Mr. Ryan King reports
CALIBRE MINING DRILLING EXPANDS TWO GOLD-SILVER DISCOVERIES INTERSECTING 7.45 METRES GRADING 9.73 G/T AUEQ AND 4.10 METRES GRADING 10.52 G/T AUEQ ON THE EASTERN BOROSI PROJECT, NORTHEAST NICARAGUA
Calibre Mining Corp. has provided final drilling results for the Q4 2017 diamond drilling program on the Eastern Borosi gold project, Nicaragua.Exploration and drilling on the project are being financed by Calibre's joint venture partner Iamgold Corp.
Highlights
Stepout drilling during Q4 2017 was successful in extending high-grade discoveries at the Cadillac and Veta Loca gold-silver vein systems on the Eastern Borosi gold-silver project.Drill holes on the Cadillac vein structure successfully expanded on discovery drill hole LS15-008 which intersected 4.10 metres grading 9.81 grams per tonne gold equivalent (AuEq) with new drill hole LS17-018 intersecting 4.10 metres grading 10.52 g/t AuEq and LS17-020 intersecting 3.49 metres grading 9.28 g/t AuEq.The Cadillac vein system has been tested over a strike length of 200 metres and a depth of 100 metres and remains open along strike and down dip.On the Veta Loca gold-silver vein structure new results include a high-grade intercept on the Veta Loca B structure with GP17-046 intersecting 7.45 metres grading 9.73 g/t AuEq.The Veta Loca vein system has been tested over a strike length of 350 metres and a depth of 200 metres and remains open along strike and down dip. The Q4 2017 drilling program consisted of 16 holes (nine at Veta Loca and seven at Cadillac) totalling 2,519.4 metres.Exploration to date on the Eastern Borosi gold-silver project has outlined several tens of kilometres of highly prospective mineralized structures located in a historic gold-silver mining district.
President and chief executive officer Greg Smith stated: "These additional high-grade drill results from recently discovered gold and silver vein structures on the Eastern Borosi project highlight the potential for further discoveries of high-grade gold-silver mineralization.The Cadillac and Veta Loca vein systems are new discoveries that are not included in the ongoing [National Instrument] 43-101 maiden resource estimate currently nearing completion on the Eastern Borosi gold-silver project."
Highlights of the Q4 2017 diamond drilling program on the Eastern Borosi gold-silver project include those in the table.
Q4 2017 DRILLING HIGHLIGHTSHoleIDTarget From m To m Length m Au g/t Ag g/tAuEq g/tGP17-057 Veta Loca33.7041.15 7.45 9.692.99.73 GP17-057incl Veta Loca35.0036.50 1.5044.409.4 44.54LS17-0182nd Cadillac 121.00 128.50 7.50 4.42103.45.99 LS17-018inclCadillac 121.70 125.80 4.10 7.76179.3 10.52LS17-022Cadillac 135.58 137.25 1.6716.66271.6 20.84LS17-020Cadillac 118.55 122.04 3.49 7.48116.79.28 LS17-020inclCadillac 119.80 120.86 1.0620.20361.0 25.67LS17-018 3rdCadillac 135.00 144.00 9.00 0.80 20.71.11 GP17-054 Veta Loca 171.63 175.85 4.22 1.691.31.71 See final table for complete results.* Intervals are core lengths/true width are estimated to be 80 to 90 per cent of lengths.* Length weighted averages from uncut assays.* Grams per tonne AuEq calculated using $1,300 per ounce gold and $20/oz silver.
Q4 2017 diamond drilling program
Drilling in Q4 2017 consisted of stepout holes following up on previous high-grade intercepts on structures not currently part of the continuing resource estimate.The drilling tested two high-grade gold-silver discoveries specifically: 1) Cadillac zone where drilling in hole LS15-008 intersected 4.10 metres grading 9.81 g/t AuEq (8.93 g/t Au and 57.4 g/t Ag) between 65.6 and 69.7 m, and 2) Veta Loca zone where drill hole GP16-046 included 6.31 metres grading 10.26 g/t AuEq (10.15 g/t Au and 6.9 g/t Ag) between 88.0 and 94.31 m.
The Cadillac zone is one of five defined gold-silver structures in the La Sorpresa area located five kilometres north of the Blag gold-silver zone. Drill holes on the Cadillac structure successfully expanded on the discovery drill hole LS15-008 which intersected 4.10 metres grading 9.81 g/t AuEq with recent drilling in Q4 2017 including LS17-018 which intersected 4.10 metres grading 10.52 g/t AuEq (7.76 g/t Au and 179.3 g/t Ag between 121.7 and 125.8 metres) 50 metres south and 50 metres down dip from the discovery drill hole.Additionally LS17-020 intersecting 3.49 metres grading 9.28 g/t AuEq (7.48 g/t Au and 116.7 g/t Ag between 118.55 and 122.04 metres) 25 metres north and 50 metres down dip.The farthest south drill hole intersected the structure between 135.58 and 137.25 metres returning 20.84 g/t AuEq (16.66 g/t Au and 271.6 g/t Ag) over 1.67 m.
