be completed before year-end."
HIGHLIGHTS OF THE H2 2018 DIAMOND DRILLING
Hole ID Target From (m) To (m) Length (m) Au (g/t) Ag (g/t) AuEq (g/t)
LL18-012 La Luna South 53.00 68.90 15.90 5.75 34.26 6.28
including 62.90 67.55 4.65 17.78 32.48 18.28
**LL18-013 La Luna South 15.25 40.00 24.75 0.49 6.52 0.59
including 15.25 21.35 6.10 1.07 12.26 1.26
LL18-015 La Luna North 56.00 65.81 9.81 1.96 19.65 2.26
including 59.48 64.50 5.02 3.40 32.74 3.90
Notes:
H1 2018 drilling highlights -- see final table for complete results.
Intervals are core lengths/true width are estimated to be 80 to 90 per cent of lengths.
** Interval from 10.0 m to 15.25 m with no recovery, old working.
Length weighted averages from uncut assays.
G/t AuEq calculated using $1,300/oz gold and $20/oz silver.
H2 2018 diamond drilling program
Drilling to date in 2018 has consisted of stepout holes following up on previous high-grade intercepts on a series of structures. Total holes completed to date: 32 -- (three: Veta Loca B, three: Guapinol, 12: Cadillac-Jaguar, six: East Dome, three: Main Blag, five: La Luna). Total metreage to date 2018 (completed holes): 7,053.08 metres -- (468.17 m Veta Loca B, 590.17 m Guapinol, 2,414 m Cadillac-Jaguar, 2,052.72 m East Dome, 1,087.32 m Main Blag, 440.92 m La Luna). The complete H2 2018 assay results are provided in the second attached table. Drill hole details and maps can be found on Calibre's website.
Results to date in 2018 continue to expand the La Luna zone including LL18-012 on the La Luna South structure intersecting 15.9 metres grading 6.28 g/t AuEq (5.75 g/t Au and 34.3 g/t Ag between 53.0 and 68.9 metres) including 4.65 metres grading 17.78 g/t Au and 32.5 g/t Ag (18.28 AuEq). This hole is located in the central portion of the currently drilled tested strike extent of the southern La Luna deposit and the intercept is the highest-grade mineralization encountered to date on the La Luna zone. Mineralization remains open along strike and down dip. Additionally LL18-013 intersected 24.75 metres grading 0.59 g/t AuEq (0.49 g/t Au and 6.5 g/t Ag between 15.25 and 40.0 metres with a more than five-metre-wide zone (10.0 to 15.25 m depth) preceding the intercept of no recovery related to previous mining activity.
Two thousand eighteen drilling also tested the La Luna North zone located 800 metres to the north on what is interpreted to be a subparallel structure with intercepts including 9.81 metres at 2.26 g/t AuEq (1.96 g/t Au and 19.6 g/t Ag) and 0.55 metre at 1.67 g/t AuEq (1.48 g/t Au and 12.5 g/t Ag), which were drilled in the central portion of the zone to confirm mineralization near surface. Mineralization is open to depth, with the deepest holes to date intersecting the structure less than 100 metres vertically below surface, and along strike where the zone has been traced by anomalous soil, rock and trench sampling.
One additional hole completed on the East Dome deposit BL18-066 returned four separate intercepts extending the zone down dip in the central area of the currently drill tested portion with intervals including: 7.13 metres grading 1.55 g/t AuEq (0.66 g/t Au and 57.6 g/t Ag), including 5.10 metres grading 1.99 g/t AuEq (0.90 g/t Au and 71.2 g/t Ag), and two additional intercepts of 9.15 metres grading 0.37 g/t AuEq (0.24 g/t Au and 8.6 g/t Ag) and 0.52 metre grading 1.10 g/t AuEq (0.38 g/t Au and 47.3 g/t Ag). Three additional holes completed on the deeper extensions of the adjacent Main Blag deposit (BL18-067 -- BL18-069) returned a series of narrow gold-silver mineralized intercepts.
Iamgold/Calibre -- 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. Low-sulphidation epithermal gold-silver mineralization intersected on the Eastern Borosi project is hosted within porphyritic andesite and consists of structurally controlled, high-energy quartz-carbonate vein breccias, vein stockworks and discrete smoky quartz veins containing fine-grained sulphide minerals. Targets have been defined by surface soil and rock sampling, trenching, and previous drilling.
Iamgold has completed the first option having made $450,000 (U.S.) in payments to Calibre and completed $5-million (U.S.) in expenditures and has vested a 51-per-cent interest in the Eastern Borosi project. Iamgold has entered the second option with the right to earn a further 19 per cent in the project (by completing additional cash payments totalling $450,000 and further exploration expenditures totalling $5-million) having paid the first and second instalments of $150,000 each and financing the continuing 2018 work program. The total potential investment by Iamgold to earn a 70-per-cent interest in the project is $10.9-million (U.S.).
