Greg Smith reports
DRILLING EXPANDS NEW DISCOVERIES AT THE EASTERN BOROSI PROJECT IN NICARAGUA
Calibre Mining Corp. has provided an update of the 2019 exploration and drilling program on the Eastern Borosi gold-silver project in Nicaragua. Exploration and drilling on the project are currently being financed by Calibre's joint venture partner, Iamgold Corp.
Drilling to date in 2019 has included four holes (1,522 metres) at La Luna and three holes (607 metres) at San Cristobal of a planned 6,000-metre drill program.
Drilling has expanded the La Luna and San Cristobal gold-silver zones, with intercepts shown in the attached table.
Hole ID Target From To Length Au Ag
(m) (m) (m) (g/t) (g/t)
LL19-024 La Luna 21.35 30.00 8.65 2.03 5.0
LL19-025 La Luna 77.00 83.68 6.68 2.43 26.4
SC19-006 San Cristobal 130.08 138.25 8.17 1.31 58.8
Intervals are core lengths; true width are estimated to be 80 per cent
to 90 per cent of core lengths. Results are length-weighted averages
from uncut assays.
President and chief executive officer Greg Smith stated: "The first quarter drilling results at the Eastern Borosi project continue to expand the discoveries at the San Cristobal and La Luna gold-silver vein systems. Additional drilling in 2019 will test a series of high-priority drill targets with no previous drilling."
2019 exploration and drilling program
The 2019 drilling program commenced in March, 2019, and the first set of drill holes consist of follow-up drilling on two successful high-grade discoveries from the fourth quarter of 2018 -- San Cristobal and La Luna. To date in 2019, drilling has included four holes (915 metres) at La Luna and three holes (607 metres) at San Cristobal.
At La Luna, the follow-up drilling has tested the lateral and vertical extensions of the main structure and sulphide zone structure as well as one stepout hole on a recently defined additional anomaly. Drill hole LL19-024 intercepted a strongly oxidized, argillic-altered mineralized andesite breccia zone with minor quartz fragments between 21.35 metres and 30.00 metres (8.65 metres) with results of 8.65 metres, grading 2.03 grams per tonne gold and 5.0 grams per tonne silver, including 25.08 metres to 28.80 metres (3.72 metres) grading 4.59 grams per tonne gold and 10.45 grams per tonne silver. Drill hole LL19-025 (La Luna) intercepted two structures; the first zone between 77.00 metres to 83.68 metres (6.68 metres) consists of well-mineralized tectonic breccia with quartz vein fragments, along with a 2.28-metre-wide quartz-carbonate vein breccia with result of 6.68 metres grading 2.43 grams per tonne gold and 26.4 grams per tonne silver, including 2.28 metres grading 5.0 grams per tonne gold and 51.46 grams per tonne silver.
At San Cristobal, the follow-up drilling includes along-strike and downdip stepouts spaced at approximately 75-metre centres. SC19-006 intercepted the principal structure between 130.08 metres and 138.25 metres (8.17 metres) grading 1.33 grams per tonne gold and 58.8 grams per tonne silver. The structure contained a mix of mineralized andesite breccia with strong argillic and propylitic alteration and quartz-carbonate vein breccia with blebs and remnant bands of dark-grey to black sulphide, including pyrite, galena and sphalerite.
Additional drilling is planned for the first half of 2019 on the Riscos de Oro SW extension target, approximately one kilometre southwest of the Riscos de Oro deposit, part of a more-than-four-kilometre trend, where previous soil and rock geochemistry, trenching, and linear topographic features provide a priority drill target.
The 2019 exploration and drilling program includes plans to complete an estimated 6,000 metres of diamond drilling, concurrent with target generative and advancement work. The drilling metres are projected to be evenly split between follow-up drilling and first-pass discovery drilling.
In addition to the drilling, generative exploration is under way, including targeted soil sampling and surface rock sampling, over areas where previous work outlined anomalous gold and silver often associated with base metals. The results of the first six months will be reviewed and priority targets tested with first-pass, discovery-oriented drilling in the second half of 2019.
Iamgold/Calibre -- Eastern Borosi project
A 2018 resource estimate for the project (see news release dated April 3, 2018) by Roscoe Postle Associates Inc. estimated an inferred mineral resource totalling 4.42 million tonnes grading 5.72 grams per tonne gold equivalent (4.93 grams per tonne gold and 80 grams per tonne silver) containing 812,000 ounces gold equivalent. Exploration to date has outlined kilometres of highly prospective mineralized structures located in a historic gold-silver mining district.
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 earned a 51-per-cent interest in the 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 (U.S.) and further exploration expenditures totalling $5-million (U.S.)) having paid the first and second instalments of $150,000 (U.S.) each and financing the continuing 2019 work program. The total potential investment by Iamgold to earn a 70-per-cent interest in the project is $10.9-million (U.S.).
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 includes the systematic insertion of blanks, standards and duplicates. Samples are placed in sealed bags and shipped directly to Bureau Veritas's 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 518 square kilomtres 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 kilometres) and is party to a joint venture on the 33.6-square-kilometre Rosita D gold-copper-silver project with Rosita Mining Corp. and Century Mining. Calibre's resources total 2.44 million gold equivalent ounces of inferred resources in four deposits on the Borosi gold-silver projects.
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