Morning Coffee... "Shares of Calibre Mining were down sharply after partner B2Gold (BTO) released further drill results from the jointly-owned Primavera property in Nicaragua. Highlights included hole PR-11-003, which was deepened to a depth of 327 m and returned 323 m of 0.41 g/t gold along with approximately 0.25% copper. Hole PR-12-008 was also positive, yielding 172 m of 0.48 g/t gold and 0.32% copper. BTO commented that the drill program for 2012 has focused on large stepouts from the known mineralization intersected in the first three drill holes. The step-outs were located in all directions from the original drill collars. Mineralization and porphyry style alteration remains open to the northeast and southeast and potentially beyond an apparent normal fault, which has displaced the mineralization to the west and northwest. Porphyry mineralization similar to that intersected in the first three holes was intersected to the northwest within hole PR-12-005 and to the west with hole PR-12-008. BTO also noted that the exploration going forward will continue with two drills with the focus on infill drilling of the main Primavera zone as well as the testing of additional porphyry and vein targets. Drilling will also test for the displaced mineralization to the west of the main Primavera zone. In a note to clients, Canaccord Genuity Precious Metals Analyst Steven Butler, commenting on BTO, noted that while the grades were slightly lower, exploration remains in the early stages and additional drilling will likely be required to ascertain the ultimate size or economic potential of Primavera. He also highlights that hole 11 collared 120 m east of best hole (hole 2 which returned 261.7 m @ 0.78 g/t Au and 0.3% Cu) is currently in progress (assays pending), but has intersected visually similar mineralization (as in hole 2) in the first 90 m. In the meantime, optionality upside remains and speculative risk continues to be relatively high. Trading over the next few days will undoubtedly
be a tug-o-war between traders disappointed at the fact the grades were weaker than expects and traders who like the fact that the system was confirmed with more assays pending."
Cheers...
CCK