Calibre Mining and B2Gold Continue Exploration on Borosi Joint Venture, Nicaragua
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct 8, 2015) - Calibre Mining Corp. (TSX VENTURE:CXB) (the "Company" or "Calibre") is pleased to provide an update as the Company and B2Gold Corp. ("B2Gold") (TSX:BTO)(NYSE MKT:BTG) continue to advance the Joint Venture on the Borosi Concessions, Northeast Nicaragua.
B2Gold previously earned a 51% interest in the 208.8 km2 project area by spending $8 million. 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 by April 2016.
Highlights
- Current field work is focused on the Monte Carmelo Gold Project, which is located north of the town of Rosita, where geological mapping and geochemical sampling has outlined skarn and structurally-related gold mineralization with results to date up to 16.90 g/t Au in rocks and up to 8.07 g/t Au in rock-soils.
- Recent mapping has extended the main skarn body 180 m to the northwest and 50 m to the southwest with the overall size of the main skarn body now >700 m by 200-300 m.
- During August 2015 exploration at the Monte Carmelo Gold Project consisted of the collection of 147 auger samples ("rock-soils") and 15 surface rock samples. During 2015 a total of 866 rock-soil and 488 rock samples have been collected within the Joint Venture area over various targets
- The Joint Venture also hosts the Primavera Gold-Copper Porphyry Project and the Minnesota Gold Project
- Additional exploration including mapping as well as surface and auger sampling is on-going and is designed to expand and further define the Monte Carmelo Target
President and CEO, Greg Smith stated: "B2Gold continues to be very active in the field and has again been successful identifying and advancing a potential bulk tonnage near surface gold target on the Joint Venture concessions. The Monte Carmelo Target is in the heart of this historic mining camp, however previous work was largely focused on outlining iron mineralization and the current program is the first to systematically evaluate the gold potential. The Monte Carmelo Project is located north of the historic mining town of Rosita and has good access which facilitates the on-going exploration."
The Monte Carmelo Gold Project hosts garnet skarn and structurally-related gold mineralization in a 500 metre by 200-300 metre area and is open for further expansion. Results to date including rock samples up to 16.90g/t Au & rock-soils up to 8.07g/t Au. In many cases the anomalous gold samples contain quartz veinlets, drusy quartz or limonite boxworks and gold mineralization may be more structurally controlled than skarn related and ongoing work is designed to better understand the controls to gold mineralization.
Work to date includes mapping and geochemical sampling with 118 rock and 259 auger rock-soil samples collected in 2015 including 15 rocks and 147 rock-soils in August. Current work comprises detailed 1:5000 scale mapping and systematic auger rock-soil sampling.
The Monte Carmelo Gold Project is underlain by carbonates intruded by granodiorite and granite intrusives resulting in the formation of garnet and iron (hematite and magnetite) skarns, hornfels and silicification. The skarn bodies are elongated with a NW and northern trend and can show quick gradational changes from iron skarn to garnet (brown and green) skarn and calc-silicates normally over a very few meters (up to 5 m) distance and there are frequent compositional intercalations of the two. A central skarn body hosts the principal gold anomaly over a >500 metre by 200-300 metre area with local gold grades >1g/t Au.
Inspection of several small-scale, historic, mine workings (tunnels up to 25 m long) within the Monte Carmelo Target show anomalous gold in fractured zones with/without quartz veins within the garnet skarn unit as well as anomalous gold with limonite boxworks.
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 over 500 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, an option agreement with Centerra Gold on 12 km2, joint venture exploration programs underway with B2Gold Corp. on 208 km2 of concessions which includes the Primavera gold-copper porphyry discovery and the Minnesota Gold Zone, and has optioned the 33.6 km2 Rosita gold-copper-silver project to Rosita Mining Corp.. Major shareholders of Calibre include gold producer B2Gold Corp., Pierre Lassonde and Management.
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.
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