Primavera Project
Primavera - OverviewThe new Primavera porphyry gold-copper discovery is located 7 kilometres south of the historic Santa Rita copper-gold skarn mine in the Borosi Concessions of Northeast Nicaragua. The prospect is subject to an option agreement with B2Gold Corp. (Nicaragua's largest gold producer). B2Gold is earning a 51% interest in the Primavera project and certain additional Borosi concessions by spending CDN $8 million on exploration by June 2014. Once the earn-in is complete, B2Gold may elect to carry an individual prospect within the concession area through to a Preliminary Feasibility Study within 2 years for an additional 14% interest in the prospect.After the successful initial discovery drilling and trenching program (discussed below), drilling has resumed at Primavera. A total of 2000 metres of diamond drilling is planned in the first quarter of 2012 to define the extent of the porphyry system. The initial drilling commenced in mid-January 2012, with the deepening of PR-11-003, which was not completed due to the Christmas holiday break. As a result of the initial drilling success, several other gold-copper anomalies identified on the Primavera concession that remained untested will start to be evaluated over the coming months. Initial Drilling SuccessAssay results from the initial diamond drilling program of 667.85m (3 drill holes) in December 2011 have confirmed the presence of wide spread gold-copper values similar to those previously reported from surface trenching (discussed further below). The drilling and trenching has thus far only tested approximately 250 metres of strike length within the original gold-copper soil anomaly of over 800 metres in length by 300 metres wide. The mineralization at Primavera is open in all directions. The results received are consistent with "porphyry style" mineralization within volcanic and intrusive rocks located in the golden triangle region of north east Nicaragua.Drill hole PR-11-001 returned 103 metres of 0.85 grams per tonne ("g/t") gold and 3240 parts per million ("ppm") (0.324 %) copper starting from the surface. Drill hole PR-11-002 collared from the same platform but oriented 75 degrees from PR-11-001 contained 0.78 g/t gold and 2966 ppm (0.297 %) copper over 261.7 metres from 1.5 metres down hole depth. PR-11-002 includes 134.5 metres of 1.01 g/t gold and 3561 ppm (0.356 %) copper starting at 74.5 metres. Drill hole PR-11-003 was collared over 200 metres to the SE and intersected 77.35 metres of 0.74 g/t gold and 3114 ppm (0.311 %) copper. Mineralization in holes PR-11-002 and PR-11-003 remained open at depth. All three drill holes intersected continuously mineralized intervals of stockwork and vein mineralization characteristic of other well-known gold-copper porphyry systems. Mineralization is associated with quartz, magnetite, chalcopyrite and bornite bearing stockwork and veining within potassically altered intermediate volcanic and intrusive rocks. The table below summarized the assay results returned from the complete initial program at Primavera:
The following images present an overview of the recently discovered geology, geochemistry, drilling and trenching maps and locations, and other details on the recently completed initial program at Primavera: Click to Enlarge
Trenching Results - OverviewPRTR11-011 intersected continuous gold and copper mineralization over the entire excavated length of the trench and returned a weighted average grade of 0.63 g/t Au and 997 ppm Cu over 179.4 metres (588 feet) with the mineralization being open for expansion in all directions. Trench PRTR11-011 was excavated in a north-easterly direction and is located approximately 200 metres south of Trench PRTR11-005 trending east-west that returned 1.53 g/t Au and 680 ppm Cu over 51.25 metres and 100 metres south of Trench PRTR11-010 which trends north-south and assayed 0.78 g/t Au and 980 ppm Cu over 107.0 metres. An area map of the trenches is provided below the summary table.Trench PRTR11-014 (the final completed trench on the Primavera target) intersected continuous gold and copper mineralization over the entire excavated length of the trench and returned a weighted average grade of 0.42 g/t Au and 1286 ppm Cu over 51.7 metres (170 feet) with the mineralization being open for expansion in all directions (see Table below). Trench PRTR11-014 was excavated in a north-easterly direction and starts approximately 5.0 metres from the east end of trench TRPR11-012 which assayed 0.70 g/t Au and 1313 ppm Cu over 58.0 metres. Mineralization in the trenches consists of stockwork veining in highly oxidized andesite and microdiorite. Sheeted and banded quartz-magnetite veins and veinlets have also been observed in multiple vein orientations. Textures and mineralization characteristics observed in the trenches are indicative of different zones within a gold porphyry system. The table below summarizes the Primavera sampling trench results received to date:
The recently excavated trenches are located within an 850 metre by 300 metre coincident gold-copper soil anomaly in a region with very limited rock exposure and no documented previous exploration. Mineralization in the trenches is characterized by abundant stockwork veining and the area is thought to be prospective for porphyry related gold-copper mineralization. The mineralized interval in the trenches is open in both directions. Click to Enlarge
Primavera GeologyThe Primavera prospect is located in a 5 kilometre by 7 kilometre area dominated by Tertiary volcanics in which Calibre's exploration team has mapped quartz veins, diorite intrusives, and calcareous sediments (Figure A). The prospect area is associated with coincident gravity (Figure B), magnetic (Figure C) and radiometric (Figure D) high signatures identified from an airborne geophysical survey, believed to represent a large intrusive centre. The area is thought to be prospective for epithermal and porphyry mineralized systems.During the initial exploration program, Calibre collected over 250 rock samples and completed over 52 line-kilometres of soil sampling. Reconnaissance sampling in 2010 identified high grade gold and copper mineralization of 31.8 g/t Au and 2.41% Cu (sample B10R1372), 24.8 g/t Au and 0.14% Cu (sample B10R403), 14.65 g/t Au and 1.33% Cu (sample B10R1371) and 34.1 g/t Au (sample B10R5092) from quartz veins and breccias hosted by volcanic andesites in the central part of the prospect area (Figure E). Follow up soil grids have identified three additional areas of substantial gold and copper mineralization. The soil anomaly covers an area of intense quartz stockwork veining hosted in andesite volcanics (Figure H) and remains open to the west and northeast. Click to Enlarge
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