Calibre Mining Starts 3400 Metre Drill Program on the Eastern Borosi Gold-Silver Project, Nicaragua
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jul 14, 2014) - Calibre Mining Corp. (TSX VENTURE:CXB) (the "Company" or "Calibre") is pleased to announce that the Company and IAMGold Corp. ("IAMGOLD") have started the 2014 diamond drilling program on the Eastern Borosi Gold-Silver Project, Nicaragua.
Calibre and IAMGOLD entered into an option agreement dated May 26, 2014 whereby IAMGOLD can earn a 51% interest in the Eastern Borosi Gold-Silver Project consisting of 176 km2 within the Borosi Concessions, Northeast Nicaragua, by incurring US$5 million in exploration expenditures and making US$450,000 in payments to Calibre over 3 years. The total potential investment by IAMGOLD to earn a 70% interest in the Eastern Borosi Project is US$10.9 million. The Eastern Borosi Project hosts gold-silver resources in two deposits and a series of well-defined low sulphidation epithermal gold-silver targets.
Highlights
- Drilling equipment has been mobilized and drilling has commenced on the 3400 metre 2014 drill program
- The 2014 drilling program will comprise an estimated 31 diamond drill holes designed to test approximately 3.0 kilometres of strike length of previously identified gold-silver bearing structures.
- Drilling will test a number of high priority gold-silver targets including; Guapinol, Riscos de Oro extension, Blag, California, Veta Vancouver, and Veta Toronto.
- The current drilling program utilizing one drill rig is expected to take three months to be completed.
President and CEO, Greg Smith stated: "We are excited to start the drilling program on the Eastern Borosi Project. The series of high quality drill targets represent more than three kilometres of potential gold-silver bearing structures within the tens of kilometres of potential structures which have been identified within this prolific district."
Drilling has begun on the Guapinol Gold-Silver Target which has been prioritized based on previous exploration including; surface mapping, historic underground development and previous shallow drilling as well as soil and rock geochemistry and LIDAR surveying. At Guapinol surface channel sampling completed by Calibre include: 1.3 metres @ 21.0 g/t Au and 13.3 g/t Ag, and 0.9 metres @ 9.6 g/t Au and 108.0 g/t Ag.
The Eastern Borosi Project includes the Riscos de Oro and La Luna NI 43-101 Inferred Mineral Resources which total 4.70 million tonnes grading 2.31 g/t Au and 34.99 g/t Ag containing 350,000 ounces of gold and 5.29 million ounces of silver. Both zones are open for potential expansion. See Calibre News Release dated May 27, 2014 for details.
Updated maps detailing the planned drilling program at the Eastern Borosi 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 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.
About IAMGOLD Corporation
IAMGold Corp. is a mid-tier gold producer with five operating gold mines on three continents, North America, South America, and Africa and one of the world's three niobium mines.
Calibre Mining Corp.
Greg Smith, P.Geo., President and CEO
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