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Calibre Mining Corp
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Calibre drills 2.1 m of 18.1 g/t AuEq at Eastern Borosi

2018-07-12 10:39 ET - News Release

Mr. Greg Smith reports

CALIBRE MINING DRILLING CONTINUES TO EXPAND GOLD-SILVER MINERALIZED ZONES ON THE EASTERN BOROSI PROJECT, NORTHEAST NICARAGUA

Calibre Mining Corp. has released the results to date 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 (JV) partner, Iamgold Corp.

Highlights:

  • Drill holes on the Cadillac vein structure successfully expanded on the 2017 discovery, which included LS17-008, with 4.10 metres grading 9.81 grams per tonne (g/t) gold equivalent (AuEq), with LS18-027 intersecting 2.10 metres grading 18.1 g/t AuEq (1.21 g/t gold (Au) and 1,097 g/t silver (Ag)). On the adjacent Jaguar gold-silver vein structure, new results include GP18-034, intersecting 28.75 metres grading 0.90 g/t AuEq (0.26 g/t Au and 41.5 g/t Ag).
  • At the East Dome deposit, new results have expanded the zone along strike and to depth, including BL18-062, with 16.5 metres at 1.13 g/t AuEq (0.40 g/t Au and 47.8 g/t Ag), and BL18-063, intersecting 4.65 metres grading 3.05 g/t AuEq (1.60 g/t Au and 94.3 g/t Ag).
  • The 2018 diamond drilling program has, to the end of H1 (first half) 2018, completed 25 holes totalling 5,808.49 metres, with results for the first 23 holes reported in this news release.

President and chief executive officer Greg Smith, PGeo, stated: "The 2018 drilling program on the Eastern Borosi project continues to expand on the high-grade gold-silver discoveries. The ongoing drilling is testing newly discovered zones outside of the current mineral resource, testing extensions to the mineralization within the resource and will include first-pass drilling of new targets. Iamgold and Calibre completed a maiden inferred mineral resource estimate in [the second quarter of 2018] for the Eastern Borosi project that contains 812,000 ounces AuEq."

   HIGHLIGHTS OF THE H1 2018 EASTERN BOROSI GOLD-SILVER PROJECT DIAMOND DRILLING PROGRAM

Hole ID             Target    From (m)   To (m)  Length (m)  Au (g/t)  Ag (g/t)  AuEq (g/t)

LS18-027          Cadillac     137.60   139.70        2.10      1.21   1,097.0       18.09   
LS18-027  incl.   Cadillac     137.60   138.40        0.80      3.10   2,801.0       46.19   
LS18-034            Jaguar     176.75   205.50       28.75      0.26      41.5        0.90    
LS18-034  incl.     Jaguar     186.20   188.53        2.33      0.86      84.6        2.16    
BL18-062         East Dome     186.70   203.20       16.50      0.40      47.8        1.13    
BL18-062  incl.  East Dome     199.33   202.40        3.07      0.60     104.2        2.20    
BL18-063         East Dome     225.43   230.08        4.65      1.60      94.3        3.05    
BL18-063  incl.  East Dome     229.00   230.08        1.08      3.24     166.0        5.79    
BL18-063   2nd   East Dome     203.20   206.25        3.05      0.21     101.6        1.77    
LS18-025          Cadillac     145.40   149.00        3.60      2.15      16.8        2.41    
LS18-025  incl.   Cadillac     146.30   147.40        1.10      5.30       9.2        5.44    

Notes: 

H1 2018 drilling highlights; see the second table in this news release for complete 
results.           

Intervals are core lengths/true widths are estimated to be 80 to 90 per cent of lengths.

Length weighted averages from uncut assays.

AuEq grams per tonne calculated using $1,300 per ounce gold and $20 per ounce silver.

H1 2018 diamond drilling program

Drilling in H1 2018 consisted of stepout holes following up on previous high-grade intercepts on a series of structures. Total holes completed to date equal 25 (three at Veta Loca B, three at Guapinol North, 12 at Cadillac and Jaguar, six at East Dome, and one at Blag Main). Total metres to date in 2018 for the completed holes are 5,808.49 metres (468.17 metres at Veta Loca B, 590.17 metres at Guapinol N., 2,413.78 metres at Cadillac and Jaguar, 2,052.72 metres at East Dome, and 283.65 metres at Blag Main).

