The Santa Maria prospect is subject to an option agreement with B2Gold Corp ("B2Gold"), whereby Calibre is acting as operator and B2Gold may earn up to a 51% interest in specific concessions within the Borosi area by funding CDN$ 8 million in expenditures by June 2014. Once the earn-in is complete, B2Gold may elect to carry an individual prospect within the concession area through to a Pre-Feasibility Study for an additional 14% interest in the prospect.
The Company announced on January 29, 2013, that B2Gold Corp. has completed the necessary $8 million in expenditures to earn a 51% interest in the 322sq. kilometre Borosi concessions; and an initial budget of $2 million has been approved for exploration and drilling at the Primavera in 2013: The Phase I budget will fund 1,500 m of diamond drilling, geological and geophysical compilation and in interpretation, geological mapping and trenching, and discussions regarding finalizing a formal Joint Venture Agreement between B2Gold Corp. and Calibre Mining Corp. are currently underway.
Scenic view of Santa Maria
View from the Tunky River
An initial fieldwork program at the Santa Maria prospect led to the discovery of a high grade epithermal gold vein system over a 600 metre strike length with grab and composite chip panel samples grading up to 64.1 g/t Au (1.87 oz/t Au) and 109 g/t Ag (3.18 oz/t Ag). The program has consisted of reconnaissance geologic mapping over a 9 square kilometre area; over 7 line-kilometres of soil sampling; and 37 rock chip and grabs samples. Mapping has outlined a 2 kilometre long, north striking, epithermal vein system hosted in andesite volcanics. Soil sampling results over a portion of this area outlined an open ended, 800 metre by 40 metre coincident gold and copper in soil anomaly (with results up to 828 ppb Au and 710 ppm Cu).
Multiple rock chip and grab samples coincident with the soil anomaly returned values of over 9 g/t Au from quartz veins and andesite tuffs. The new discovery was made by following a disciplined and focused exploration program that included investigating mineral occurrences reported by local inhabitants, Calibre's exploration team in Nicaragua discovered the new high grade vein system concealed by saprolitic cover. The prospect is only 3 kilometres from the Rosita-Bonanza road, in an area that until now had been relatively under explored.
Follow-up exploration at the Santa Maria prospect will include expanding the current soil grid coverage, additional rock chip sampling and preparation of drill targets on this high grade discovery.
Significant rock sample assay results from the Santa Maria Epithermal Vein are outlined in the table below:
|Silver (g/t Ag)||Copper (% Cu)|