La Libertad

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 La Libertad exploitation concession covers an area of 10,937.08 ha and was granted by Ministerial Decree for a 40-year term in 1994.  The Project also comprises the Buenaventura and Cerro Quiroz exploration concessions, which are contiguous with the La Libertad exploitation concession and cover a total area of 4,600 ha.  The Project is located approximately 110 km east of the capital of Managua and is accessible by road.  [Click here for mine/project location map.]

The La Libertad Mine is an open pit and underground operation using conventional open pit methods at the Jabali Antena pits and a bottom-up sequenced long hole stoping mining method with unconsolidated backfill in the Jabalí underground mine.  The La Libertad processing plant can treat approximately 2.25 million tonnes per annum (tpa), and current gold recoveries are approximately 94% to 95% for a blend of spent ore and run of mine (ROM) ore.

The current La Libertad operation includes the mining of surface and underground Mineral Resources and processing of historically placed heap leach material as well as Mineral Resources produced by surface and underground mining operations.  

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

  • Integrating Operations to Maximize Value
  • Disciplined process underway to optimize mine & process plans through a “Hub-and-Spoke” approach
  • 2.7 Million tonnes of Annual Mill Throughput
  • Limon Process Plant (Name Plate Capacity): 500,000 tpa
  • Libertad Process Plant (Name Plate Capacity): 2,200,000 tpa
  • Surplus Mill Capacity at Libertad
  • ~800,000 tpa
  • Limon mining rates exceed milling rates
  • Allows high-grade Limon ore to be efficiently hauled and processed at Libertad
  • Multiple High-Grade Ore Sources (El Limon, La Libertad and Pavon Gold deposits)
  • Reliable In-Country Infrastructure, Favorable Transportation Costs
  • Calibre’s “Hub-and-Spoke” Operating Approach allows the Company to quickly translate exploration success into production and cash flow with almost no process-related capital or permitting required

Exciting upcoming key catalysts:

  • Calibre is currently advancing a 60,000-metre exploration, resource expansion and discovery drill program
  • Significant generative exploration work underway

Click here for La Libertad Historical Overview

Click here La Libertad Exploration Opportunity

Click here for NI 43-101 Technical Reports

B2Gold - Full-Year 2018 Performance Snapshot(2):

  • Gold production was 80,963 oz
  • Cash operating costs were $934 /oz
  • All-in sustaining costs (“AISC”) were $1,192 /oz

B2Gold – Nine Months Ending September 30, 2019 Performance Snapshot(2):

  • Gold production was 68,177 oz
  • Cash operating costs were $1,106/oz
  • AISC were $1,415 /oz

Calibre – October 15, 2019 to December 31, 2019 Performance Snapshot(3):

  • Gold production was 18,066 oz
  • Cash operating costs(4) were $847/oz
  • AISC(4) were $889 /oz

Calibre 2020 Guidance(6):

  • Gold production is expected to be between 55,000 oz – 62,500 oz
  • Cash operating costs(4) are expected to be between $950 - $990 /oz 
  • AISC(4) are expected to be between $1,050 - $1,090 /oz

Mine/Project Location Map

La Libertad Exploration Opportunity

Calibre’s exploration strategy for the Project starting in October 2019 will be to infill drill Inferred Mineral Resources, concurrently with exploration programs that target Mineral Resource expansions at existing and new deposits.

Geology and Mineralization

La Libertad gold district covers an area of approximately 150 km2 and lies within a broad belt of Tertiary volcanic rocks that have been differentiated into two major units called the Matagalpa and the Coyol Groups.  The Oligocene to Miocene age Matagalpa Group consists of intermediate to felsic pyroclastic rocks.  Unconformably overlying the Matagalpa Group are Miocene-aged mafic to intermediate lavas of the Lower Coyol unit.

