Calibre Mining reported Wednesday the discovery of three new gold-silver mineralized shoots at the La Sorpresa vein system, located at its Eastern Borosi project. While that is promising news, the potential of La Sorpresa is even more exciting.
When Calibre Mining (TSXV:CXB) began the 2015 drill program at its Eastern Borosi gold-silver project in Nicaragua last month, the La Sorpresa gold-silver vein system was outlined as a point of interest and was set to be the first new target tested.
Now that the first drill results are in and new high-grade gold veins have been discovered, it’s apparent that Calibre was on the right track. The company reported Wednesday that drilling on multiple veins has led to the discovery of three new gold-silver mineralized shoots.
While that is promising news, the future potential of the La Sorpresa gold-silver vein system is even more exciting. According to Calibre’s president and CEO, Greg Smith, there has been no previous drilling at La Sopresa, and “with only 20 percent of the known La Sorpresa vein system having been tested by shallow drilling, Calibre continues to be encouraged by the potential for additional new gold/silver discoveries on the Eastern Borosi Project.”
Discovery by vein
The 2015 program at Eastern Borosi should consist of a minimum of 5,500 meters of drilling, and to date 1,622.6 meters have been drilled across 16 holes at La Sorpresa; another 526.6 meters have been drilled across three holes at Blag. Results from 15 holes at La Sorpresa have been received, but none have been received from Blag.
Looking more closely at the La Sorpresa results, the company notes in its release that six holes were completed at the Mercedes vein, with highlights including 3.17 meters at 2.41 g/t gold and 32.9 g/t silver. Three holes were drilled at the Cadillac vein, with results including 4.1 meters at 8.93 g/t gold and 57.4 g/t silver, as well as 1.4 meters at 9.7 g/t gold and 98 g/t silver.
The Lincoln vein was targeted by two holes, resulting in 1.08 meters at 0.53 g/t gold and 38 g/t silver. Assay results have been received from four out of the five holes tested in the Jaguar vein, and results include 1.4 meters at 5.71 g/t gold and 15.7 g/t silver, as well as 2.06 meters at 1.11 g/t gold and 71.1 g/t silver.
Those four veins are closely spaced, and altogether Calibre has identified up to five veins with a cumulative strike length of 5.8 kilometers at La Sorpresa.
Work at Eastern Borosi is being financed under an option agreement with IAMGOLD (TSX:IMG,NYSE:IAG) whereby IAMGOLD can earn a 51-percent interest, and subsequently an additional 19-percent interest, in Eastern Borosi. To earn the 51-percent interest, IAMGOLD must pay Calibre $450,000 and invest $5 million in exploration at the property over three years. Once vested in the 51 percent, earning the additional 19 percent will mean IAMGOLD must pay another $450,000 and make another $5-million investment in exploration.
At end of day Wednesday, Calibre Mining’s share price was up 8 percent trading at $0.135.
Securities Disclosure: I, Kristen Moran, hold no direct investment interest in any company mentioned in this article.