|Vancouver, British Columbia: Calibre Mining Corp. (TSX-V: CXB) (the “Company” or “Calibre”) is pleased to provide an update as the Company and Centerra Gold Inc. (“Centerra”) continue to advance the La Luz Project, Borosi Concessions, Northeast Nicaragua. Centerra can earn a 70% Interest in the La Luz Project by investing $7.0 million in exploration on the property before December 31, 2019.
Centerra Gold Option - La Luz Project
Calibre’s most recent mid-tier gold producer partner, Centerra Gold, signed an option in September, 2015 to earn 70% in the 12 km2 (1200 ha) La Luz Project by spending $7 million by December 31 2019. The La Luz Project is located in the south-west portion of the Borosi Concessions and contains the past producing La Luz Mine that produced 17.1 million tonnes of ore grading 4.14 g/t gold (2.3 million ozs gold) as well as, one kilometre south, the Inferred Resource at the Cerro Aeropuerto gold-silver deposit which hosts 707,750 ozs gold and 3.1 million ozs silver in 6.05M tonnes grading 3.64 g/t Au and 16.16 g/t Ag at a cut off of 0.6 g/t (see Calibre News Release dated February 28, 2011).
On-going exploration is covering the entire 12 km2 (1200 ha) La Luz Gold-Silver Project area. Work is consisting of soil and rock sampling, geological mapping, and ground geophysical surveys. The exploration program is designed to advance the three main mineralized trends on the Project; the La Luz - Cerro Aeropuerto, Cerro Coyol - Tiberon, and Campo Viejo - San Pablo Trends.
2015/2016 Diamond Drilling
The Q42015/Q1 2016 drill program is testing the gold continuity at the Cero Aeropuerto deposit. A total of three holes, 1,081 metres, have been completed to date. The on-going drill hole, CA16-022 (Cerro Aeropuerto) was started on January 30th.
Results have been received for two diamond drill holes completed at Cerro Aeropuerto during the current program and results include;
Results from the La Luz soil grid shows two principal gold trends. The first is a 2.8 km x 0.6 km northwest-southeast trend which aligns with the Cerro Coyol - El Tiburon targets. The second is a 3.5km x 0.3km northeast-southwest Campo Viejo - San Pablo trend that in part follows the Siuna River and which is interpreted to be partially alluvial in nature. Soil sampling was previously completed over the known mineralization on the La Luz - Cerro Aeropuerto Trend.
Additionally, the gold and multi-element anomalies found to the east and south of the Huracan and Campo Viejo targets may be related to the Cerro Aeropuerto system as they lie more or less along strike of the main zone.
The Cerro Coyol - El Tiburon trend is anomalous in Au-As-Cu-Pb-Sb-Zn with coincident S anomalies. The trend contains several areas of artisanal workings as well as anomalous rock samples - see following section.
An additional fifty-five infill soils were collected in 2016 with results pending.
Surface Rock Sampling
A total of 71 surface rock samples have been collect as part of the current exploration program. Outcrop on the Project is extremely limited. Fourteen samples have returned greater than 0.2 g/t Au and six samples have returned greater than 1.0 g/t Au. Gold values are most closely associated with silver, with moderate relationship with zinc, manganese, lead, bismuth, and arsenic.
One grab sample from outcrop returned 1,305 g/t Au from the Cerro Coyol-Tiburon Trend. This sample also contained 181 g/t Ag, >10,000ppm As, >2,000ppm Sb and 281 ppm Bi. Visible gold was recognized in the sample which consisted of an intermediate dyke or sill with abundant quartz-carbonate stockwork veining. Additional samples along the Cerro Coyol-Tiburon include B15R2030, located in the southern portion of the Coyol-Tiburon Trend which returned: 7.3 g/t Au, 7.4 g/t Ag, 617 ppm As and 15 ppm Sb consists of quartz vein material and silicified volcanic float.
B15R2020 is a chip sample collected in a bedrock exposure in a shallow (5 metre depth) artisanal miner’s working south of the Siuna River. The anomalous gold value of 1.895 g/t Au confirms that the Campo Viejo - San Luis surface anomaly is, at least in part, reflective of underlying bedrock mineralization.
Other anomalous rock samples were returned for the Cerro Aeropuerto-Campo Viejo trend. B16R5000 was collected from outcrop in the Siuna River immediately to the east of Cerro Aeropuerto and returned 1.11 g/t Au. The outcrop potentially defines a bedrock source for the strong gold in soil anomaly located immediately to the south of the sample location. In addition it may represent the surface expression gold mineralization in the lower portions of previous drill holes and observed in the current drill holes. The elevated nickel value in B16R5000 may indicate that the sample is the protolith for the serpentinite units seen at depth. More work is needed in the area, as well as the Camp Viejo area to the south, to identify potential lode sources for the strong gold in soil anomalies.
Ground Geophysical Surveys
Zonge Geophysics has been contracted to completed ground Dipole - Dipole Induced Polarization (IP) and magnetic surveys. The crews have completed 13 of the planned 21 D- D IP lines for a total of 14.5 line-kilometres and 23 of the 31 north-south oriented magnetic survey lines (74%).
The preliminary IP data returned to date for the Cerro El Coyol-Tiburon trend (lines #4-#12) shows a “split” eastern and western coincident chargeability and resistivity high. The features correlate well with the broad Au-Cu soil anomaly present along the trend. Once the survey is complete a 3D inversion will be performed which will allow for further interpretation of the data. The anomalies will be followed up in the field prior to the start of trenching program. Trenching will supply additional lithologic and structural data along the prospective NW-SE corridor.
The preliminary D- D IP line data from the Cerro Aeropuerto and Cerro Potosi targets appears to show a correlation between the gold zones and chargeability highs (overall subtle amplitudes) and “breaks” in resistivity where the contours are closely spaced (high rate of change).
On-Going Work Program
The on-going exploration program includes in-fill soil sampling, following up of the positive results of the Project wide sampling program. Additional surface mapping and rock sampling continues. Additionally the remainder of the ground magnetic and IP geophysics surveys will be concluded in Q1 2016. Results of the multi-faceted work program, including soil and rock geochemistry, magnetic and IP geophysics, and surface mapping, will be compiled and interpreted and a trenching program initiated in March 2016. A 1600 metre drilling program is testing the continuity of the Cerro Aeropuerto Deposit. Additional work including further drilling on New Targets generated by the multi-faceted exploration program will be tested later in 2016.
The technical content in this news release was read and approved by Gregory Smith, P.Geo, President and CEO of the Company who is the Qualified Person as defined by NI 43-101.
About Calibre Mining Corp.
Calibre controls a 100% interest in over 500 km2 of mineral concessions in the Mining Triangle of Northeast Nicaragua. Additionally the Company has an option agreement with IAMGOLD covering 176 km2 of concessions, an option agreement with Centerra Gold on 12 km2, joint venture exploration programs underway with B2Gold Corp. on 208 km2 of concessions which includes the Primavera gold-copper porphyry discovery and the Minnesota Gold Zone, and a joint venture on the 33.6 km2 Rosita gold-copper-silver project with Rosita Mining Corporation. Major shareholders of Calibre include gold producer B2Gold Corp, Pierre Lassonde and Management.
Calibre Mining Corp.
Greg Smith, P.Geo.
President and CEO
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