Vancouver, British Columbia: Calibre Mining Corp. (TSX-V: CXB) (the "Company" or "Calibre") is pleased to announce the fourth set of results from the 2015 drilling program on the Eastern Borosi gold-silver project (the "Project") which is being financed under an option agreement with IAMGOLD Corporation ("IAMGOLD").
Highlights
- Diamond drilling on the Guapinol gold-silver vein system has further extended to depth the high grade gold and silver mineralization including: 1.39 metres grading 98.72 g/t gold and 49.1 g/t silver (GP15-034) on the Guapinol Vein and 7.08 metres grading 6.26 g/t gold and 41.4 g/t silver (GP15-037) on the Vancouver Vein.
- To date the 2015 drilling program has completed; 38 holes for 5,497.95 metres, 16 holes for 1,623 metres at La Sorpresa (results reported April 1, 2015), 15 holes totaling 2,342 metres at Blag (results to date reported April 27 and May 06, 2015), five holes at Guapinol for 1,295 metres (results reported here) and two holes at Riscos de Oro Extension for 238 metres (results reported here).
- Additional drilling has been completed in the Blag Gold-Silver Vein System on the Main Vein, newly recognized East Dome Vein, and Santos Trend Veins and assays are pending.
President and CEO, Greg Smith stated: "The latest drilling on the Guapinol gold-silver vein system has extended the high grade gold and silver mineralization to vertical depth of 300 metres below surface on the Guapinol Vein. The gold-silver mineralization continues to be open to depth with drill hole GP15-034, providing the deepest intercept on the structure to date, along with the highest gold grade of the 2014/2015 drilling programs."
Recent Drill Results from Eastern Borosi Gold-Silver Project
| Hole ID | Zone | From m | To m | Length (m) | Au g/t | Ag g/t |
|---|---|---|---|---|---|---|
| GP15-033 | Guapinol | 295.00 | 296.57 | 1.57 | 1.04 | 1.6 |
| GP15-034 | Guapinol | 325.85 | 326.35 | 0.50 | 1.39 | 2.7 |
| and | 332.23 | 333.62 | 1.39 | 98.72 | 49.1 | |
| and | 347.47 | 349.00 | 1.53 | 0.65 | 1.4 | |
| GP15-035 | Guapinol | 286.75 | 287.65 | 0.90 | 6.70 | 5.3 |
| and | 304.55 | 306.60 | 2.05 | 0.82 | 1.7 | |
| GP15-036 | Vancouver | 114.17 | 119.40 | 5.23 | 0.14 | 0.9 |
| GP15-037 | Vancouver | 102.40 | 109.48 | 7.08 | 6.26 | 41.4 |
| including | 103.63 | 106.00 | 2.37 | 17.93 | 118.6 | |
| RD15-041 | RDO Ext. | 125.70 | 130.63 | 4.93 | 0.59 | 17.0 |
| including | 125.70 | 126.18 | 0.48 | 4.64 | 48.7 | |
| RD15-042 | RDO Ext. | No Significant Results | ||||
Notes;
- Intervals are core lengths / true width are estimated to be 70-80% of lengths
- Length weighted averages from uncut assays.
Drill Holes GP15-033 to GP15-035 tested the Guapinol gold-silver vein to depth. Holes #34 and #35 each intersected multiple structures and results have extended the previously outlined high grade shoot to 300 metres. Holes GP15-036 and GP15-037 tested depth extension of the Vancouver vein. High grade intercepts include; 1.39 metres grading 98.72 g/t gold and 49.1 g/t silver on the Guapinol Vein and 7.08 metres grading 6.26 g/t gold and 41.4 g/t silver on the Vancouver Vein.
Drill Holes RD15-041 and RD15-035 are step out holes on the Riscos de Oro Extension (RDO Ext.) to depth and along strike. The deeper hole RD15-041 intersected the vein which returned 4.93 metres grading 0.59 g/t gold and 17.0 g/t silver including 0.48 metres grading 4.64 g/t gold and 48.7 g/t silver.
The drill program continues on the Project and additional drilling has been completed in the Blag Gold-Silver Vein System including on the Main Zone Vein, newly recognized East Dome Vein, and the Santos Trend Veins with assays pending.
The 2015 program approved by partner IAMGOLD began on February 4th and will consist of a minimum 5,500 metres of drilling with an approved budget of $1.5 million. Drilling continues on the Project and is currently testing the Santos Trend gold-silver zone.
Low sulphidation epithermal gold-silver mineralization intersected in the Project gold-silver vein systems are hosted within porphyritic andesite and consists of structurally controlled, high energy quartz-carbonate vein breccias, vein-stockworks and discrete smokey quartz veins containing fine grained sulphide minerals.
Calibre and IAMGOLD entered into an option agreement dated May 26, 2014 whereby IAMGOLD can earn a 51% interest in the Project consisting of 176 km2 within the Borosi Concessions, Northeast Nicaragua, by incurring US$5 million in exploration expenditures and making US$450,000 in payments to Calibre by May 26, 2017, the first anniversary US $150,000 payment having been made in May 2015. The total potential investment by IAMGOLD to earn a 70% interest in the Project is US$10.9 million. The Project hosts gold-silver resources in two deposits and a series of well-defined low sulphidation epithermal gold-silver targets.
Calibre is committed to best practice standards for all exploration, sampling and drilling activities. Drilling was completed by independent firm Kluane Drilling Ltd. Analytical quality assurance and quality control procedures include the systematic insertion of blanks, standards and duplicates into the sample strings. Samples are placed in sealed bags and shipped directly to Acme Labs (a Bureau Veritas Group Company) in Managua, Nicaragua for sample preparation and then to Acme Labs in Vancouver, Canada for 50 gram gold fire assay and ICP-MS multi element analyses.
The technical content in this news release was read and approved by Gregory Smith, P.Geo, President and CEO of the Company who is the Qualified Person as defined by NI 43-101.
About Calibre Mining Corp.
Calibre controls a 100% interest in 253 km2 of mineral concessions in the Mining Triangle of Northeast Nicaragua. Additionally the Company has an option agreement with IAMGOLD covering 176 km2 of concessions, joint venture exploration programs underway with B2Gold Corp. on 322.3 km2 of concessions which includes the Primavera gold-copper porphyry discovery and the Minnesota Gold Zone, and has optioned the 33.6 km2 Rosita gold-copper-silver project to Alder Resources Ltd. Major shareholders of Calibre include gold producer B2Gold Corp., Pierre Lassonde and Management.
Calibre Mining Corp.
"Greg Smith"
Greg Smith, P.Geo.
President and CEO
For further information contact:
Ryan King
604 628-1012
www.calibremining.com
Cautionary Note Regarding Forward Looking Statements
This news release contains certain forward-looking statements, Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or does not expect", "is expected", anticipates" or "does not anticipate" "plans", "estimates" or "intends" or stating that certain actions, events or results " may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be "forward-looking statements". Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to materially differ from those reflected in the forward-looking statements.
Safe Harbor Statement under the United States Private Securities Litigation Reform Act of 1995: Except for the statements of historical fact contained herein, the information presented constitutes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements including but not limited to those with respect to the price of gold, potential mineralization, reserve and resource determination, exploration results, and future plans and objectives of the Company involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of Atlas to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.