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Calibre Mining Corp (2)
Symbol CXB
Shares Issued 310,321,880
Close 2019-11-11 C$ 0.73
Recent Sedar Documents

Calibre partner drills 5.15m of 29.36g/t Au at Libertad

2019-11-12 06:20 ET - News Release

Mr. Russell Ball reports

CALIBRE MINING REPORTS RESULTS FROM B2GOLD EXPLORATION AND TARGET DELINEATION PROGRAMS AT LA LIBERTAD; PROVIDES Q4 2019 & 2020 BUDGET OF US$10 MILLION AND 40,000 METERS AT LA LIBERTAD AND PAVON

Calibre Mining Corp. has released 2018 and 2019 exploration drilling and target delineation results from the La Libertad mine and surrounding concessions. B2Gold Corp. was successful in identifying several new near-mine gold trends, as well as several high-priority regional targets over its 650-square-kilometre district-scale concessions.

Calibre is currently processing ore from the Jabali underground mine, the Jabali Antenna open pit, the San Juan open pit and spent ore at the La Libertad mill at an annual throughput rate of 1.6 million tonnes per annum.

Highlights of resource expansion drilling completed by B2Gold (2018 to 2019)

Jabali Antenna

Drilling returned high-grade intercepts from the Jabali Antenna zone, including:

  • 18.51 grams per tonne gold over 4.20-metre estimated true width (ETW) (JB19-470);
  • 7.81 g/t Au over 5.30 m ETW (JB19-457);
  • 6.61 g/t Au over 6.00 m ETW (JB18-448);
  • 8.30 g/t Au over 4.60 m ETW (JB19-468);
  • 4.89 g/t Au over 8.10 m ETW (JB19-464);
  • 5.57 g/t Au over 4.65 m ETW (JB18-444);
  • 5.67 g/t Au over 3.90 m ETW (JB18-455);
  • 4.01 g/t Au over 5.10 m ETW (JB19-466).

Chamarro

Drilling returned high-grade intercepts from the Chamarro target, including:

  • 29.36 g/t Au over 5.15 m ETW (CH18-030);
  • 7.01 g/t Au over 7.10 m ETW (CH18-028);
  • 5.85 g/t Au over 5.25 m ETW (CH18-029);
  • 4.79 g/t Au over 4.50 m ETW (CH18-032).

Rosario

Drilling returned high-grade intercepts from the Rosario target, including:

  • 6.26 g/t Au over 8.60 m ETW (RS18-004);
  • 5.09 g/t Au over 6.20 m ETW (RS18-019);
  • 4.18 g/t Au over 5.40 m ETW (RS18-016);
  • 4.77 g/t Au over 3.50 m ETW (RS19-041).

San Antonio

Drilling returned high-grade intercepts from the San Antonio target, including:

  • 4.96 g/t Au over 9.70 m ETW (SA18-017);
  • 5.69 g/t Au over 5.50 m ETW (SA18-029);
  • 3.04 g/t Au over 10.30 m ETW (SA18-033);
  • 4.02 g/t Au over 7.50 m ETW (SA18-027);
  • 3.03 g/t Au over 2.65 m ETW (SA19-036).

Highlights of target delineation drilling completed by B2Gold (2015 to 2019)

Buenos Aires

Anomalous channel results for the Bueno Aires vein system, including:

  • 6.93 g/t Au over 5.45 m (PALCH19-017);
  • 4.55 g/t Au over 3.75 m (PUCH19-012);
  • 4.05 g/t Au over 3.30 m (PALCH19-013);
  • 3.60 g/t Au over 3.34 m (BUCH18-003).

Nancite

Anomalous channel results for the Nancite vein system, including:

  • 22.06 g/t Au over 1.10 m (NACH18-001);
  • 7.58 g/t Au over 0.94 m (NACH18-013);
  • 3.39 g/t Au over 1.35 m (NACH18-002);
  • 2.10 g/t Au over 3.10 m (NACH18-005);
  • 1.74 g/t Au over 5.09 m (NACH18-007);
  • 1.12 g/t Au over 5.15 m (NACH18-012).

Tranca

Anomalous channel results for the Tranca vein system, including:

  • 9.25 g/t Au over 5.30 m (TRCH18-006);
  • 4.19 g/t Au over 1.30 m (TRCH19-027);
  • 1.95 g/t Au over 15.55 m, including 3.48 g/t Au over 1.80 m (TRCH18-001);
  • 1.27 g/t Au over 6.70 m (TRCH18-009).

