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Calibre Mining Corp (2)
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Calibre drills 4.4 m of 13.83 g/t Au at Libertad

2021-06-08 07:26 ET - News Release

Mr. Darren Hall reports


Calibre Mining Corp. has provided an update on the company's 80,000-metre 2021 drilling program, highlighting results of exploration and resource expansion drilling at the company's Libertad concessions.


Volcan vein:

  • 11.37 grams per tonne gold over 5.4 m ETW (estimated true width) from 61.4 metres (VN-21-026);
  • 9.26 g/t Au over 1.7 m ETW from 76.9 metres (VN-21-030A);
  • 2.37 g/t Au over 6.2 m ETW from 67.2 metres (VN-21-032).

Tranca vein:

  • 16.78 g/t Au over 2.8 m ETW from 41.9 metres (TR-21-039);
  • 13.83 g/t Au over 4.4 m ETW from 127.7 metres (TR-21-052);
  • 3.27 g/t Au over 4.1 m ETW from 107.1 metres (TR-21-031).

2021 Calibre drill program:

  • 16 drill rigs currently active on Calibre's 100-per-cent-owned properties;
  • Calibre is guiding 170,000 to 180,000 ounces of gold production for the year, generating strong cash flows to self-finance new growth opportunities and an extensive 80,000-metre exploration and infill drilling program.

Darren Hall, president and chief executive officer of Calibre, stated: "We are excited to see some new high-grade zones emerging at Libertad. The district has produced over 1.9 million ounces of gold, and we continue to identify opportunities for additional ore sources close to the Libertad mill. We are very encouraged by the initial results of our first pass drilling campaign along the Volcan trend where we've confirmed the presence of high-grade gold mineralization in at least two zones along a 1.5-kilometre vein system that to date remains largely unexplored.

"Drilling at Tranca continues to delineate a zone of near-surface gold mineralization with good potential for an open-pit mineral resource. At Rosario, stepout drilling is testing the potential to extend the current gold resource another 200 metres along strike to the southwest. Currently three rigs are operating at Libertad plus one at the Amalia satellite concession located 35 kilometres away.

"In addition to the drilling programs at our 100-per-cent-owned properties, our partner, Rio Tinto, recently commenced its 2021 exploration drilling campaign targeting large porphyry-style copper plus gold targets, part of the Borosi joint venture project in which Calibre is the current operator. Currently we have one drill operating at Borosi and plan to add a second drill within the coming weeks."

Exploration drilling

The Volcan vein system is located approximately four kilometres south of the Libertad mill. Previous exploration drilling completed in 2012 and 2017 testing the upper 100 metres in two areas along the system returned multiple high-grade intercepts including 9.69 g/t Au over 10.7 m ETW from 49 metres in hole VN-17-009; 10.56 g/t Au over 4.5 m ETW from 41.2 metres in hole VN-17-013; and 5.78 g/t Au over 4.1 metres from 111.2 metres in hole VN-17-021 (historic drill results are provided in the associated tables). Initial results received from this year's drilling program have confirmed the presence of near-surface gold mineralization along the Volcan trend, which remains open along strike and at depth. The company plans to continue drilling at Volcan with a second campaign of stepout exploration holes drilled along strike to test the continuity of mineralization between the two zones and the potential for high-grade mineralization to extend at depth.

The Tranca vein system is located approximately nine kilometres east of the Libertad mill and 500 metres south of the Jabali underground mine currently in operation. Since early 2020, Calibre has been drilling along a 1.5-kilometre section of the Tranca trend, which has been traced for another 2.5 kilometres along strike to the east. Along strike to the west, the Tranca system extends into the Nancite prospect where multiple veins occur. The company continues to be encouraged by the continuity of gold grades and potential for higher-grade shoots along the zone and plans to accelerate exploration drilling with a second drill during the coming weeks.

Resource expansion drilling

Rosario vein:

  • 3.67 g/t Au over 8.0 m ETW from 99.1 metres (RS-21-070);
  • 2.34 g/t Au over 7.3 m ETW from 130.8 metres (RS-21-069);
  • 3.13 g/t Au over 4.0 m ETW from 112.8 metres (RS-21-084);
  • 4.02 g/t Au over 2.4 m ETW from 69.8 metres (RS-21-085).

Jabali vein:

  • 5.45 g/t Au over 3.3 m ETW from 30.4 metres (JB-21-536);
  • 51.90 g/t Au over 0.8 m ETW from 44.6 metres (JB-21-537).

While the company has focused largely on exploration drilling this year, it is likewise pleased with the results of resource expansion and infill drilling at the Rosario deposit where the company continues to see opportunities to expand open-pit mineral resources located within a short trucking distance of the Libertad mill. At Jabali, results of a final infill drilling campaign will be integrated into the mineral resource estimate in support of future underground mine planning.

At Pavon, Calibre completed condemnation drilling and continues to explore along strike and down plunge of the Pavon Central and Norte veins including at the recently identified Candida vein splay extending from the main Pavon Norte deposit. Currently, the company has two rigs operating at Pavon and will continue stepout exploration drilling along strike and downdip of the principal vein systems.

Quality assurance/quality control

Calibre maintains a quality assurance/quality control (QA/QC) program for all its exploration projects using industry best practices. Key elements of the QA/QC program include verifiable chain of custody for samples and regular insertion of certified reference standards and blanks and duplicate check assays. Drill core is halved and shipped in sealed bags to Bureau Veritas in Managua, Nicaragua, an independent analytical services provider with global certifications for quality management systems International Organization for Standardization 9001:2008, environmental management ISO 14001, and safety management OH SAS 18001 and AS4801. Prior to analysis, samples are prepared at Veritas's Managua facility and then shipped to its analytical facility in Vancouver, Canada. Gold analyses are routinely performed via fire assay/AA (atomic absorption) finish methods. For greater precision of high-grade material, samples assaying 10 g/t Au or higher are reassayed by fire assay with gravimetric finish. Analyses for silver and other elements of interest are performed via induction coupled plasma spectrometry (ICP).

Qualified person

The scientific and technical data contained in this news release have been reviewed and approved by Mark A. Petersen, PGeo, vice-president, exploration, and a qualified person as defined by NI 43-101.

About Calibre Mining Corp.

Calibre Mining is a gold mining and exploration company with two 100-per-cent-owned operating gold mines in Nicaragua. The company is focused on sustainable operating performance and a disciplined approach to growth.

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