Assays for LS17-023 drilled 50 metres north of LS15-008, and the most northerly hole to test the structure to date, show elevated gold, silver and base metals values over a 3.26 m interval grading 0.81 g/t Au and 17.9 g/t Ag.The presence of gold, silver and base metals values in LS17-023 is positive for continued exploration to the north along strike and at depth.Over all, vein textures are stronger in the holes to the south and vein widths and textures generally improve at depth in the holes to the south. The currently tested portion of the Cadillac zone is characterized by silver/gold ratios generally between five and 25 with significant lead and zinc usually over 500 parts per million and commonly in the thousands of ppm (over 0.1 per cent).
The central portion of the Cadillac zone as currently tested by the drilling has returned consistently high-grade results along strike across 50 metres near surface expanding to 200 metres wide at the deepest tested level of 100 metres below surface with intervals as displayed in the table.
HoleID Target From m To m Length (m) Au (g/t) Ag (g/t) AuEq (g/t)LS15-008 Cadillac65.6069.704.10 8.93 57.4 9.81 LS15-007 Cadillac65.6069.701.40 9.70 98.011.21LS17-018 Cadillac 121.70 125.804.10 7.76179.310.52incl Cadillac 121.70 124.002.3013.57317.318.38LS17-020 Cadillac 118.55 122.043.49 7.48116.7 9.25 incl Cadillac 119.80 120.861.0620.20361.025.67LS17-022 Cadillac 135.58 137.251.6716.66271.620.78incl Cadillac 135.58 136.550.9728.60454.035.48
The Cadillac vein system has been tested over a strike length of 200 metres and a depth of 100 m vertical metres and remains open along strike and down dip.
The Veta Loca zone is located 300 metres south of the Guapinol gold-silver zone.To date 11 drill holes (2,800 metres) have discovered at least three closely spaced subparallel vein structures.The principal Veta Loca structure was intersected by drill hole GP16-046 assaying 6.31 metres grading 10.26 g/t AuEq(10.15 g/t Au and 6.9 g/t Ag) between 88.0 and 94.31 m.
Drilling in Q4 2017 included the first holes on the Veta Loca B structure with GP17-057 intersecting 7.45 metres grading 9.73 g/t AuEq(8.93 g/t Au and 57.4 g/t Ag) between 65.6 and 69.7 m. A second drill hole located 100 metres north intersected the structure at a shallow depth below surface and within the saprolite returning 3.47 metres grading 0.42 g/t AuEq (0.41 g/t Au and 1.0 g/t Ag) between 10.67 and 14.14 m.
On the principal Veta Loca A structure additional intercepts from the Q4 2017 drilling includeGP17-053 assaying 6.66 metres grading 0.38 g/t AuEq (0.36 g/t Au and 1.2 g/t Ag) between 103.7 and 110.36 m, GP17-054 assaying 2.11 metres grading 3.22 g/t AuEq (3.19 g/t Au and 1.8 g/t Ag) between 173.74 and 175.85 m, GP17-055 assaying 6.15 metres grading 0.37 g/t AuEq(0.34 g/t Au and 1.5 g/t Ag) between 160.45 and 166.6 m, and GP17-056 assaying 4.50 metres grading 1.46 g/t AuEq (1.44 g/t Au and 1.2 g/t Ag) between 44.3 and 48.8 m.Drill hole GP17-061 drilled in the central portion of the area intersected a shallow structure interpreted to be the extension of the Veta Loca C vein with 1.98 metres grading 0.98 g/t AuEq (0.95 g/t Au and 2.0 g/t Ag) between 43.49 and 45.47 m but failed to intersect the Veta Loca A vein.
Assay results from the southernmost hole drilled to date show multiple gold-silver structure with intercepts in GP17-060 including moderate gold values related to an upper and lower quartz vein structure. The upper zone consisted of quartz-carbonate stockwork with moderate to strong argillic and propylitic alteration returning 7.10 metres grading 0.45 g/t AuEq (0.43 g/t Au and 1.4 g/t Ag) between 73.4 and 80.5 m.The lower structure is defined by split coherent 20- to 60-centimetre quartz-carbonate veins with surrounding stockwork zones.The upper vein appears to be related to a small artisanal mining pit at surface with a vein orientation of 020 degrees/minus 90 degrees (Veta Loca C) assaying 3.63 metres grading 0.51 g/t AuEq (0.49 g/t Au and 1.0 g/t Ag) between 162.99 and 166.62 m. The lower split vein interval aligns with the shallower offset vein intercept in GP17-056 to the northeast and are interpreted to be the down dip portion of the principal Veta Loca A vein assaying 5.80 metres grading 0.76 g/t AuEq (0.74 g/t Au and 1.5 g/t Ag) between 170.8 and 176.6 m.