Esmeralda

Anomalous trench and channel results for the Esmeralda vein system, including:

  • 15.70 g/t Au over 2.35 m (ESMCH19-014);
  • 4.39 g/t Au over 5.50 m (ESMCH19-013);
  • 4.16 g/t Au over 3.95 m (ESMCH19-015);
  • 1.23 g/t Au over 12.70 m (ESMTR19-008).

Amalia

Anomalous trench results for the Amalia vein system, including:

  • 78.68 g/t Au over 5.84 m (AMTR15-006; uncapped);
  • 7.11 g/t Au over 6.88 m (AMTR15-001);
  • 4.70 g/t Au over 13.86 m (AMTR15-005);
  • 1.58 g/t Au over 7.70 m (AMTR16-016).

Russell Ball, chief executive officer of Calibre, stated: "The La Libertad district has produced over 1.7 million ounces of gold and we see a number of near-mine and regional opportunities to make new discoveries and expand known resources and thus extend the mine life at La Libertad. We recently commenced drilling at our Buenos Aires and Amalia targets."

Calibre's budgeted drilling program of approximately 25,000 metres for the fourth quarter of 2019 and 2020 will target current resources with expansion potential, as well as undrilled, priority targets identified by B2Gold. In addition, Calibre will conduct concurrent target delineation exploration programs at the Amalia, Esmeralda, Volcan, Cosmatillo, Morales and Santa Julia targets for a total estimated cost of $6.25-million (U.S.). The target delineation programs will include geological mapping, surface geochemical sampling (rock and soil) and trenching.

Calibre has also budgeted a 15,000-metre drill program at its Pavon project for a total estimated cost of $3.75-million (U.S.). Details of the drilling program will be included with the updated Pavon National Instrument 43-101 news release, due later this quarter.

Overview

Drilling completed by B2Gold in 2018/2019 focused on infill and expansion drilling at the Jabali Antenna and Chamarro zones, as well as infill and stepout drilling at the Rosario and San Antonio targets, with a total of 16,868 metres drilled in 132 holes.

Located 500 metres to the southeast of the Rosario resource, the advanced-stage Cosmatillo vein trend was also drilled in 2018 with a total of 1,706 metres completed in 14 holes.

A mix of reconnaissance and stepout drilling was also completed at the Mojon East, Quintana and Tope North targets with a total of 1,269 metres completed in eight holes.

During 2018 and 2019, B2Gold conducted substantial target delineation programs over its near-mine concessions with a total of 5,452 soil samples and 271 rock samples collected, as well as 449 channel and trenches completed for a total of 6,106 metres.

Priority targets which received work included the Buenos Aires district, Esmeralda trend and the regional Amalia target. A total of 2,699 soil samples, 126 rock samples, and 2,054 metres of channel and trench sampling were completed at the Buenos Aires district. At the near-mine Esmeralda target, a total of 1,170 metres of channel and trench sampling were completed. At the regional Amalia target, a total of 1,110 soil samples, 254 rock samples, and 499 metres of channel and trench sampling have been completed since 2014.

Previous drilling on current La Libertad resources

Jabali Antenna

Located approximately nine kilometres to the east of the historic Mojon open pit, the Jabali Antenna zone is an east-west-striking, north-dipping (minus 75 degrees) vein, which comprises the 1.5-kilometre-long portion of the greater Jabali vein system. A total of 4,978 metres of infill drilling was completed in 36 holes in 2018. The zone has a current indicated resource of 457,000 tonnes, grading 4.90 g/t Au, containing 72,000 ounces of gold and a current inferred open-pit resource of 1.14 million tonnes, grading 7.81 g/t Au, containing 285,000 ounces of gold (see Calibre NI 43-101 technical report on La Libertad dated Aug. 30, 2019, filed on Calibre's profile on SEDAR).

The Jabali Antenna zone has been drilled to a depth of 250 metres and shows the potential for expansion at depth across the 300-metre-wide northern ore shoot, 75-metre-wide central ore shoot and below the shallowly plunging ore shoot located at the western end of the system.

