Vancouver, British Columbia: Calibre Mining Corp. (TSX-V: CXB) (the "Company" or "Calibre") is pleased to announce results from follow-up rock and soil sampling at the Minnesota gold-copper project within the B2Gold Corp. ("B2Gold") (TSX:BTO, BTG:NYSE MKT) Joint Venture on the Borosi concessions, northeast Nicaragua. Calibre controls a 49% interest in the joint venture and B2Gold has a 51% interest and is project operator. As announced on October 9th, 2013 Calibre has executed a Definitive Joint Venture Agreement with B2Gold that grants B2Gold the right to earn an additional 19% in the Borosi concessions joint venture by spending $6 million in additional project expenditures over three years. Each 12 months of the option B2Gold must complete a minimum $1.5 million of exploration and development expenditures on the property.
At least four new trenches totaling 400 linear metres will be excavated at prioritized locations along the Minnesota gold trend. The primary goal of the trenching program will be to expand on the mineralization observed at channel sample locations MNTR13-001 (7.5 metres grading 3.93 g/t Au) and MNTR13-002 (9.2 metres grading 4.17 g/t Au) located in the centre of the eastern 500 metre x 250 metre gold and copper soil anomaly. In addition to the trenching program the existing soil grid will be expanded to the east to follow-up on the highly anomalous soil samples collected in the recent test pits (PR13S2221 - 2.40 g/t Au).
Recent Minnesota Project Rock and Soil assay results include:
Prospect | Sample ID | Sample Type | Au (g/t) |
|---|---|---|---|
Minnesota | P13R0755 | Rock | 28.90 |
Minnesota | P13R0653 | Rock | 3.69 |
Minnesota | P13R0828 | Rock | 3.08 |
Minnesota | P13R0744 | Rock | 2.98 |
Minnesota | P13R0664 | Rock | 2.24 |
Minnesota | P13R0858 | Rock | 1.35 |
Minnesota | PR13S2221 | Soil | 2.40 |
Minnesota | PR13S2199 | Soil | 1.79 |
Minnesota | PR13S2210 | Soil | 0.90 |
Minnesota | PR13S2217 | Soil | 0.59 |
Minnesota | PR13S2324 | Soil | 0.34 |
- Soil samples collected at a range of depth in 2m x 2m x 2m exploration test pits
Greg Smith, President and CEO of Calibre stated: "The recent high grade rock and soil sample results from Minnesota continue to emphasize the strong nature of gold mineralization on the property. Step-out sampling and geologic mapping has identified multiple targets along the two kilometre gold trend which will be investigated by trenching. Given the encouraging results from the previous channel sampling program and the widespread nature of gold mineralization on the Minnesota project we look forward to the current trenching program expanding the potential of this gold-copper system".
Previous channel sampling assay results along the Minnesota trend include: 9.20 metres grading 4.17 g/t Au (MNTR13-002), 7.50 metres grading 3.93 g/t Au (MNTR13-001), 6.40 metres grading 5.56 g/t Au (BRTR11-044), 8.00 metres grading 6.35 g/t Au (BRTR11-047), 12.80 metres grading 1.27 g/t Au (BRTR11-057), 6.00 metres grading 2.12 g/t Au (BRTR11-054), and 4.65 metres grading 1.51 g/t Au (BRTR11-053).
The Minnesota target area consists of a favourable multi-phase intrusive centre with peripheral epithermal vein sets and widespread alteration. The target is defined by a strong 1.75 kilometre x 1.25 kilometre gold and copper soil anomaly and has considerable gold endowment as indicted by the abundant small-scale artisanal gold miners that are active in the Minnesota region.
The Minnesota gold-copper project is located 20 kilometres northwest of the Primavera gold-copper project where a B2Gold/Calibre drill program intersected significant porphyry-style gold-copper mineralization including: 261.70 metres grading 0.78 g/t Au, 0.30% Cu (PR-11-002) and 172.35 metres grading 0.48 g/t Au and 0.24% Cu (PR-12-008). The Minnesota area was selected as a high priority target during regional evaluation of the entire Borosi Joint Venture area.
Updated maps detailing the result of the current exploration program at the Minnesota Gold/Copper Project will be posted on the Company's web site at www.calibremining.com.
Quality assurance and quality control procedures include the systematic insertion of blanks, standards and duplicates into the rock and soil sample strings. Samples are placed in sealed bags and shipped directly to Acme Labs in Managua, Nicaragua for sample preparation and then to Acme Labs in Vancouver, Canada for 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 429 km2 of mineral concessions and additionally, Calibre has joint venture exploration programs underway with B2Gold Corp. on 322.3 km2 of concessions which include the Primavera gold-copper porphyry discovery and Alder Resources Ltd. on the 33.6 km2 Rosita gold-copper-silver project. Major shareholders of Calibre include gold producer B2Gold Corp.
Calibre Mining Corp.
"Greg Smith"
Greg Smith, P.Geo.
President and CEO
For further information contact:
Ryan King
604 628-1012
www.calibremining.com
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