Vancouver, British Columbia: Robert D. Brown, President and CEO of Calibre Mining Corp. (TSX-V: CXB) (the “Company” or “Calibre”) provides the following exploration update on the Company’s 2008 exploration and drilling programs.
TRUNDLE PROJECT, New South Wales, Australia The program consisted of surface soil sampling, geological mapping, and reconnaissance diamond drilling at the Mordialloc and Bloomfield copper-gold prospects. Five diamond drill holes, totalling 2605 metres, were completed during the program. Calibre can earn a 70% interest in the Trundle tenement from Western Plains Resources Ltd. (ASX:WPG), by completing exploration expenditures totalling AUS$3 million over a three year period with a minimum work commitment of $600,000 in the first year. Calibre can earn an additional 20% interest in the project by completing a Feasibility Report.
Three holes were drilled at the Mordialloc target and two holes at the Bloomfield target to test zones of high magnetic susceptibility coincident with pH and partial leach copper-gold in-soil anomalies in areas that lack outcrop. The three holes at Mordialloc intersected an extensive multiphase porphyry intrusive centre within andesitic volcanic country rocks. Visual examination of drill core suggests that widespread patchy potassic alteration and later structurally controlled sericite-chlorite-carbonate (SCC) alteration have affected the Mordialloc intrusive centre. Disseminated and veinlet-hosted chalcopyrite is associated with this alteration. The local presence of aplite-quartz vein dikelets and rare disseminated bornite suggests the holes at Mordialloc may be close to more intensely mineralised porphyry plug(s) similar to those at the nearby North Parkes gold-copper mine. The two holes at Bloomfield intersected andesite lavas and volcaniclastic rocks cut by early diorite intrusions and minor dikes of late monzonite porphyry. Extensive late SCC alteration and less widespread early biotite+/-magnetite and albitic alteration at Bloomfield, are associated with several generations of pyrite+/-chalcopyrite+/-magnetite-bearing veins. Visual inspection of the drill holes at Bloomfield suggests that the alteration and veining are similar in character to that in the peripheral parts of other mineralised porphyry-related hydrothermal systems in the Macquarie Arc of central NSW. Partial drill assay results are tabulated below with complete results being released when they have been received and compiled.
|Trundle Tenement - 2008 Drilling Results|
TREND PROJECT, Nevada, United States - The 2008 drill program at the Trend Property in Neveda has been completed. This program consisted of, surface soil sampling, geological mapping, and diamond drilling. Calibre can earn a 65% interest in the Trend property from New Dimension Resources (TSX.V:NDR), by completing exploration expenditures totalling US$1.5 million over a three year period with a minimum work commitment of $500,000 in the first year. Calibre can earn an additional 10% interest in the project by completing a Preliminary Economic Assessment.
Four diamond drill holes, totalling 1524 metres, were completed during the program. The holes were drilled to test coincident pH and geochemical soil anomalies across interpreted splays of the Cortez fault on the western portion of the property. Drilling encountered thick alluvial cover over the target areas resulting in only three of the four drill holes intersecting bedrock. Hole TR0801 was lost after penetrating 30 metres into bedrock, while TR0803 and TR0804 intersected significant intervals of chert and argillite from the Upper Plate Vinini Formation. Moderate to strong silicification with disseminated pyrite was common through long intervals of argillite in each of the holes. Assays are still pending for the drill program and will be released when they have been received and compiled.
PT. LEAMINGTON, Newfoundland, Canada The company reports that it has reduced the size of its land holdings in the Leamington area to 11,425 hectares from 30,900 hectares. After a strategic review of the property, Calibre has decided to retain the claims that cover the on strike extension of the Glovers Harbour Formation, a suite of mafic to felsic volcanics that host the Pt. Leamington VMS deposit (NPI. 43-101 Compliant inferred resource of 12.3 million tonnes grading 1.92% Zn, 0.88 g/t Au, 16.96 g/t Ag and 0.28% Cu). The company staked an additional 46 claims (1,150 Hectares) adjacent to the western boundary of the property that covers a coincident Magnetic and EM anomaly that appears at the beginning of a nickel, chromium, and copper dispersion till anomaly.
CARGO PROJECT, New South Wales, Australia - The company reports that after a strategic review of the program results from the Cargo property, Calibre will be returning the property to Golden Cross Resources. Calibre had entered into an option agreement with Golden Cross, whereby Calibre could earn up to a 70% interest in the Cargo property by spending AUS$5 million on exploration and development over a four year period. Calibre completed a total of 3155 metres of drilling in two drill programs on the property over a two year period. The two drill programs outlined a 900 metre by 600m area of low grade copper-gold porphyry mineralization to a depth of 500 metres.
Quality Assurance and Quality Control - Drill core was logged, photographed, cut, and sampled at the Company’s Trundle and Trend field office. Half core samples from the Trundle project were delivered to ALS-Chemex’s Orange laboratory, where they were dried, crushed and pulverized. Fire assay for gold was carried out on a 50g aliquot. Copper analyses were done as part of a multi-element suite utilizing aqua regia and ICP-AES finish. Half core samples from the Trend project were delivered to ALS-Chemex’s Elko laboratory, where they were dried crushed and pulverized. Fire assay for gold was carried out on a 50g aliquot. Quality assurance and quality control procedures involved the collection and insertion of field blanks, field duplicates and certified standards into the sample stream at a frequency of one in thirty samples.
The technical information in this news release has been prepared in accordance with Canadian regulatory requirements set out in National Instrument 43-101 and reviewed by David Heberlein, P.Geo, the Company’s Vice President of Exploration and a Qualified Person under NI 43-101.
Calibre Mining Corp. is a TSX Venture Exchange listed company (TSX.V: CXB) that is focused on the acquisition, exploration and development of gold and copper deposits. In addition to the on-going exploration programs in Australia and the United States, Calibre is continuing to advance the Pt. Leamington gold-zinc massive sulphide deposit in Newfoundland, Canada.
Calibre Mining Corp.
Signed “Robert Brown”
Robert D. Brown, B.Sc., MBA
President and CEO
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding 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, silver or copper, 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 Calibre Mining Corp. 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.