Calibre Mining (CXB-V) expands Nicaraguan landholdings by 8,000 ha
Nov 26, 2012 - News Release
Calibre Mining Corp. has completed a concession exchange resulting in expanded landholdings in the Eastern epithermal gold-silver district of the Borosi concessions, northeast Nicaragua.
Calibre has completed a concession exchange with a private company whereby the company has exchanged certain lands in the Bonanza area for a 100-per-cent interest in two concessions totalling 8,000 hectares within the Eastern epithermal gold-silver district contiguous with Calibre's existing landholdings. The mineral titles have been transferred and approved by the Ministry of Mines, registered in the public register and will be legally published in the "Gaceta Oficial" completing all necessary steps.
President and chief executive officer, Greg Smith, stated: "This concession exchange provides Calibre with additional high-priority exploration targets notably covering a continuous area between Calibre's existing Riscos de Oro gold-silver deposit and the Blag gold project. Existing historic exploration data including previous drilling and underground development will allow us to rapidly advance targets within this new land package. With the completion of the initial resource estimates at the Riscos de Oro and La Luna gold-silver deposits, recent exploration successes at Blag and nearby structural targets, and now the acquisition of the Guapinol gold-silver project and the surrounding ground, Calibre is building an exciting epithermal district with significant upside potential for near-surface and high-grade gold-silver mineralization."
Newly acquired 100-per-cent Calibre-owned concessions in the Eastern epithermal district
The most advanced target with the newly acquired 100-per-cent Calibre-owned lands is the Guapinol gold-silver project located 1,700 metres southeast of the Riscos de Oro gold-silver deposit. Previous drilling in the 1970s intercepted a series of subparallel structures and underground development was completed down to approximately 30 metres below surface. Active small miner activity occurs in the area. Additional data compilation is continuing. Based on previous work several additional areas of interest exist on the new concessions including: California, where historic drilling intersected 8.47 grams per tonne Au over 6.1 metres; Veta La Sorpressa where a grab sample collected by Calibre returned 42.5 g/t Au and 340 g/t silver; and Mina Carmen, where Calibre collected a grab rock sample that assayed 3.8 g/t Au. Additionally the new ground hosts the extension to both the Riscos de Oro and Blag gold-bearing structures.
Historic drilling at the Guapinol gold-silver project consisted of 16 diamond drill holes totalling 1,228 metres drilled by Rosario between 1975 and 1977. This work tested 150 metres of strike length down to a depth of approximately 80 vertical metres.
The historic results are relevant and will provide high-priority targets for Calibre's exploration however the company has not completed sufficient work to confirm these previous results and they should not be relied upon.
The Eastern epithermal gold-silver district is in the northeastern portion of the Borosi concessions and contains the Riscos de Oro and La Luna gold-silver deposits as well as the Blag gold project. Highlights of recent advancements were detailed in news releases dated Sept. 27 and Nov. 15, 2012. Calibre is advancing the Blag gold project with a program of trenching on high-priority structural and geochemical targets. Trenching is continuing on other targets defined by LiDAR laser topographic mapping surveys with coincident anomalous gold soil geochemistry.
Primavera gold-copper porphyry project update
Additionally Calibre is pleased to provide an update on the exploration and drilling progress on the Primavera gold-copper porphyry project. The Primavera project is within the joint venture with B2Gold Corp., the largest gold producer in Nicaragua -- B2Gold is the project operator. B2Gold is earning a 51-per-cent interest in the Primavera project as well as additional joint venture mineral concessions by spending $8.0-million on exploration by 2014. Phase II drilling continues with two rigs and to date a total of 8,100 metres in 16 diamond drill holes have been completed in the planned 10,000 m phase II drill program. Drilling will continue until the holiday break and results are expected to be announced following completion of the current program once all the assay data have been received and compiled. The continuing drill program is following up on the positive results previously released for the first 13 drill holes. Additional work completed on the Primavera gold-copper porphyry project includes camp construction, soil sampling, geological mapping, airborne geophysical surveying and an induced polarization survey.
Updated maps showing the location of the exchanged concessions are posted on the company's website. Gregory Smith, PGeo, president and chief executive officer of the company, is the qualified person as defined by NI 43-101, and is responsible for the accuracy of the technical data and information contained in this news release. |
