Vancouver, British Columbia: Calibre Mining Corp. (TSX-V: CXB) (the "Company" or "Calibre") is pleased to announce an exploration update and further drill results on the Primavera Gold -Copper Porphyry Joint Venture (the "Project"), Borosi Concessions, northeast Nicaragua.
Additionally, B2Gold Corp. ("B2Gold") and Calibre announce the following:
- B2Gold has completed the necessary $8,000,000 in expenditures to earn a 51% interest in the Project; and
- An initial budget of $2.0 million has been approved for exploration and drilling at Primavera in 2013: The Phase I budget will fund 1,500 m of diamond drilling, geological and geophysical compilation and interpretation, geological mapping and trenching, and
- Discussions regarding finalizing a formal Joint Venture Agreement between B2Gold and Calibre are currently underway.
President and CEO, Greg Smith stated, "Calibre is extremely pleased that B2Gold has completed their earn-in to 51% at Primavera and the additional Borosi concessions within the B2Gold/Calibre Joint Venture. All exploration and drilling to date at Primavera continues to suggest that we have drill tested only a small portion of a much larger porphyry system. The up-coming 2013 program is designed to locate additional good grade gold-copper mineralization within this extensive new porphyry discovery."
B2Gold, Calibre's Joint Venture Partner and operator of the Primavera gold-copper Project has released the following details as part of B2Gold's annual exploration update dated January 29, 2013:
"Primavera Project, Nicaragua (B2Gold / Calibre Mining Corp. Joint Venture)
A phase II drilling program was completed in 2012 at the Primavera Gold and Copper Porphyry joint venture project in the productive Bonanza-Siuna-Rosita mining triangle in the North of Nicaragua. The phase II program totaled 9,475 metres of drilling for a total overall drilling program of 13,414 metres for 32 drill holes. The bulk of the phase II program was focused on the nearby soil geochemical anomalies at Copper Hill and a prominent structural target to the south of the main Primavera zone. In addition, two drill holes tested a prominent geophysical anomaly at Santa Juana, approximately 1.4 km south east of Primavera. Several drill holes south and west of the main Primavera zone show anomalous gold-copper values associated with porphyry style mineralization at depths exceeding 500 metres. Most importantly the drilling indicates that the porphyry system continues to the north beneath alluvial cover. A comprehensive geophysical program was completed during 2012, with both air magnetic and radiometric surveys flown over the claim area.
Highlights of the phase II program include drill hole PR-12-016 which confirmed shallow continuity of porphyry style mineralization on the west side of the main Primavera Zone with 201.35 metres of 0.77 g/t gold and 0.36% copper, including 57.85 metres of 1.08 gold and 0.49% copper. This indicates that copper grades may be increasing to the north and northwest. PR-12-024 and several other drill holes crossed two major post mineral faults to the west and north of the main Primavera Zone and intersected anomalous zones also associated with porphyry style mineralization. Mineralization extends to the two faults and further work, needs to be carried out to determine the degree of fault offset. Results from drill hole PR-12-024 indicate that the system continues to the north beneath alluvial cover. Hole 24 yielded several deep intervals including 17 metres of 0.39 g/t gold from 595 to 612 metres, 1.1 metres at 18.28 g/t gold, and 1.5 metres 11.95 g/t gold. These intervals were all associated with vein and stockwork mineralization in intrusion breccia and diorite although the high grades for gold are unusual. More drilling will be required in this area under the alluvium where the geophysical data indicate the presence of a large magnetic low.
Drilling to the south at Copper Hill has intersected zones of skarn and hornfels similar to the style of mineralization and alteration at the Santa Rita deposit in nearby Rosita which produced over 3 million pounds of copper, 177,737 ounces of gold, and 2,629,720 ounces of silver. Additional drilling may be needed to test for possible skarn deposits which are commonly associated with porphyry systems. The skarn mineralization lies about 1.5 km to the southwest. Additional soil sampling is underway in this area.
