|Vancouver, British Columbia: Calibre Mining Corp. (TSX-V: CXB) (the “Company” or “Calibre”) is pleased announce the Company and Centerra Gold Inc. (“Centerra”) continue to advance exploration programs on the Siuna Gold-Copper Project (the “Project”), located in Northeast Nicaragua. Centerra can earn a 70% interest in the 253 km2 Project by investing a total of $9.0 million in exploration on the property before December 31, 2020.|
Recent surface exploration and drilling has greatly enhanced the understanding of gold mineralization within the district. Conclusions include;
Recent exploration drilling on the Siuna Gold Project consisted of a total of 19 diamond drill holes (8 Huracan, 4 Coyol and 7 Tiburon) with a total meterage in 2016 of 4927 metres (2,439.8 m Huracan, 1,003.4 m Coyol and 1,483.8 m Tiburon). Results include;
Notes: - Intervals are core lengths / true width are estimated to be 70-80% of lengths
- Length weighted averages from uncut assays.
Drilling in the Huracan area located south of Cerro Aeropuerto was successful in intersecting both narrow high grade gold mineralization and wider porphyry-style gold mineralization. The highest grade intercept was in drill hole HU16-031 which intersected 1.52 metres grading 48.8 g/t Au. Several low grade porphyry-style gold zones including anomalous gold and copper are present in HU16-042, HU16-027, -031 and -037. The drill intercepts are located along a 1.3 km trend. HU16-042 includes 241.0m @ 0.15 g/t Au and 348 ppm Cu (260.8 – 501.7m). Porphyry-style mineralization within diorites includes quartz-pyrite-molybdenite-chalcopyrite veins, pyrite-tourmaline blebs/veinlets, and disseminated pyrite-chalcopyrite. Patchy and disseminated magnetite alteration and weak to moderate potassic alteration typical in gold-rich porphyry systems such as Calibre’s Primavera gold-copper deposit was prevalent in the lower half of the hole. The closest drill hole 300 metres to the south (HU16-037) intersected 189.63m grading 0.22 g/t Au and 537 ppm Cu (109.27 – 298.9m). The closet hole to the north (700 metres away – HU16-031) intersected 74.23 m grading 0.28 g/t Au and 881 ppm Cu (99.12 – 173.35 m). A further 500 metres north the gold mineralization in HU16-027 included two intercepts of 108.37m grading 0.20 g/t Au and 481 ppm Cu (56.8 – 165.17m) and 72.1m grading 0.28 g/t Au and 525 ppm Cu (197.6 – 269.7m). Located 200 metres west of the trend drill hole HU16-031 intersected 6.55m @ 0.61 g/t Au related to semi-massive sulphide similar to Cerro Aeropuerto deposit mineralization.
Drilling along the Cerro Coyol – Tiburon trend was directed at a series of gold and base metal soil anomalies, geophysical (magnetic and IP) anomalies, and anomalous gold and base metal rock samples and trenches. Results from the Cerro Coyol area include: CY16-040 with 56.6 m grading 0.18 g/t Au and 63 ppm Cu and CY16-041 with 178.9 m grading 0.13 g/t Au and 79 ppm Cu. Results from the Tiburon area, two kilometres south of Coyol, include TB16-032 with 17.3 m grading 0.20 g/t Au and 222 ppm Cu including 2.25 m grading 0.803 g/t Au and 546 ppm Cu also with 2.3% Pb and 7.4% Zn, and a second intercept of 3.12m @ 1.3 g/t Au and 308 ppm Cu with 0.82% Pb and 5.33% Zn.
On the Siuna Project potential exploration parameters for intrusion hosted (porphyry-style) mineralization include chalcopyrite / pyrite ratios, quartz-dominant vein density, magnetite alteration of the groundmass and proximity to shear zones.
Work during Q1 2017 has concentrated on a Project-wide sampling program designed to extend existing anomalous zones and define new anomalous trends. Work to date has include;
Notes: - Mineral Resources that are not mineral reserves do not have economic viability.
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.
Centerra Gold Option – La Luz Project
Calibre’s most recent mid-tier gold producer partner, Centerra Gold, can earn 70% in the 253 km2 (25,300 ha) Siuna Project by spending $9 million by December 31 2020.
About Calibre Mining Corp.
Calibre owns a 100% interest in over 413 kilometres2 of mineral concessions in the Mining Triangle of Northeast Nicaragua including the Primavera Project, Santa Maria Project and Monte Carmelo Project. Additionally, the Company has optioned to IAMGOLD (176 km2 ) and Centerra Gold (253 km2) concessions covering an aggregate area of 429 kilometres2 and is party to a joint venture on the 33.6 kilometres2 Rosita D gold-copper-silver project with Rosita Mining Corporation. Major shareholders of Calibre include gold producer B2Gold Corp, Pierre Lassonde and Management.
Calibre Mining Corp.
Greg Smith, P.Geo.
President and CEO
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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
La Luz Project - Recent Drilling Results