Eastern Borosi project resource estimate
A 2018 resource estimate for the Eastern Borosi project was completed in Q2 2018 (see news release dated April 3, 2018). Roscoe Postle Associates Inc. estimates an inferred mineral resource totalling 4.42 million tonnes grading 5.72 g/t AuEq (4.93 g/t Au and 80 g/t Ag) containing 812,000 ounces AuEq. The resource includes underground inferred mineral resources in three deposits of 3.22 million tonnes grading 7.05 g/t AuEq containing 729,500 ounces AuEq and an open-pit inferred mineral resource in one deposit of 1.20 million tonnes grading 2.13 g/t AuEq containing 82,000 ounces AuEq. The 2018 estimate mineral resource estimate for the Eastern Borosi project incorporates assay results from 77 diamond drill holes, totalling nearly 17,350 metres, variably spaced from 60 to 90 metres apart.
Canadian Institute of Mining (2014) definitions were followed for classification of mineral resources. Mineral resources are estimated at a cut-off grade and a minimum mining width of 2.0 g/t AuEq and 2.4 metres for potentially underground mined resources and 0.42 g/t AuEq and 3.0 metres for resources potentially mined by open pit. Gold-equivalent values were calculated using the formula which incorporates long-term gold price of $1,500 (U.S.) per ounce of gold and $23 (U.S.) per ounce of silver, and estimated factors for recoveries and selling costs: AuEq (g/t) equals Au (g/t) plus Ag (g/t) divided by (101.8). Bulk density range from 2.65 tonnes per cubic metre to 2.60 tonnes per cubic metre.
2018 exploration and drilling program
The 2018 exploration and drilling program continues. Additional drilling has been completed in 2018 on existing zones and new targets with holes completed on the Main Blag deposit and the La Luna deposit, the first drilling to test La Luna since 2010. Further drilling this year will be completed in the extensions of selected resource structures and on first-pass testing of new zones.
Calibre Mining best practice
Calibre is committed to best practice standards for all exploration, sampling and drilling. Drilling was completed by independent firm Kluane Drilling Ltd. Analytical quality assurance and quality control includes 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 50-gram gold fire assay and ICP-MS multielement analyses. The technical content in this news release was read and approved by Gregory Smith, PGeo, president and chief executive officer of the company who is the qualified person as defined by National Instrument 43-101.
About Calibre Mining Corp.
Calibre owns a 100-per-cent interest in over 413 square kilometres of mineral concessions in the mining triangle of northeast Nicaragua, including the Primavera gold-copper project and the Santa Maria gold project. Additionally, the company has optioned to Iamgold (176 square kilometres) and Centerra Gold (253 square kilometres) concessions covering an aggregate area of 429 square kilometres, and is party to a joint venture on the 33.6-square-kilometre Rosita D gold-copper-silver project with Rosita Mining Corp. Major shareholders of Calibre include gold producer B2Gold Corp., Pierre Lassonde and management.
EASTERN BOROSI PROJECT -- H2-2018 DRILLING RESULTS
Hole ID Target From (m) To (m) Length (m) Au (g/t) Ag (g/t) AuEq (g/t)
BL18-066 East Dome 325.52 332.65 7.13 0.66 57.65 1.55
including 326.50 331.60 5.10 0.90 71.17 1.99
338.55 347.70 9.15 0.24 8.62 0.37
480.64 481.16 0.52 0.38 47.30 1.10
BL18-067 Blag 224.17 225.1 0.93 0.29 48.11 1.03
264.00 266.07 2.07 0.14 4.37 0.21
BL18-068 Blag 290.70 291.33 0.63 0.14 2.80 0.18
295.64 296.30 0.66 0.38 6.00 0.47
301.00 301.72 0.72 0.19 3.10 0.24
BL18-069 Blag 285.38 286.10 0.72 0.50 12.70 0.70
390.74 393.10 2.36 0.04 2.35 0.07
including 392.22 392.55 0.33 0.08 2.50 0.12
LL18-012 La Luna South 53.00 68.90 15.90 5.75 34.26 6.28
including 62.90 67.55 4.65 17.78 32.48 18.28
LL18-013 La Luna South 15.25 40.00 24.75 0.49 6.52 0.59
including 15.25 21.35 6.10 1.07 12.26 1.26
LL18-014 La Luna North 69.30 69.85 0.55 1.48 12.50 1.67
83.82 101.05 17.23 0.08 3.97 0.14
LL18-015 La Luna North 25.81 26.49 0.68 0.63 3.90 0.69
56.00 65.81 9.81 1.96 19.65 2.26
including 59.48 64.50 5.02 3.40 32.74 3.90
with 59.48 62.50 3.02 4.87 39.03 5.47
LL18-016 La Luna North 37.00 43.00 6.00 0.31 2.77 0.35
including 37.00 40.00 3.00 0.51 4.03 0.57
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