The 2013 exploration program for Primavera has a Phase I budget of $2 million. This will fund 1,500 metres of drilling, geophysical interpretation as well as detailed mapping and geological interpretation. The Company is commencing a surface mapping and trenching program to help locate the potential continuation of the main zone beyond the fault."
Drill intercepts from the Phase II drill program include;
|Hole ID||From (m)||To (m)||Interval (m)||Au (g/t)||Cu (%)|
The phase II diamond drilling program at Primavera has been successful in expanding the main zone through large step-out drilling. Additional drill holes investigated skarn-hornfels mineralization at Copper Hill, the intervening covered area between Primavera and Copper Hill, a northeast trending epithermal vein system located southeast of Primavera, and several additional targets identified during the extensive soil geochemical and geophysical surveys completed during the year. Phase II step-out drilling included drill holes that were targeting surface geochemical/geophysical anomalies that are located up to 1.5 km from the main Primavera zone.
In the main Primavera zone, drilling tested the along strike (northeast and southwest) continuity and depth of higher grade mineralization intersecting thick intervals of porphyry style mineralization to depths of 250m and over an area approximately 250m x 350m. Major north-northeast and west-northwest oriented faults control and displace the gold-copper mineralization in the main zone at Primavera. Drilling across these structures has intersected porphyry style mineralization but has not yet located the offset portion of the higher grade main zone. Drill hole PR-12-024, located northeast of the main zone, intersected porphyry style mineralization similar to the main zone when it passed north through a west-northwest oriented fault, suggesting that the offset portion may lie further to the north. Drilling during 2013 will be focussed on both locating new zones of good grade gold-copper porphyry mineralization as well as the offset portion of the high grade main Primavera system.
In outlying areas of Copper Hill, several drill holes intersected low grade gold and copper mineralization within skarn and hornfels horizons, suggesting widespread intrusive activity throughout the area that has potential to host additional significant mineralized zones. Of the numerous coincident soil geochemical and geophysical anomalies defined during the year, only one target, located 1.5km southeast of the main zone, has been drill tested and encountered anomalous copper mineralization (PR-12-028). Several sulphide-rich quartz veins and breccias mapped at surface in other parts of the Primavera region appear similar to veins encountered during drilling in the faults that cut the main zone.
The Primavera Gold - Copper Porphyry Project is within the joint venture with B2Gold Corp., the largest gold producer in Nicaragua - B2Gold is the project operator. B2Gold has earned a 51% interest in the Primavera project as well as an additional 322 km2 of joint venture mineral concessions by spending $8.0 million on exploration since 2010. Discussions regarding finalizing a formal Joint Venture Agreement with B2Gold are currently underway. In addition to the joint venture with B2Gold, Calibre Mining controls a 100% interest in 463 km2 of mineral concessions in the Mining Triangle of northeast Nicaragua and also has a partnership with Alder Resources Ltd. on the Rosita gold-copper-silver project.
Quality assurance and quality control procedures include the systematic insertion of blanks, standards and duplicates into the rock sample strings. Samples are placed in sealed bags and shipped directly to Inspectorate Labs in Managua, Nicaragua for sample preparation. Samples are assayed for gold and ICP multi-element analysis at Inspectorate's Vancouver facility.
Mr. Gregory Smith, P.Geo, the President and CEO of the Company, is the Qualified Person as defined by NI 43-101, and is responsible for the accuracy of the technical data and information contained in this news release.
About Calibre Mining Corp.
Calibre Mining Corp. is a TSX Venture Exchange listed company (TSX.V: CXB) that is focused on the acquisition, exploration and development of gold and silver deposits in Central America. The Company is focused on its 100% owned Riscos de Oro gold-silver deposit, the drilling program at the Primavera gold-copper project in conjunction with B2Gold Corp. and the drilling program on the Rosita copper-gold-silver project in conjunction with Alder Resources Ltd. Major shareholders of Calibre include gold producer B2Gold and investment fund Sun Valley Gold.
Calibre Mining Corp.
Greg Smith, P.Geo.
President and CEO
For further information contact:
Mark Carruthers - Vancouver, Canada
604 681 9944
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.