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Calibre Mining Corp (2)
Symbol C : CXB
Shares Issued 314,004,751
Close 2018-12-04 C$ 0.37
Recent Sedar Documents

Calibre drills 8.71 m of 6.86 g/t AuEq at E. Borosi

2018-12-05 09:14 ET - News Release

Mr. Ryan King reports

CALIBRE MINING INTERSECTS 8.71 METRES GRADING 6.86 G/T AUEQ AND 4.45 METRES GRADING 7.29 G/T AUEQ AT THE LA LUNA GOLD-SILVER DEPOSIT ON THE EASTERN BOROSI PROJECT, NORTHEASTERN NICARAGUA

Calibre Mining Corp. has provided 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

  • Drill holes on the La Luna gold-silver vein-structure include additional high-grade intercepts with drill hole LL18-020 returning:
    • 8.71 metres grading 6.78 grams per tonne Au and 5.3 g/t Ag (6.86 g/t gold equivalent (AuEq)) including 4.38 metres grading 13.22 g/t Au and 9.5 g/t Ag (13.37 AuEq) from the Main structure (124.24 to 132.95 m);
    • 26.8 metres grading 1.23 g/t Au and 30.1 g/t Ag (1.69 g/t AuEq) including 4.45 metres grading 4.96 g/t Au and 151.5 g/t Ag (7.29 g/t AuEq) from a newly discovered sulphide-rich zone (142.5 to 169.27 m).
  • The 2018 diamond drilling program has to date completed 44 holes totaling 9,276.5 metres with results for six holes reported in this news release. Drilling with two diamond drill rigs is continuing with additional drill results pending.
  • Work on the northern extension to the La Luna South structure has also included a detailed surface rock sampling program. A total of 19 rock samples have been collected with individual samples including 110.3 g/t Au, 18.3 g/t Au, 17.0 g/t Au, 12.8 g/t Au and 12.4 g/t Au. Drill hole LL18-020 is the northernmost drill hole on the high-grade zone with the anomalous rock samples extending 400 metres farther to the north.

President and chief executive officer Greg Smith stated: "These additional drilling results at the La Luna gold-silver deposit have extended the high-grade portion of the vein-structure intersected early this year 100 metres to the north and the discovery remains open. Additionally, the latest drilling includes a sulphide-rich zone intersected below the main structure which is a new discovery providing further potential at La Luna. Recent surface rock sampling has returned high-grade results up to 110.3 g/t Au from similar sulphide-rich material extending several hundred metres to the north of discovery drill hole LL18-020 providing immediate stepout drill targets."

               HIGHLIGHTS OF THE RECENT SECOND HALF 2018 DIAMOND DRILLING
      
Hole ID  Target           From m  To  m     Length m    AuEq g/t    Au g/t    Ag g/t     Pb ppm      Zn ppm

LL18-020 Main structure   124.24 132.95         8.71        6.86      6.78      5.34         40         142
         incl.            127.16 131.54         4.38       13.37     13.22      9.48         70         158
         Sulphide sone    142.50 169.27        26.77        1.69      1.23     30.05      8,896       9,688
         incl.            155.36 159.81         4.45        7.29      4.96     151.5     52,210      54,630

Notes 

* Second half 2018 drilling highlights. See final table for complete recent results.    

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

* Length-weighted averages from uncut assays.                                  

* g/t AuEq calculated using $1,300/ounce 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: 44 (three Veta Loca B, three Guapinol, 12 Cadillac-Jaguar, six East Dome, four Main Blag, 12 La Luna and four San Cristobal). Total metreage to date 2018 (completed holes): 9,276.5 metres (468.17 m Veta Loca B, 590.17 m Guapinol, 2,414 m Cadillac-Jaguar, 2,052.72 East Dome, 1,238.29 m Main Blag, 1,994.88 m La Luna and 518.49m San Cristobal). The complete assay results for the recently received six drill holes are provided in the attached table. Drill hole details and maps can be found on Calibre's website.

Recent results have expanded on the high-grade discovery at the La Luna zone. Drill hole LL18-020 on the La Luna South structure intersected 8.71 metres grading 6.78 g/t Au and 5.3 g/t Ag (6.86 g/t AuEq) including 4.38 metres grading 13.22 g/t Au and 9.5 g/t Ag (13.37 g/t AuEq) from the Main structure (124.24 to 132.95 m) and 26.8 metres grading 1.23 g/t Au and 30.1 g/t Ag (1.69 g/t AuEq) including 4.45 metres grading 4.96 g/t Au and 151.5 g/t Ag (7.29 g/t AuEq) from a second sulphide-rich zone (142.5 to 169.27 m). The new intersects are approximately 100 metres north of LL18-012 which intersected 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). Previous drilling on the structure also includes LL10-002 which intersected 11.0 metres grading 3.96 g/t Au and 33.6 g/t Ag (4.48 g/t AuEq). The high-grade portion of the La Luna South structure is now defined by a series of drill holes over a strike length of 250 metres and down to a vertical depth of 150 metres. Mineralization remains open along strike and down dip. The g/t AuEq calculated using $1,300/oz gold and $20/oz silver.