The complete H1 2018 assay results are provided in the second table in this news release. Drill hole details and maps can be found on Calibre's website. See the following paragraphs for highlighted descriptions for each mineralized zone tested in H1 2018.

Results to date in 2018 continue to expand the Cadillac zone, including LS18-027, intersecting 2.10 metres grading 18.09 g/t AuEq (1.21 g/t Au and 1,097 g/t Ag between 137.6 and 139.7 metres), which was completed in the central portion of the currently drilled tested strike extent of the Cadillac zone. LS18-025 intersected 3.60 metres grading 2.41 g/t AuEq (2.15 g/t Au and 16.8 g/t Ag between 145.4 and 149.0 metres) and was a 50-metre stepout to the north and is currently the northernmost hole drilled on the Cadillac structure. Drilling in 2018 also tested the adjacent Jaguar structure, located 400 metres to the east, with intercepts including: 28.75 metres grading 0.90 g/t AuEq (0.26 g/t Au and 41.5 g/t Ag between 176.75 and 205.5 metres in LS18-034); and 11.93 metres grading 0.48 g/t AuEq (0.11 g/t Au and 23.8 g/t Ag between 86.47 and 98.4 metres in LS18-029).

The East Dome deposit is located in the central portion of the Eastern Borosi project. Results to date in 2018 have extended the mineralization to depth and along strike, including drill hole BL18-062, assaying 16.5 metres grading 1.13 g/t AuEq (0.40 g/t Au and 47.8 g/t Ag) between 186.7 and 203.2 metres, which extended the mineralization 50 metres downdip in the southern portion of the zone. Additionally, BL18-063 returned three separate intercepts extending the zone downdip in the northern end of the currently drill tested portion, with intervals including: 0.5 metre grading 5.25 g/t AuEq (5.20 g/t Au and 3.4 g/t Ag); 3.05 metres grading 1.77 g/t AuEq (0.21 g/t Au and 101.6 g/t Ag); and 4.65 metres grading 3.05 g/t AuEq (1.60 g/t Au and 94.3 g/t Ag). Drill hole BL18-061 was lost prior to reaching the principal zone but did intersect a higher structure returning 10.84 metres grading 0.31 g/t AuEq (0.18 g/t Au and 8.5 g/t Ag) between 120.31 and 131.15 metres.

The Veta Loca zone is located 300 metres south of the Guapinol gold-silver deposit. The zone consists of at least three closely spaced subparallel vein structures. The principal Veta Loca structure was intersected by drill hole GP18-062, assaying 4.97 metres grading 0.54 g/t AuEq (0.53 g/t Au and 0.9 g/t Ag) between 20.95 and 25.92 metres. The Veta Loca B structure, located approximately 100 metres east of the principal structure, was intersected by drill holes GP18-063 and GP18-064, with anomalous gold. The Veta Loca zone continues to exhibit a high degree of structural complexity.

The Guapinol North zone is located 300 metres north of the Guapinol gold-silver deposit and was first identified in 2014, with drill hole GP14-008 intersecting 2.3 metres grading 2.53 g/t Au and 1.96 g/t Ag between 85.8 and 88.1 metres. Three drill holes completed in 2018 intersected a series of close-spaced narrow structures with moderately anomalous gold and silver.

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 a 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 smokey 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. (RPA) 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.

CIM (2014) (the Canadian Institute of Mining, Metallurgy and Petroleum) 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) equal to Au (g/t) plus Ag (g/t) divided by (101.8). Bulk density ranged from 2.65 to 2.60 tonnes per cubic metre.

2018 exploration and drilling program

The 2018 exploration and drilling program continues. Additional drilling will be completed in 2018 on existing zones and new targets, with holes completed on the Main Blag deposit (assays pending) and upcoming drilling on the La Luna deposit, the first drilling to test La Luna since 2010. Further drilling is expected to be completed on selected resource structures, existing drill defined targets and first-pass testing of new zones.

