El Limon

El Limon Mine is located in northwestern Nicaragua, approximately 100 km northwest of the country’s capital, Managua. Click here for mine/project location map.

On October 15, 2019, Calibre completed the acquisition from B2Gold Corp. (“B2Gold”) of the producing El Limόn and La Libertad gold mines as well as the Pavon gold project and other mineral concessions in Nicaragua held by B2Gold for an aggregate consideration of $100 million, to be paid with a combination of cash, common shares and a convertible debenture.  Following completion of the transaction, B2Gold will own an approximate 30% direct equity interest in Calibre. (Click here for the October 15, 2019 news release).

The El Limόn mining exploitation permit covers an area of 12,000 ha and was granted by Ministerial Decree for a 25-year term in 2002.  The project also comprises the Bonete-Limόn, Guanacastal III, San Antonio, and Guanacastal II exploration permits, which are contiguous with the exploitation permit and cover a total area of 8,147 ha, and Villanueva 2 exploration permit, which is located 12 km north of the exploitation permit and covers an area of 1,200 ha.

Mining operations use conventional open pit mining methods at the Limón Central open pit and a combination of top-down and bottom-up sequenced longitudinal open stoping (LOS) at the Santa Pancha underground mines.  The El Limón processing plant consists of agitated cyanide leaching and carbon adsorption, followed by carbon elution, electrowinning, and doré production.  The annual throughput is approximately 500,000 tonnes per annum (tpa) and the historical recovery is 94% to 95%.

Calibre’s asset base includes multiple ore sources, 2.7 million tpa of installed mill capacity from two processing facilities (El Limon and La Libertad), reliable in-country infrastructure, and favourable transportation costs. The Company will continue to optimize its consolidated mine and process plans as the Company progresses our “hub-and-spoke” approach to maximizing value from our integrated asset base. This philosophy was demonstrated during Q1, 2020 at Libertad which delivered 21,449 ounces, despite the ongoing suspension at the Jabali underground mine, with approximately 20% of Libertad’s production sourced from Limon and Pavon.

Exciting upcoming key catalysts:

  • Calibre is currently advancing a 80,000-metre exploration, resource expansion and discovery drill program
  • Significant generative exploration work underway
  • Q1, 2021 updated Resource and Reserve

Click here for El Limon Mine overview

Click here for El Limon district Scale potential

Click here for NI43-101 Technical Reports

2021 Production and Cost Guidance
All dollar amounts are expressed in US dollars

Gold Production/Sales (ounces)  170,000 - 180,000
Total Cash Costs ($/ounce)(1)  $950 - $1,050
AISC ($/ounce)(2) $1,040 - $1,140
Growth Capital ($ million) $35 - $40
Exploration Capital ($ million) $14 - $17
G&A ($ million) $7 - $8

See Disclosure and Policy

Mine/Project Location Map:

El Limon District Scale Exploration Opportunity

The property lies within the boundary of the municipalities of Larreynaga and Telica of the Department of Leόn and the municipalities of Chinandega and Villa Nueva of the Department of Chinandega, approximately 100 km northwest of the capital city of Managua.  The El Limόn exploitation permit is centred at approximately 1,409,000mN and 525,500mE (UTM NAD 27, Zone 16).  A map showing the project location is presented below.

Land Tenure

The project consists of five contiguous blocks covering an aggregate area of 20,147 ha and the Villanueva 2 exploration permit covering an area of 1,200 ha located approximately 12 km to the north.  The 12,000 ha El Limόn exploitation permit is adjacent to the 5,000 ha Bonete-Limόn exploration permit.  Additional contiguous exploration permits include Guanacastal III, San Antonio, and Guanacastal II, which are contiguous with Bonete-Limόn block, combine for a total area of 3,147 ha.  

Geology and Mineralization

Gold mineralization in the Limón district is structurally controlled and forms veins that occupy pre-existing fault structures and extensional openings formed during mineralization.  The veins are quartz dominant with lesser and variable quantities of calcite, and minor adularia.  Pyrite is the predominant sulphide, but with a content of less than one percent.  Trace amounts of chalcopyrite, sphalerite, arsenopyrite, altaite, gold tellurides, and native gold are also reported to occur.  Gold is present in both the banded quartz and silicified breccias that form the veins.  Gold is very fine-grained within the quartz vein and relatively uniformly distributed throughout the higher-grade parts of the veins; only once has visible gold been reported on the El Limón Mine concession.

The productive vein systems are approximately one to two kilometres long, with vein widths from less than one metre up to 25 m.  Individual mineralized shoots within the veins range from 60 m to 450 m long horizontally, and from 40 m to 290 m vertically.  Strike orientations vary from north-northwest through northeast to east-west, and dips are from 40° to nearly vertical.  All economic gold mineralization discovered and mined to date lies within 400 m of surface.  The productive and prospective elevations within the vein systems vary across the district.  Post-mineral faults locally disrupt and offset the vein.

The gold-bearing veins and attendant alteration are hosted within volcanic flows, volcaniclastic strata, and possibly hypabyssal intrusions of the lowest volcanic unit.  The other three gently dipping volcanic units are variously altered by the same hydrothermal fluids that deposited the gold veins, locally quartz stringers with low gold values are found in the massive porphyritic andesite flows that immediately underlie the unconformity contact with the youngest flat-lying unit.  The youngest volcanic unit appears to post-date gold mineralization because no veins or vein-related alteration has, as yet, been identified within this unit.

Exploration at the mine, for the most part, comprises drilling.  Other exploration methods include prospecting, geological mapping, geophysical and geochemical surveys, and trenching.  

