Iamgold Option - Eastern Borosi Project
Calibre Mining Corp. and IAMGOLD Corporation have signed an Option Agreement whereby IAMGOLD can earn a 51.0% interest and subsequently an additional 19.0% for a total of 70.0% interest in the Eastern Borosi Project (the "Project") consisting of 176 km2 within the Borosi Concessions, Northeast Nicaragua.
The Eastern Borosi Project hosts gold-silver resources in two deposits and a series of well defined low sulphidation epithermal gold-silver targets. To earn a 51.0% interest in the Project IAMGOLD must pay Calibre $450,000 and invest $5.0 million in exploration on the property over three years. Once vested at 51.0% IAMGOLD can elect to earn an additional 19.0% of the Project for a total of 70.0% by paying Calibre an additional $450,000 and by investing $5.0 million in exploration on the Project over a subsequent three year term.
IAMGOLD and Calibre are in agreement on the objectives for the initial 2014 - $1.5 million exploration program on the Eastern Borosi Project and diamond drilling is expected to commence in the near term. Previous work by Calibre has outlined a series of high priority drill targets including the existing Riscos de Oro and La Luna gold-silver deposits; the high grade Guapinol and Blag gold systems, as well as the La Sorpresa and El Paraiso gold targets. The Riscos de Oro and La Luna NI 43-101 Inferred Mineral Resources are tabled below and are open for expansion in all directions.
Click Here for the IAMGOLD and Calibre Mining diamond Drill Plan map
The Eastern Borosi Project includes the Riscos de Oro and La Luna NI 43-101 Inferred Mineral Resources which total 4.70 million tonnes grading 2.31 g/t Au and 34.99 g/t Ag containing 350,000 ounces of gold and 5.29 million ounces of silver. Both zones are open for potential expansion. See Calibre News Release dated May 27, 2014 for details.
CALIBRE MINING NEWS
- January 25, 2017Calibre Mining Initiates Two Drilling Programs in Nicaragua
- December 13, 2016100% owned Primavera Gold Project Mineral Resource Compilations
- December 13, 2016Calibre Mining Announces NI 43-101 Inferred Resource Estimate of 1.2 Million Gold Equivalent Ounces for the 100% Owned Primavera Gold-Copper Porphyry Deposit, Northeast Nicaragua
- November 03, 2016Calibre Acquires 100% of the Primavera Gold-Copper Porphyry Project and Monte Carmelo Gold Project from B2Gold
- September 21, 2016Pierre Lassonde Increases Ownership in Calibre Mining to 14.13% by Exercising Warrants
- September 15, 2016Calibre Mining Further Expands Gold-Silver Vein Systems and Discovers New Zone at Eastern Borosi Project, Northeast Nicaragua
- September 12, 2016Calibre Mining and Centerra Gold Commence Diamond Drilling on New Gold Targets at the Siuna Project, Nicaragua