The companies have entered into two agreements centred on exploration and development in Nicaragua, where Calibre has copper-gold interests.
Calibre Mining (TSX:CXB,OTCQX:CXBMF) (has announced that it and Rio Tinto Exploration have entered into an option earn-in agreement in which Rio Tinto can earn up to a 75 percent interest in Calibre’s 100-percent owned Borosi projects in Northeast Nicaragua. The Borosi projects host both gold-silver and copper-gold resources in two areas as well as multiple lesser explored copper-gold skarns, low-sulfidation epithermal gold-silver vein systems and bulk tonnage copper-gold porphyry targets.
At the same time, Calibre and Rio Tinto have entered into a strategic exploration alliance agreement under which we will work together to identify and acquire exploration concessions in Nicaragua, with a focus on copper-gold porphyry, skarn and epithermal precious metal systems.
CEO of Calibre, Russell Ball said:
“It is my pleasure to welcome Rio Tinto Exploration as our partner in Nicaragua, a country we believe has both a tremendous geological endowment and is under-explored from a modern exploration perspective. As one of the world’s premier mining companies, Rio Tinto brings a tremendous global perspective and both the experience and capital necessary to accelerate our value-creation efforts. I expect this to be a long and mutually beneficial arrangement that adds value for our respective shareholder groups, but more importantly, for the people and the country of Nicaragua.”