The rocks of the Lower Coyol unit host the gold-bearing low-sulphidation epithermal quartz veins in the La Libertad gold district.  Gold mineralization at La Libertad is contained within vein sets along two parallel trends separated by approximately 500 m.  The Mojón-Crimea Trend is nearly four kilometres long, strikes 065°, and dips on average 80° to the southeast.  The down-dip dimension is commonly in the order of 200 m to 250 m.  The massive quartz veins and adjacent stockwork/stringer zones range in width from 2.0 m to 70 m for an average of 15 m, often narrowing at depth.  The Santa Mariá-Esmeralda Trend is discontinuous, with the Santa Mariá and Esmeralda veins separated by approximately 1,000 m.  The Santa Mariá vein averages 10 m wide and is approximately 450 m long.  The Esmeralda Vein has been mined out.  Additional mineralization is contained within previously mined material that has been crushed and partly processed by heap leach methods.

Exploration at La Libertad mostly comprises drilling.  Other exploration methods include prospecting, geological mapping, geophysical and geochemical surveys, and trenching.

Calibre believes there is potential to outline additional resources along the La Libertad Proper concessions, Amalia concessions and Rosario Concession.

Calibre has a multi-prong approach to all exploration activities. Currently the Company is advancing a 60,000 metre exploration, resource expansion and discovery drill program with multiple drill rigs operating on the Libertad Concessions.

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

Click here – May 20, 2020: VRIFY Technology News Release Details 3D

Click here – February 11, 2020: Calibre Mining Announces Initial Drill Results From La Libertad and Amalia, Including 17.84 g/t Gold Over 7.0 Metres

Click here – November 12, 2019: Calibre Mining Reports Results from B2Gold Exploration and Target Delineation Programs at La Libertad; Provides Q4 2019 & 2020 Budget of US$10 million and 40,000 Meters at La Libertad and Pavon

Mine Overview




Mine type

Open pit/underground

Metals mined




Processing plant

Cyanide leach/Carbon-in-pulp process


Purchased from the grid with diesel powered back-up

Total number of employees in Nicaragua


Local employee workforce in Nicaragua



Indicated Mineral Resources

90,000 ozs

Inferred Mineral Resources

525,000 ozs

B2GOLD 2018 and 2019 OPERATING RESULTS(2):

FY 2018 tonnes of ore milled

2.25 M

FY 2018 grade

1.19 g/t

FY 2018 recovery


FY 2018 gold production

80,963 oz

FY 2018 cash costs

$US 934 /oz

FY 2018 AISC

$US 1,192 /oz

YTD, September 30, 2019 tonnes of ore milled

1.71 M

YTD, September 30, 2019 grade

1.30 g/t

YTD, September 30, 2019 recovery

95.2 %

YTD, September 30, 2019 gold production

68,177 oz

YTD, September 30, 2019 cash costs

1,056 / oz

YTD, September 30, 2019 AISC

1,415 / oz


Q4 2019 tonnes of ore milled


Q4 2019 grade

1.74 g/t

Q4 2019 recovery


Q4 2019 gold production

18,066 oz

Q4 2019 cash costs(4)

US$ 847 /oz

Q4 2019 AISC(4)

US$ 889 / oz

Q1 2020 tonnes of ore milled


Q1 2020 grade

1.69 g/t

Q1 2020 recovery


Q1 2020 gold production

21, 449 oz

Q1 2020 cash costs(4)

US$ 891 / oz

Q1 2020 AISC(4)

US$ 951 / oz

Q2 2020 tonnes of ore milled


Q2 2020 grade

1.54 g/t

Q2 2020 recovery


Q2 2020 gold production

3,173 oz

Q2 2020 gold sold

4,423 oz

  • Footnotes:
    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 Resource estimates are as at December 31, 2019.  Refer to Calibre’s Annual Information Form for the year ending December 31, 2019 available on SEDAR and the Company’s website.
    6. For further details on the Company’s 2020 guidance, please refer to the Guidance and Outlook page [click here].

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