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
- August 17, 2017Calibre Mining Announces Final Results for 2017 Drilling Program and Initiation of Updated Resource Estimate on the Eastern Borosi Gold Project, Nicaragua
- August 08, 2017Calibre Mining Announces Final Drill Results on the 100% Owned Santa Maria Gold-Copper-Zinc Project, Nicaragua Including 5.85 metres grading 2.02 g/t Au and 3.46% Cu
- July 31, 2017Calibre Mining and Centerra Gold commence 2017 Diamond Drilling on the Cerro Aeropuerto Gold Deposit, Siuna Project, Nicaragua.
- July 17, 2017Calibre Mining Announces Start of Drilling Program on the 100% Owned Primavera Gold-Copper Porphyry Deposit, Northeast Nicaragua
- July 05, 2017Calibre Mining Announces Drill Results from Phase I Drilling Program on the 100% Owned Santa Maria Gold-Copper-Zinc Project, Northeast Nicaragua
- July 05, 2017100% Owned Santa Maria Gold-Copper-Zinc Project, Northeast Nicaragua Plan Map
- June 02, 2017Calibre's Partner IAMGOLD Exercises Second Option after Earning a 51% Interest in the Eastern Borosi Gold Project, Nicaragua