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Calibre Mining Corp (2)
Symbol CXB
Shares Issued 333,205,144
Close 2021-07-07 C$ 1.64
Recent Sedar Documents

Calibre Mining drills 2.2 m of 26.49 g/t Au at Borosi

2021-07-07 09:33 ET - News Release

Mr. Darren Hall reports

CALIBRE ADVANCES 100%-OWNED EASTERN BOROSI PROJECT AHEAD OF SCHEDULE

Calibre Mining Corp. has provided drill results and an update on the progress at its 100-per-cent-owned Eastern Borosi project (EBP), located in northeastern Nicaragua. Calibre is advancing the high-grade open pit and underground resource zones at EBP to provide mill feed to the Libertad mill which currently has 50-per-cent surplus capacity.

Highlight infill drill results

Guapinol open pit:

  • 9.07 grams per tonne (g/t) gold (Au) and 19.9 g/t silver (Ag) over 6.5 metres estimated true width (ETW) from 216.0 metres (GP-21-082);
  • 25.90 g/t Au and 15.3 g/t Ag over 1.9 metres ETW from 163.0 metres (GP-21-083);
  • 22.70 g/t Au and 25.5 g/t Ag over 1.8 metres ETW from 160.7 metres (GP-21-087).

Vancouver open pit:

  • 6.42 g/t Au and 14.1 g/t Ag over 7.1 metres ETW from 32.4 metres (GP-21-071);
  • 4.46 g/t Au and 39.7 g/t Ag over 4.8 metres ETW from 79.9 metres (GP-21-072).

Riscos De Oro underground:

  • 26.49 g/t Au and 99.4 g/t Ag over 2.2 metres ETW from 313.3 metres (RDO -21-052);
  • 7.76 g/t Au and 186.0 g/t Ag over 2.9 metres ETW from 284.0 metres (RDO-21-056);
  • 3.18 g/t Au and 262.2 g/t Ag over 8.2 metres ETW from 204.0 metres (RDO -21-057).

Project progress:

  • Completed 75 per cent of the infill, metallurgical, geotechnical and hydrological drilling;
  • Additional Guapinol drill results are pending from infill holes completed in the vicinity of previously drilled holes in the core of the high-grade shoot that assayed 14.39 g/t Au and 14.51 g/t Ag over 6.03 metres (GP-14-002), 25.66 g/t Au and 35.19 g/t Ag over 4.81 metres (GP-14-003), and 26.48 g/t Au and 24.19 g/t Ag over 2.76 metres (GP-14-030) (see news releases dated Sept. 2, 2014, and Jan. 21, 2015);
  • Acquired most of the required surface rights;
  • Advanced social, technical, environmental work, including:
    • Guapinol/Vancouver open-pit design, site layout and infrastructure plans;
    • Riscos de Oro underground mine design specialists engaged.

Darren Hall, president and chief executive officer of Calibre, stated: "EBP represents an exciting opportunity to provide additional high-grade mill feed to our Libertad mill as part of our hub-and-spoke operating strategy. Our initial focus has been on progressing the Guapinol, Vancouver and Riscos De Oro deposits, which contain inferred resources of 515,000 ounces of gold and 4.37 million ounces of silver, averaging 8.15 g/t Au and 69 g/t Ag (see news release dated April 20, 2021). Considering we only commenced work in February, 2021, I am pleased with the team's progress, particularly as we have now acquired most of the required surface rights to facilitate open-pit and underground mining at EBP. Given the excellent progress in the last five months, I expect permit applications to commence and updated mineral resource estimates for Guapinol/Vancouver and Riscos De Oro to be completed during Q1 2022. Additionally, Mark Petersen, VP exploration, and his team believe EBP has strong potential for resource growth and new discoveries along an eight-by-10-kilometre structural vein trend that remains open to the northeast and southwest. By the end of July, we should have our infill program completed, allowing our teams to focus on the initial 7,500-metre resource growth drilling around known high-grade deposits."

Opportunity:

  • Over 20 new gold targets have been identified across the 176-square-kilometre land package with excellent potential to expand known resources and make new discoveries;
  • Previously drilled vein systems that do not currently host resources include the Cadillac zone, which returned drill results including 8.93 g/t Au and 57.4 g/t Ag over 2.6 metres ETW (LS15-008), the San Cristobal zone, which returned 10.92 g/t Au and 859.0 g/t Ag over 5.7 metres ETW (SC18-002), and the Veta Loca zone, which returned 10.15 g/t Au and 6.9 g/t Ag over 5.4 metres ETW (GP16-046) (see Calibre news releases dated Sept. 15, 2016, Feb. 1, 2018, and Dec. 5, 2018);
  • Resource expansion drilling to begin in Q3 2021.

Drilling overview

Drilling on the Guapinol vein has returned multiple high-grade intercepts in line with expectations and confirms the presence of a steeply dipping, high-grade shoot from surface to a depth of approximately 250 metres. The Vancouver vein, which lies just east and subparallel to Guapinol, returned results in line with expectations demonstrating the presence of a near-surface, high-grade shoot.

With infill drilling at the Guapinol and Vancouver targets now complete and assays pending for 10 holes, the focus will shift to completing metallurgical and geotechnical drilling for inputs into technical studies. Upon completion, the team will shift to stepout drilling targeting resource extensions and testing the potential to discover additional high-grade shoots along strike of the known deposits.

As expected, infill drilling at the Riscos de Oro underground target has returned high-grade gold and silver intercepts within two main parallel veins. Geotechnical drilling is complete and a further 5,000 metres of infill drilling is scheduled for July before shifting to metallurgical drilling. Exploration drilling of several earlier-stage targets on strike of the main Riscos de Oro vein trend will commence in August following completion in the infill drilling program.

Qualified person

The scientific and technical data contained in this news release have been reviewed and approved by Mr. Petersen, PGeo, vice-president of exploration for the company, a qualified person as defined by National Instrument 43-101.

About Calibre Mining Corp.

Calibre Mining is a Canadian-listed 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. Since the acquisition of the Limon, Libertad gold mines and Pavon gold project, Calibre has proceeded to integrate its operations into a hub-and-spoke operating philosophy whereby the company can take advantage of reliable infrastructure, favourable transportation costs, and multiple high-grade ore sources that can be processed at either Limon or Libertad, which have a combined 2.7 million tonnes of annual mill throughput capacity.

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