Exploration Potential

Excellent exploration potential remains open along strike and down plunge at the El Limon Central high-grade open pit structure. Currently, the Company has tested over a 2.5km strike length and open to the north west. There remains significant potential down plunge of Limon Norte, Tigra/Chapparal and Cocoa Hill. See Long section image and overview map below.

El Limon Open Pit Expansion Potential 

El Limon Underground Potential at Panteon

El Limon Underground Potential at Atravesada & Veta Nueva

Calibre has a multi-prong approach to all exploration activities. Currently, the Company is advancing a multi-rig exploration, resource expansion and a discovery drill program underway.
Field crews have been mobilized and are mapping, sampling and advancing generative exploration work.

See exploration results from our detailed news releases below 


Click here – November 19, 2020 November 19, 2020 Calibre Provides Generative Exploration Program Update

Click here – September 15, 2020 Calibre Provides Drilling Update, Including Highest Grade Intercept To Date of 149.4 g/t Gold over 4.8 metres at Panteon

Click here May 20, 2020 Calibre Mining Reports Exploration Results from Libertad and Limon; 2020 Drilling Metres Increased by 30%

Click here – April 9, 2020 Calibre Mining Announces Drilling Results From the Panteon Deposit at El Limon, including 17.77 g/t Au over 10.8 metres

Click here February 4, 2020 Calibre Mining Announces Initial Drill Results From El Limon, Including 18.65 g/t Gold Over 5.1 Metres

Click here October 31, 2019 Calibre Mining Reports Results from B2Gold Drilling Program at El Limon; Vein System Now Extends Over 2.5 Kilometres

Mine overview

Location Nicaragua
Mine type Open pit/underground
Metals mined Gold
Ownership 100%
Processing plant Cyanide leach/Carbon-in-pulp process
Power Purchased from the grid with diesel powered back-up
Total number of employees in Nicaragua 1,093
Local employee workforce in Nicaragua 98.3%
Probable Mineral Reserves 286,000 ozs
Indicated Mineral Resources 822,000 ozs
Inferred Mineral Resources 837,000 ozs
B2GOLD 2018 and 2019 OPERATING RESULTS(2):
FY 2018 tonnes of ore milled 0.45 M
FY 2018 grade 3.64 g/t
FY 2018 recovery 94.9%
FY 2018 gold production 49,629 oz
FY 2018 cash costs $926/oz
FY 2018 AISC 1,466/oz
YTD, September 30, 2019 tonnes of ore milled 0.37 M
YTD, September 30, 2019 grade 4.05 g/t
YTD, September 30, 2019 recovery 93.0%
YTD, September 30, 2019 production 44,192 oz
YTD, September 30, 2019 cash costs $904/oz
YTD, September 30, 2019 AISC $1,251/oz
Q4 2019 tonnes of ore milled 0.1M
Q4 2019 grade 5.74 g/t
Q4 2019 recovery 91.3%
Q4 2019 gold production 15,440 oz
Q4 2019 cash costs(4) $887/oz
Q4 2019 AISC(4) $928/oz
Q1 2020 tonnes of ore milled 130,485
Q1 2020 grade 5.11 g/t
Q1 2020 recovery 89.5%
Q1 2020 gold production 20,636 oz
Q1 2020 cash costs(4) $878
Q1 2020 AISC(4) $984
Q2 2020 tonnes of ore milled 50,805
Q2 2020 grade 3.85 
Q2 2020 recovery 90.4%
Q2 2020 gold production 2,837 oz
Q2 2020 gold sold 5,003 oz
Q3 2020 tonnes of ore milled 126,683
Q3 2020 grade 5.73
Q3 2020 recovery 90.1%
Q3 2020 gold production 22,079 oz
Q3 2020 gold sold 21,855 oz
Q4 2020 tonnes of ore milled 120,109
Q4 2020 grade 5.48
Q4 2020 recovery 89.5%
Q4 2020 gold production 19,006 oz
Q4 2020 gold sold 18,872 oz

* See March 25, 2020 news release regarding temporary suspension of operations [click here].


  1. The disclosure on this page contains forward-looking statements.  Please refer to the Disclosure and Policy page [click here] for caution regarding forward-looking statements and the basis for presentation of Mineral Reserves, Mineral Resources and other technical disclosures.
  2. Performance and guidance data for B2Gold are presented on a 100% basis.  Full year 2018 data was obtained from B2Gold’s Management’s Discussion and Analysis (“MD&A”) for the year ending December 31, 2018 available on SEDAR.  Data for 2019 was obtained from B2Gold’s MD&A for the nine months ending September 30, 2019 available on SEDAR.
  3. Calibre completed the acquisition of the Nicaraguan assets from B2Gold on October 15, 2019.  Data for 2019 is from this date to December 31, 2019.  Data for Q1 2020 was obtained from Calibre’s MD&A for the three months ending March 31, 2020.  Data for Q2 2020 was obtained from the July 7th, 2020 news release [click here].
  4. Refer to Non-IFRS measures in the Company’s most recently filed MD&A.
  5. Mineral Reserve and Resource estimates are as at May 15, 2020.  Refer to Calibre’s Annual Information Form for the year ending December 31, 2019 available on SEDAR and the Company’s website and news release announcing maiden mineral resource estimate at Panteon [click here].
  6. For further details on the Company’s 2020 guidance, please refer to the Guidance and Outlook page [click here].

Mineral Resource & Mineral Reserve Estimates

Click here for the Company’s Mineral Resource and Mineral Reserve Estimates.

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