Calibre Mining Continues Advancing Gold-Silver-Copper Projects on the Borosi Concessions, Northeast Nicaragua
Calibre Mining Corp. (TSXV:CXB) announced an update on activities and advancements on the Borosi Concessions, Nicaragua.
Calibre and our Joint Venture and Option Partners control 934 km2 of concessions in the prolific Borosi Mining District which remains largely underexplored for porphyry gold-copper deposits, epithermal gold-silver systems and gold-copper-silver skarn mineralization.
100% Calibre Gold-Silver Projects
- Calibre’s completed Phase I drilling program at Montes de Oro Gold Project
- El Paste Gold Project results have been received for an initial stream sediment sampling program and have generated significant anomalies requiring follow-up work,
B2Gold Joint Venture Projects
- term of further earn-in agreement extended 24 months to April 24, 2018 with B2Gold spending $6 million to earn an additional 19% interest to 70%The Joint Venture includes;
- the Primavera gold-copper Project where past drilling intersected significant porphyry-style mineralization including: 261.7 metres grading 0.78 g/t Au, 0.30% Cu,
- the Minnesota gold Project where drill results include 47.0 metres grading 0.63 g/t Au, and
- the Monte Carmelo Target – a recently defined Project and the focus of current field efforts
Centerra Gold Option – La Luz Project
- Calibre’s most recent partner signed option in September 2015 to earn 70% by spending $8M
- extensive soil sampling program covering the entire Project area has been completed with results pending
- 2015 drilling program underway focused on the Cerro Aeropuerto Gold Resource Target
IAMGOLD Option – Eastern Borosi Projects
- >5900 metres of drilling completed in 2015 resulting in several high grade epithermal gold-silver vein discoveries
- additional exploration and drilling planned for 2016,
Rosita Mining Joint Venture – Rosita D Project
- Rosita Mining has earned a 65% Interest in the Rosita D concession after having spent $4 million on the project over 4 years
- drilling program completed Q4 2015 with results pending,
Calibre’s Borosi Concessions, in northeast Nicaragua cover 934 km2 of mineral concessions that contain a NI 43-101 Inferred Mineral Resource in three gold-silver deposits (Cerro Aeropuerto, La Luna and Riscos de Oro) at a 0.6 g/t AuEq cut-off of 10.75 million tonnes grading 3.06 g/t Au and 24.38 g/t Ag containing 1,057,000 ozs gold and 8,430,000 ozs silver. Additionally the Rosita D Joint Venture with Rosita Mining hosts a NI 43-101 Inferred Mineral Resource in gold-copper-silver surface stockpiles at a 0.15% CuEq cut-off of 7.9 million tonnes grading 0.46 g/t Au, 0.62% Cu and 9.20 g/t Ag containing 118,000 ozs gold, 108 million lbs copper and 2.35 million ozs silver.
Calibre Mining President and CEO, Greg Smith, stated:
The Borosi Mining Triangle of northeast Nicaragua is one of the most prolific gold mining districts in Central America. Calibre has built a strong land position and has been successful in attracting several high quality partners including intermediate producers B2Gold, IAMGOLD, and Centerra Gold each of whom are funding programs to earn into Calibre projects. Under difficult market conditions this strategy has permitted Calibre to advance a number of exciting epithermal, porphyry and skarn related gold, copper, silver discoveries.