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Calibre Mining Corp. (TSXV:CXB) announced an update as the company and B2Gold Corp. continue to advance the joint venture on the Borosi concessions in northeast Nicaragua.
Calibre Mining Corp. (TSXV:CXB) announced an update as the company and B2Gold Corp. continue to advance the joint venture on the Borosi concessions in northeast Nicaragua.
As quouted in the press release
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 greater than 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
Calibre Mining 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.
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