News. Too bad it came out on a down day for gold...Calibre Mining Corp (CXB:TSXV) - News Alert
Calibre Mining Announces Drilling Results at the Eastern Borosi Gold-Silver Project, Nicaragua, Including 4.81 Metres Grading 25.7 g/t Gold
Calibre Mining Corp. (TSX VENTURE:CXB) (the "Company" or "Calibre") is pleased to announce assay results for the initial six diamond drill holes from the on-going Phase I Drilling Program on the Eastern Borosi Gold-Silver Project which is being funded under an option agreement with IAMGOLD Corporation ("IAMGOLD").
Highlights
-- The Phase I Drilling Program has completed fourteen of a planned 30
diamond drill holes and assay results have been received for the first
six drill holes
-- High grade drill intercepts to date include; 4.81 metres grading 25.7
g/t Au and 35.2 g/t Ag, 6.03 metres grading 14.4 g/t Au and 14.5 g/t Ag,
and 1.00 metre grading 39.9 g/t Au and 132.0 g/t Ag
-- The first six drill holes of the initial 30 hole program have tested the
Guapinol gold-silver vein system over a strike length of 350 metres and
to a depth of 100 metres. Mineralization remains open down plunge from
the reported intercepts and potential exists for additional mineralized
zones along the strike of the Guapinol structure.
President and CEO, Greg Smith stated: "This is a very encouraging start to the drilling program on the Eastern Borosi Project. Drilling has intersected the mineralized structure in every drill hole and this first set of assay results includes a number of high-grade gold intercepts. The first six holes tested over 350 metres of strike length of the Guapinol gold-silver vein system and we are pleased with the consistency and high grades intersected to date. Low-sulphidation, epithermal gold-silver mineralization at the Eastern Borosi Project is geologically similar to the Bonanza District located 35 km to the west where past production and current reserves total more than 4.0 million ozs gold. The drilling program is progressing on schedule and on budget and additional assay results will be released when available."
Diamond Drill Results - Eastern Borosi Gold-Silver Project
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Hole_ID From_m To_m Length (m) Au (g/t) Ag (g/t)
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GP14-001 76.97 77.97 1.00 39.90 132.00
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GP14-002 112.53 118.56 6.03 14.39 14.51
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including 116.00 117.80 1.80 29.79 33.18
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GP14-003 69.75 74.28 4.81 25.66 35.19
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including 70.50 73.40 2.90 41.16 56.80
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GP14-004 91.49 95.90 4.41 3.96 4.47
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including 92.99 94.00 1.01 7.20 9.10
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GP14-005 No significant values
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GP14-006 92.96 96.61 3.65 0.33 1.32
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including 95.80 96.61 0.81 0.54 2.00
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Notes; - Intervals are core lengths / true width are estimated to be 70-80%
of lengths
- Length weighted averages from uncut assays.
Calibre and IAMGOLD entered into an option agreement dated May 26, 2014 whereby IAMGOLD can earn a 51% interest in the Eastern Borosi Gold-Silver Project consisting of 176 km2 within the Borosi Concessions, Northeast Nicaragua, by incurring US$5 million in exploration expenditures and making US$450,000 in payments to Calibre over 3 years. The total potential investment by IAMGOLD to earn a 70% interest in the Eastern Borosi Project is US$10.9 million. The Eastern Borosi Project hosts gold-silver resources in two deposits and a series of well-defined low sulphidation epithermal gold-silver targets.
The current drilling program has been designed to test the strike extent of the known gold/silver-bearing structures on a portion of the Eastern Borosi project. The first nine holes (GP14-001 through GP14-009) were drilled on the Guapinol gold-silver vein system testing 670 metres of strike length. Drill holes GP14-010 through GP14-014 targeted over 400 metres of the Vancouver structure located approximately 250 metres east of the Guapinol structure. Drilling is currently testing the California structure located two kilometres north of drill hole GP14-001.
Low sulphidation epithermal gold-silver mineralization intersected at Guapinol is hosted within porphyritic andesite and consists of structurally controlled, high energy quartz-carbonate vein breccias, vein-stockworks and discrete smokey quartz veins containing fine grained sulphide minerals. Drilling is continuing and will test a number of high priority gold-silver targets including; Guapinol, Riscos de Oro extension, Blag, California, Veta Vancouver, and Veta Toronto. The 2014 drilling program will comprise an estimated 30 diamond drill holes designed to test approximately 3.0 kilometres of strike length of previously identified gold-silver bearing structures.
Updated maps detailing the drilling program at the Eastern Borosi Project will be posted on the Company's web site at
www.calibremining.com.
Calibre is committed to best practice standards for all exploration, sampling and drilling activities. Drilling is being completed by independent firm Kluane Drilling Ltd. Analytical quality assurance and quality control procedures include the systematic insertion of blanks, standards and duplicates into the sample strings. Samples are placed in sealed bags and shipped directly to Acme Labs (a Bureau Veritas Group Company) in Managua, Nicaragua for sample preparation and then to Acme Labs in Vancouver, Canada for 50 gram gold fire assay and ICP-MS multi element analyses.
The technical content in this news release was read and approved by Gregory Smith, P.Geo, President and CEO of the Company who is the Qualified Person as defined by NI 43-101.