Calibre best-practice standards

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 (inductively coupled plasma-mass spectrometry) multielement analyses. The technical content in this news release was read and approved by Mr. Smith, 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 -- H1 2018 DRILLING RESULTS     

Hole ID             Target    From (m)   To (m)  Length (m)  Au (g/t)  Ag (g/t)  AuEq (g/t)

GP18-062         Veta Loca      20.95    25.92        4.97      0.53       0.9        0.54      
GP18-063       Veta Loca B     107.65   108.60        0.95      0.05       2.0        0.08      
GP18-064       Veta Loca B     142.85   144.00        1.15      0.14       0.5        0.15      
GP18-065          Guapinol     144.87   145.75        0.88      0.19       1.1        0.21      
GP18-065   2nd    Guapinol     148.50   151.10        2.60      0.40       1.5        0.42      
GP18-066          Guapinol     141.85   146.32        4.47      0.26       1.0        0.28      
GP18-066  incl.   Guapinol     141.85   142.78        0.93      0.83       2.6        0.87      
GP18-066   2nd    Guapinol     182.70   186.05        3.35      0.22       0.8        0.23      
GP18-067          Guapinol     200.35   202.35        2.00      0.10       1.2        0.12      
GP18-067   2nd    Guapinol     215.00   216.70        1.70      0.62       1.9        0.65      
GP18-067   3rd    Guapinol     217.27   217.77        0.50      0.81       2.4        0.85      
LS18-024          Cadillac     101.75   102.45        0.70      0.05      12.2        0.24      
LS18-025          Cadillac     145.40   149.00        3.60      2.15      16.8        2.41      
LS18-026          Cadillac     173.00   173.85        0.85      0.26       7.4        0.37      
LS18-026   2nd    Cadillac     185.05   185.35        0.30      0.46      13.4        0.67      
LS18-026   3rd    Cadillac     208.30   209.64        1.34      0.15       5.3        0.23      
LS18-027          Cadillac     137.60   139.70        2.10      1.21   1,097.0       18.09     
LS18-027  incl.   Cadillac     137.60   138.40        0.80      3.10   2,801.0       46.19     
LS18-028          Cadillac      89.38    92.00        2.62      0.01      89.1        1.38      
LS18-028   2nd    Cadillac     139.55   140.19        0.64      0.12       1.9        0.15      
LS18-029            Jaguar      86.47    98.40       11.93      0.11      23.9        0.48      
LS18-029  incl.     Jaguar      92.40    97.70        5.30      0.14      40.3        0.76      
LS18-029  incl.     Jaguar      96.90    97.70        0.80      0.09     203.0        3.21      
LS18-030            Jaguar    Hole lost at start of vein interval                     0.00      
LS18-031          Cadillac     160.13   160.59        0.46      0.15       6.7        0.26      
LS18-031   2nd    Cadillac     165.19   165.53        0.34      1.48       4.3        1.55      
LS18-031   3rd    Cadillac     205.91   206.35        0.44      0.97      24.8        1.35      
LS18-032            Jaguar     166.84   173.85        7.01      0.25      20.1        0.56      
LS18-033            Jaguar    No significant values             
LS18-034            Jaguar     161.68   162.29        0.61      0.04      51.1        0.83      
LS18-034   2nd      Jaguar     165.07   165.50        0.43      0.11      25.4        0.50      
LS18-034   3rd      Jaguar     176.75   205.50       28.75      0.26      41.5        0.90      
LS18-034  incl.     Jaguar     186.20   191.57        5.37      0.64      51.6        1.43      
LS18-034  incl.     Jaguar     186.20   188.53        2.33      0.86      84.6        2.16      
LS18-035            Jaguar    No significant values                                        
BL18-061         East Dome     120.31   131.15       10.84      0.18       8.5         0.31      
BL18-062         East Dome     186.70   203.20       16.50      0.40      47.8         1.13      
BL18-062  incl.  East Dome     201.30   202.40        1.10      1.30     245.4         5.08      
BL18-063         East Dome     122.70   123.20        0.50      5.20       3.4         5.25      
BL18-063   2nd   East Dome     203.20   206.25        3.05      0.21     101.6         1.77      
BL18-063   3rd   East Dome     225.43   230.08        4.65      1.60      94.3         3.05      
BL18-064         East Dome     308.05   313.75        5.70      0.35      42.9         1.01      
BL18-064  incl.  East Dome     311.00   313.75        2.75      0.56      80.2         1.80      
BL18-065         East Dome    No significant values             

We seek Safe Harbor.

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