Trench Extension at Calibre’s 100% Owned Montes de Oro Project Returns 33.5 Metres Grading 2.1 g/t Gold
November 20, 2013 (Source: Marketwired) — Calibre Mining Corp. (TSX VENTURE:CXB) (the “Company” or “Calibre”) is pleased to provide an update on the Company’s 100% owned gold-silver projects within Calibre’s Borosi Concessions located in the historic Mining Triangle District of northeast Nicaragua. Calibre controls 785 km2 of concessions in this prolific mining district which remains largely underexplored for porphyry gold-copper deposits, epithermal gold-silver systems and gold-copper skarn mineralization including 356 km2 of concessions under joint venture agreements with B2Gold Corp and Alder Resources Ltd.
100% Owned Calibre Mining Gold-Silver Projects
- Montes de Oro trench MTR13-026 extension returns 33.5 metres @ 2.1 g/t Au*
- Channel sampling at Guapinol Gold Project pit extension returns: **
- 1.3 metres @ 21.0 g/t Au and 13.3 g/t Ag
- 1.1 metres @ 1.6 g/t Au and 6.9 g/t Ag
- 0.9 metres @ 9.6 g/t Au and 108.0 g/t Ag
* Prior to being extended Trench MTR13-026 assayed 19.3 metres grading 2.71 g/t Au.
**Length weighted averages / all intervals open in both directions / see table below for individual assays.
President and CEO, Greg Smith stated: “Our field activities continue to extend and expand the exciting high grade gold targets at Calibre’s 100% owned projects. Further trenching at the Montes de Oro project continues to define significant zones of additional gold mineralization within previously untested portions of the large 400 m by 650 m gold in soil anomaly. Sampling of recently exposed zones at the Guapinol gold-silver project confirms the continuity and excellent grades of the veins and structures including the highest grade gold sample to date at 43.9 g/t Au over 0.5 metres.”
Get our daily investorintel update
Recent work by Calibre personnel on its 100% owned ground continues to be focused on the Montes de Oro Gold Target (Siuna District) and the Guapinol Gold Target (Eastern Epithermal District). The results continue to show the high exploration potential of the Montes de Oro target with long, continuous zones of skarn-style gold mineralization being outlined. High grade gold channel samples were also returned from the north east Guapinol Pit highlighting the favourable drilling potential of the Guapinol structures.
Calibre’s 100% owned Montes de Oro Gold Project (Siuna District)
The Siuna District is located in the south-west portion of the Borosi Concessions and contains the past producing La Luz Mine that produced 17.1 million tonnes of ore grading 4.14 g/t gold (2.3 million ozs gold). Approximately one kilometre south of the La Luz Mine, Calibre has defined an NI 43-101 Inferred Mineral Resource, at the Cerro Aeropuerto gold-silver deposit at a 0.6 g/t AuEq cutoff of 6.0 million tonnes grading 3.64 g/t gold and 16.16 g/t Ag containing 707,750 ozs gold and 3.1 million ozs silver (see Calibre News Release dated February 28, 2011).
Montes de Oro gold project is located 10 kilometres north of the La Luz Mine where Calibre has outlined a 400 metre by 650 metre gold in soil anomaly with trenching results to date including 52.3 metres grading 7.1 g/t gold, 27.5 metres grading 4.92 g/t gold and 19.3 metres grading 2.71 g/t gold (see Calibre News Release dated September 19, 2013 for further details).
Recent work has consisted of one new trench (MTR13-028) and one trench extension along with a 2m deep test pit at the site of MTR13-025. At total of 29.5m of new trenching has been completed. A composite of 37.8m grading 1.85 g/t Au including 33.5m grading 2.07 g/t Au was returned for MTR13-026. The original trench was extended 18.5m and the composites were recalculated based on the new results. The highest gold values within the trench are found within the gossan unit and are associated with a series of 10-30 centimetre wide silicified fracture zones with strong manganese oxide and hematite alteration as well as localized breccia zones.
On-going field activities are now focused on the northern half of the main gold in soil anomaly. Rock sampling in the strong gold soil anomaly located north of the central drainage returned a top value of 7.87 g/t Au. The sample was also strongly anomalous in As (5,791 ppm As), Zn (0.31%) and Cu (0.11%). The sample was collected from a strongly oxidized porphyritic andesite boulder within the northern splay of the central drainage. The rock type and alteration looks very similar to the gossan that is observed in trench MTR13-026 which is located 300 metres to the south-west. Trenching is now being directed to intersect the gold mineralized trend in the area of the 7.87 g/t Au sample.
At Montes de Oro, gold-skarn target trenching has defined two high-grade, sub-parallel gold mineralized zones each over approximately 250 metres long and open in both directions. Additional trenching is now underway along the Northern zone targeting soil samples located 150 metres southwest of the currently defined mineralized zones and on the northern half of the main soil anomaly which has not to date been tested by trenching.
Calibre 100% owned Eastern Epithermal District (Guapinol & La Sorpresa Gold trend)
The Eastern Epithermal District hosts the Riscos de Oro gold-silver deposit where a small amount of past gold and silver production was documented from open pit and limited underground development. Riscos de Oro has a defined NI-43-101 Inferred Mineral Resource estimate at a cut-off grade of 0.6 g/t AuEq of 2,159,000 tonnes grading 3.20 g/t Au and 59.67 g/t Ag (4.14 g/t AuEq) containing 222,300 ozs gold and 4,142,000 ozs silver (287,100 ozs AuEq.) (see Calibre News Release September 5, 2012). At Riscos de Oro the majority of the 7.0 km long gold-silver trend remains open in all directions and largely untested by diamond drilling. Calibre continues to advance the +10 km long Guapinol and La Sorpresa Gold trend located east of the Riscos de Oro gold deposit with mapping and rock and soil sampling programs underway.
Results have been received for six channel samples collected in the new Guapinol pit extension located along strike of the historic pit. The samples were collected from the leftover “pillars” that divide the pit currently being worked by small miners and the samples were collected over a strike-length of approximately 55 metres. The principal structure was visible in the pillars along with strong argillic and iron oxide alteration. The results returned from are:
|Sample ID||Zone||Length (m)||Au g/t||Ag g/t|
The 43.9 g/t Au sample collected within the NE Guapinol pit (B13R5318) is the highest gold value returned to date for the entire Guapinol Trend. The overall composite result for the channel sampling (samples B12R5317 and B13R5318) was 1.3m grading 21.0 g/t Au and 13.3 g/t Ag. The small miners have been recovering gold from the hanging wall approximately 3.0 metres away from the principal structure which shows the potential for greater mineralized widths.
Updated maps detailing the result of the current exploration programs will be posted on the Company’s web site at www.Calibremining.com.
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.
About Calibre Mining Corp.
Calibre controls a 100% interest in 429 km2 of mineral concessions and additionally, Calibre has joint venture exploration programs underway with B2Gold Corp. on 322.3 km2 of concessions which include the Primavera gold-copper porphyry discovery and Alder Resources Ltd. on the 33.6 km2 Rosita gold-copper-silver project. Major shareholders of Calibre include gold producer B2Gold and investment fund Sun Valley Gold.
Calibre Mining Corp.
Greg Smith, P.Geo., President and CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
InvestorIntel is a trusted source of reliable information at the forefront of emerging markets that brings investment opportunities to discerning investors.