|Vancouver, British Columbia: Calibre Mining Corp. (TSX-V: CXB) (the “Company” or “Calibre”) is pleased to announce advancement on the Company’s 100% owned Primavera, Monte Carmelo, and Santa Maria Gold Projects located within the 876 sq km Borosi Concession, Northeast Nicaragua.
100% Owned Primavera Gold-Copper Porphyry
Calibre continues to advance the 100% owned Primavera Gold-Copper Porphyry Project. The
Company acquired 100% of the Primavera Project in November 2016 and has been actively completing data compilation and interpretations designed to finalize target prioritization for the 2017 Reverse Circulation (“RC”) and diamond drilling programs.
In February 2017 a site visit was completed by one of the world’s foremost porphyry experts Dr. Richard Sillitoe. Dr. Sillitoe’s extensive experience and insights have advanced the understanding of the Primavera Gold-Copper deposit and additional follow-up work is on-going. Several of Dr. Sillitoe’s conclusions will have a significant positive impact on the exploration programs going forward and have been incorporated into the planned drill program including;
The (Primavera) prospect has many similarities to other gold-rich porphyry deposits, including a good Au/Cu correlation, presence of abundant hydrothermal magnetite and a molybdenum- rich halo to the gold-copper zone.
In view of the widespread occurrence of porphyry copper deposits in district-scale clusters and alignments, exploration needs to be focused on assessment of nearby, untested areas.
The proposed programme of scout drilling of geochemical targets is considered the best means of further appraising the district potential.
The drilling program will be finalized over the next 45 days and exploration drilling targeted at the discovery of additional gold-copper porphyry deposits is schedule to commence in Q2 2017
100% Owned Monte Carmelo Gold Skarn
The maiden drilling program at the 100% owned Monte Carmelo Gold Skarn Project continues with the first 3 of a planned 7 drill holes completed. The program will consist of a minimum of 2500 metres of diamond drilling targeting high-grade gold skarn mineralization exposed on surface and tested by an extensive program of auger drilling.
100% Owned Santa Maria Project
During the first two months of 2017 Calibre completed the permitting process for the upcoming drilling program on the 100% Owned Santa Maria Epithermal Gold-Silver Vein Project.
Additionally Calibre has signed community assistance and engagement agreements with the local villages adjacent to the Santa Maria Project.
The maiden drilling program, consisting of 3000 metres of diamond drilling, will begin upon completion of the remaining drill holes at Monte Carmelo which is anticipated to occur in Q2, 2017.
On-Going Exploration with Partners IAMGOLD and Centerra Gold
Additional to the exploration and drilling programs on-going on the 100% projects Calibre is managing on-going exploration for both partners IAMGOLD on the Eastern Borosi Project and Centerra Gold and the Siuna Project.
The 2017 drilling program, fully funded by IAMGOLD, started on the 176 sq km Eastern Borosi Project in January 2017. The program will consist of a minimum of 6000 metres of diamond drilling.
Exploration on the 253 sq km Siuna Project, fully funded by Centerra Gold, is on-going. Work is currently focused on regional scale soil sampling program covering 100% of the 241 sq km northern block. Additional work including further diamond drilling is planned for 2017.
Calibre is committed to best practice standards for all exploration, sampling and drilling activities. Drilling is being 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 owns a 100% interest in over 413 km2 of mineral concessions in the Mining Triangle of Northeast Nicaragua including the Primavera Gold-Copper Project and Monte Carmelo Gold Project. Additionally the Company has optioned to IAMGOLD (176 km2) and Centerra Gold (253 km2) concessions covering an aggregate area of 429 km2 and is party to a joint venture on the 33.6 km2 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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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