Chamarro

Located four kilometres to the northeast along strike of the historic Mojon open pit, the Chamorro target is characterized by high-grade, closely spaced, subparallel northeast-striking veins dipping at 80 degrees to the southeast. A total of 1,537 metres of infill drilling was completed in 11 holes in 2018. The zone has a current inferred resource of 217,000 tonnes, grading 1.56 g/t Au, containing 11,000 ounces of gold (see Calibre NI 43-101 technical report on La Libertad dated Aug. 30, 2019, filed on Calibre's profile on SEDAR).

Drilling at Chamarro has outlined a shallow resource to a depth of approximately 100 metres. The zone shows the potential for expansion at depth and in multiple directions.

Rosario

Rosario is a shallow resource located two kilometres to the southwest along strike from the historic San Diego open pit. It is characterized by a steeply dipping vein at 80 degrees to the southeast. A total of 6,067 metres of infill and stepout drilling was completed in 48 holes in 2018 and 2019. The zone has a current inferred resource of 260,000 tonnes, grading 2.08 g/t Au, containing 17,000 ounces of gold (see Calibre NI 43-101 technical report on La Libertad dated Aug. 30, 2019, filed on Calibre's profile on SEDAR).

The Rosario resource has been defined to a depth of 125 metres and shows potential for expansion at depth across multiple 100-metre-wide ore shoots.

San Antonio

Located approximately four kilometres to the southeast of the historic Tope/San Diego open pit, San Antonio is characterized as a shallow resource with a moderately dipping vein plunging 65 to 70 degrees to the southeast. A total of 4,074 metres of infill and stepout drilling were completed in 35 holes in 2018 and 2019. The zone has a current inferred resource of 374,000 tonnes, grading 2.75 g/t Au, containing 33,000 ounces of gold (see Calibre NI 43-101 technical report on La Libertad dated Aug. 30, 2019, filed on Calibre's profile on SEDAR).

The San Antonio resource has been defined by drilling to a depth of 125 metres and shows potential for expansion at depth across multiple 100-metre-wide ore shoots.

Near-mine and regional targets at La Libertad with no previous drilling

Buenos Aires/Nancite/Tranca

The Buenos Aires/Nancite/Tranca district is located approximately five kilometres to the southwest of the Jabali vein. The district contains multiple, subparallel, east-west- and northeast-oriented veins defined by highly anomalous gold values in rock and soil samples, as well as high-grade channel samples collected across outcrops. The defined veins have a total strike length of greater than 10 kilometres and are currently untested by drilling.

Esmeralda

Located between the historic Esmeralda and Santa Maria open pits, the Esmeralda trend is made up of multiple subparallel, northeast-oriented veins with a total strike length of greater than 1.2 kilometres. The structures have been traced by high-grade gold in trench and channel sampling across outcrops.

Amalia

Located approximately 30 kilometres to the northeast of the La Libertad mill, the high-grade Amalia vein target consists of multiple, north-northeast-oriented veins currently defined by highly anomalous gold in rock and soil samples, as well as highly anomalous gold in trenches. The defined veins have a total strike length of over five kilometres.

Gold mineralization at La Libertad

Gold mineralization at La Libertad is typical of low sulphidation, epithermal gold vein systems. The mineralization is strongly structurally controlled with veins forming along pre-existing fault planes and occupying extensional openings that occurred during the time of emplacement. Evidence also exists for significant postmineral movement along localized structures in the form of mineralized tectonic breccias.

Veins consist of milky white, sugary-textured quartz, with varying amounts of chalcedonic, colloform, cockscomb and vuggy quartz. Bladed pseudomorph quartz after calcite has been observed which indicates boiling of the hydrothermal fluid. Pyrite is the dominant sulphide occurring as disseminations and blebs up to 2 per cent, with base metal sulphides including sphalerite, galena and chalcopyrite present at deeper targets such as Jabali. Low-grade gold mineralization can extend tens of metres into the host rock related to auxiliary quartz dominant stringer veinlets. Moderate to strong argillic and propylitic alteration haloes commonly flank the veins.

Current- and past-producing vein trends range from 500 metres to over four kilometres in length, with widths ranging from less than one metre to greater than 15 metres. Ore shoots along the principal structures extend from 50 metres to greater than 300 metres horizontally, and from 50 metres to greater than 250 metres vertically.

Qualified person

The scientific and technical data contained in this news release relating to La Libertad have been reviewed and approved by Angela D. Johnson, PGeo, a qualified person as defined by NI 43-101.

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