H2 2018 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 LL18-021 with 1.10 metres at 1.59g/t AuEq (1.01 g/t Au and 37.4 g/t Ag) and LL18-022 with 5.85 metres at 0.60 g/t AuEq (0.56 g/t Au and 2.7 g/t Ag). Results are pending for a third hole LL18-023.

Work on the northern extension to the La Luna South structure has also included a detailed surface rock sampling program. A total of 19 rock samples have been collected and analyzed with 16 samples returning greater than one gram per tonne gold and nine samples returning greater than five grams per tonne gold including individual samples grading 110.3 g/t Au, 18.3 g/t Au, 17.0 g/t Au, 12.8 g/t Au and 12.4 g/t Au. The samples define two linear trends interpreted to be the extension of the two mineralized structures intersected in drill hole LL18-020. LL18-020 is the northernmost drill hole on the high-grade zone and the anomalous rock samples extend a further 400 metres north providing immediate drill targets along the Main Structure. The second trend of anomalous samples include several samples with high base metal concentrations and this northeast-trending, 200-metre-long zone is interpreted as the extension of the deeper sulphide-rich structure intersected in LL18-020.

Additional drilling has been completed on the Main Blag deposit and first pass drilling has tested the San Cristobal structure with results pending. The 2018 diamond drilling program is continuing with additional drilling to be completed on the high-grade Cadillac discovery.

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 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.).

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, first pass drilling on the San Cristobal structure and current drilling consisting of stepout holes on the Cadillac discovery. In addition to the drilling, target generative exploration is continuing consisting on wide-spaced soil sampling and surface rock sampling over selected areas.

Calibre Mining best practice

Calibre is committed to best practice standards for all exploration, sampling and drilling. Drilling was completed by independent firm Continental Drilling. Analytical quality assurance and quality control include the systematic insertion of blanks, standards and duplicates. Samples are placed in sealed bags and shipped directly to Bureau Veritas Lab in Managua, Nicaragua, for sample preparation and then to 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 Santa Maria gold project. Additionally the company has optioned to Iamgold (176 square km) and Centerra Gold (253 square km) concessions covering an aggregate area of 429 square km and is party to a joint venture on the 33.6 square km Rosita D gold-copper-silver project with Rosita Mining Corp. and Century Mining. Major shareholders of Calibre include gold producer B2Gold Corp., Lukas Lundin and management.

               EASTERN BOROSI PROJECT -- H2-2018 DRILLING RESULTS

Hole ID  Target            From m     To m      Length m   Au g/t    Ag g/t    Pb ppm      Zn ppm

LL18-017 La Luna S. Ext.                     no significant values
LL18-018 La Luna South     103.70   104.60          0.90     0.24       1.8        20          26
LL18-019 La Luna South     187.41   212.03         24.62     0.46       2.4        43         161
including                  202.41   212.03          9.62     0.74       3.1        72         126
with                       202.41   205.15          2.74     1.25       5.2       132         184
                           253.15   254.67          1.52     0.41       5.3        28         110
LL18-020 La Luna South      23.68    29.16          5.48     0.37       1.7        32         206
                           124.24   132.95          8.71     6.78       5.3        40         142
including                  127.16   131.54          4.38    13.22       9.5        70         158
with                       127.16   130.10          2.94    18.31      11.6        72          96
                           142.50   169.27         26.77     1.23      30.1     8,896       9,688
including                  143.66   150.60          6.94     0.87      11.6       332         587
and                        152.13   159.81          7.68     3.09      89.7    30,270      31,710
with                       155.36   159.81          4.45     4.96     151.5    52,210      54,630
LL18-021 La Luna North     162.00   163.17          1.17     0.33       2.6     1,142       1,984
                           167.75   169.27          1.52     0.56       1.4       868         526
                           202.00   203.10          1.10     1.01      37.4     1,897       6,034
                           208.00   210.25          2.25     0.23       0.9        12          69
                           213.75   219.75          6.00     0.25       2.9        36         153
LL18-022 La Luna North     123.15   123.52          0.37     0.35       1.4        27          59
                           136.00   137.00          1.00     1.54       2.3        26         124
                           174.68   175.08          0.40     1.59       5.7       981       1,457
                           205.40   211.25          5.85     0.56       2.7       489         968
                           217.00   222.75          5.75     0.12       3.7     2,333       5,921
                           226.20   227.22          1.02     1.94       6.6     1,049       2,280
LL18-023 La Luna North                results pending                                

Notes

* H2 2018 recent results.                                                      

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

* Length-weighted averages from uncut assays.                                  


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