The Conversation (0)
Calibre Mining Corp.(TSXV:CXB) and Alder Resources Ltd. (TSXV:ALR) announced that the TSX Venture Exchange has approved the option agreement between Alder and Calibre and the beginning of work program.
As quoted in the press release:
In connection with the approval of the option agreement by the TSX Venture Exchange, and pursuant to the terms of the option agreement, Alder has issued to Calibre 200,000 common shares of Alder.
The Rosita D concession hosts the historic open pit Santa Rita copper-gold-silver deposit from which 5.37M tonnes of ore grading 2.06% Cu, 0.93 g/t Au, and 15.08 g/t Ag was extracted. The mine closed in 1975 due to low copper prices. Alder management believes that a substantial amount of Cu-Au-Ag mineralization lies both below and adjacent to the Santa Rita pit. Recent work carried out by Calibre returned trench intercepts of 1.06 g/t Au, 0.96% Cu and 9.33 g/t Ag over 12.0 metres and 3.26% Cu, 55.82 g/t Ag and 0.15 g/t Au over 8.30 metres. Historic drill intercepts from the R-13 zone, located 500 metres east of the Rosita deposit, reportedly returned up to 7.2% Cu, 0.44 g/t Au and 76.8 g/t Ag over 10.5 metres. This zone is open to depth and along strike.
The Bambana prospect, located four kilometres northwest of the Santa Rita open pit, returned intercepts of up to 0.43% Cu over 42.0 metres and 0.51% Cu and 0.25 g/t Au over 11.5 metres in two diamond drill holes completed by Calibre in 2010. A review of this area by Alder identified copper porphyry-style alteration and sulphide mineralization.
Calibre Chairman, Douglas Forster stated:
“Calibre is delighted to have Alder initiating exploration on Calibre’s Rosita area copper-gold project. With Alder advancing our Rosita area targets Calibre will focus on the resource delineation drill program at our 100% owned Riscos de Oro gold-silver project and on our new Primavera gold-copper discovery in conjunction with B2 Gold.”
Alder President and CEO, Joseph Arengi stated:
“Alder is very pleased to finalize our arrangement with Calibre and begin exploration on the highly prospective Rosita Cu-Au project. Our exploration efforts will focus on high priority areas identified by our geologists and will include testing targets around the historic pits as well as a number of other areas. Our shareholders can look forward to results from our exploration efforts in the coming months.”
Click here to read the Calibre Mining (TSXV:CXB) press release.
