Calibre and B2Gold Extend Trench Intercept to 61.9 Metres Grading 1.76 g/t Gold at the Minnesota Gold Project, Borosi Concessions, Nicaragua
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jul 8, 2014) - Calibre Mining Corp. (TSX VENTURE:CXB) (the "Company" or "Calibre") is pleased to announce results from follow-up trenching and sampling at the Minnesota Gold Project within the B2Gold Corp. ("B2Gold") (TSX:BTO)(NYSE MKT:BTG) Joint Venture on the Borosi concessions, northeast Nicaragua. Calibre controls a 49.0% interest in the joint venture and B2Gold has a 51.0% interest and is project operator. B2Gold has the right to earn an additional 19.0% in the Borosi concessions joint venture by spending $6.0 million in additional project expenditures over three years. The 2014 exploration program on the B2Gold joint venture is budgeted at $1.2 million.
The latest results on the Minnesota Gold Project have further extended the previously defined gold mineralization increasing the trench intercept to 61.9 metres grading 1.76 g/t Au. The trenches continue to expose intensely sericitized granodiorite with strong hematite staining and variable silicification. The gold mineralization in the trenches remains open to the north and south.
Trenches MINTR14-008 and MINTR14-009 are additional extensions to the south of Trenches MINTR14-006 and MINTR14-007 which intersected 30.5 m grading 2.01 g/t Au (see Calibre New Release dated June 17, 2014).
| Updated Trenching Results - Minnesota Gold Project | ||||
| Trench ID | From (m) | To (m) | Interval (m) | Au (g/t) |
| MINTR14-006* | 0.0 | 14.8 | 14.8 | 1.85 |
| MINTR14-007* | 0.0 | 14.7 | 14.7 | 2.31 |
| MINTR14-008 | 0.0 | 14.6 | 14.6 | 1.61 |
| MINTR14-009 | 0.0 | 14.8 | 14.8 | 1.61 |
| MINTR14-006/7/8/9** | 0.0 | 61.9 | 61.9 | 1.76 |
| Notes; | * previously reported |
| Length weighted averages from uncut assays. | |
| Mineralized intervals are open to the north and south. | |
| ** Combined weighted averages assign zero grade to a 1.0 m gap left unsampled between each of the four trenches |
Exploration at Minnesota continues with new trenches planned 100 meters northeast and southwest of Trenches MINTR14- 6 through 9 at high angles to the apparent trend of the gold mineralization.
The Minnesota gold target area consists of intrusive hosted veinlets within a structurally prepared area with widespread alteration. The target is defined by a strong 1.75 km by 1.25 km gold in soil anomaly. Updated maps detailing the result of the current exploration program at the Minnesota Gold Project will be posted on the Company's web site at www.calibremining.com.
Quality assurance and quality control procedures include the systematic insertion of blanks, standards and duplicates into the rock and soil sample strings. Samples are placed in sealed bags and shipped directly to Acme Labs in Managua, Nicaragua for sample preparation and then to Acme Labs in Vancouver, Canada for 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 controls a 100% interest in 253 km2 of mineral concessions in the Mining Triangle of Northeast Nicaragua. Additionally the Company has an option agreement with IAMGOLD covering 176 km2 of concessions, joint venture exploration programs underway with B2Gold Corp. on 322.3 km2 of concessions which includes the Primavera gold-copper porphyry discovery, and has optioned the 33.6 km2 Rosita gold-copper-silver project to Alder Resources Ltd. Major shareholders of Calibre include gold producer B2Gold Corp.
Calibre Mining Corp.
Greg Smith, P.Geo., President and CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.