The Veta Loca zone is consistent with the nearby Guapinol and Vancouver structures with silver/gold ratios generally between 1 and 2 and with negligible lead and zinc usually under 200 ppm.The Veta Loca vein system has been tested over a strike length of 350 metres and a depth of 200 metres and remains open along strike and down dip.
Iamgold/Calibre -- Eastern Borosi project
Exploration to date on the Eastern Borosi project has outlined several tens of kilometres of highly prospective mineralized structures located in an historic gold-silver mining district.Low sulphidation epithermal gold-silver mineralization intersected on the Eastern Borosi project is hosted within porphyritic andesite and consists of structurally controlled, high energy quartz-carbonate vein breccias, vein-stockworks and discrete smoky quartz veins containing fine-grained sulphide minerals.Targets have been defined by surface soil and rock sampling, trenching and drilling.
Iamgold has completed the first option having made $450,000 (U.S.) in payments to Calibre and completed $5-million (U.S.) in expenditures and has vested a 51-per-cent interest in the Eastern Borosi project.Iamgold has entered the second option with the right to earn a further 19 per cent in the project (by paying $450,000 and further exploration expenditures of $5-million) having paid the first instalment of $150,000 and the 2018 work program has begun.The total potential investment by Iamgold to earn a 70-per-cent interest in the project is $10.9-million (U.S.).
Eastern Borosi project resource estimate
A resource estimate for the Eastern Borosi project is under way and expected to be completed in Q1 2018.Roscoe Postle Associates Inc. (RPA) has been selected to complete the continuing resource estimates and RPA has completed the on-site inspection while data transfer and modelling have been advanced.
This National Instrument 43-101 compliant resource estimate will include updated mineral resource estimates for the Riscos de Oro and La Luna deposits and maiden NI 43-101 mineral resource estimates for the Guapinol, Vancouver, Main Blag and East Dome gold-silver systems.The estimates are incorporating all drilling completed by Calibre/Iamgold between 2014 and Q3 2017 totalling 26,000 metres in 138 drill holes.
2018 exploration and drilling program
Fieldwork has begun on the 2018 exploration and drilling program.Current work consists of detailed surface geochemistry, rock sampling and mapping on a series of emerging targets and potential extensions to certain known zones.
Additional drilling will be completed in 2018 on existing zones and new targets.Prioritization of drilling targets will be completed following receipt of the continuing resource estimation.Further drilling is expected to be completed on selected resource structures, existing drill defined targets and first pass testing of new zones.
Calibre Mining best practice
Calibre is committed to best practice standards for all exploration, sampling and drilling activities.Drilling was completed by independent firm Kluane Drilling Ltd.Analytical quality assurance and quality control procedures include the systematic insertion of blanks, standards and duplicates into the sample strings.Samples are placed in sealed bags and shipped directly to Acme Labs (a Bureau Veritas Group company) in Managua, Nicaragua, for sample preparation and then to Acme Labs in Vancouver, Canada, for 50-gram gold fire assay and ICP-MS multielement analyses.
The technical content in this news release was read and approved by Gregory Smith, PGeo, president and chief executive officer of the company who is the qualified person as defined by NI 43-101.
About Calibre Mining Corp.
Calibre owns a 100-per-cent interest in over 413 square kilometres of mineral concessions in the Mining Triangle of northeast Nicaragua including the Primavera gold-copper project and Santa Maria gold project.Additionally the company has optioned to Iamgold (176 square km) and Centerra Gold (253 square km) concessions covering an aggregate area of 429 square km and is party to a joint venture on the 33.6 square km Rosita D gold-copper-silver project with Rosita Mining Corp.Major shareholders of Calibre include gold producer B2Gold Corp., Pierre Lassonde and management.
Hole ID Target From m To m Length m Au g/t Ag g/t Pb ppm Zn ppmLS17-017Cadillac47.0048.80 1.80 1.15 29.4428375including 48.0048.80 0.80 2.07 11.6637492LS17-018Cadillac67.0068.50 1.50 0.15165.0385821 2nd 121.00 128.50 7.50 4.42103.42,1293,275including121.70 125.80 4.10 7.76179.33,6075,198with 121.70124.00" 2.3013.57317.35,9117,286 130.00 131.00 1.00 1.084.12,0102,830 3rd 135.00 144.00 9.00 0.80 20.71,7973,072including135.00 136.00 1.00 2.44 12.41,2182,272and140.00 141.00 1.00 2.12 15.83,1685,084and143.00 144.00 1.00 1.31112.06,4729,007LS17-019Cadillac* hole lostLS17-020Cadillac 102.17 102.46 0.29 4.77 21.8372289 118.55 122.04 3.49 7.48116.71,0571,450including119.80 122.04 2.2411.59179.31,6182,148with 119.80 120.86 1.0620.20361.01,6471,713LS17-021Cadillac41.5942.20 0.61 0.12 68.026728957.7558.14 0.39 0.231.1 90243LS17-022Cadillac 135.58 137.25 1.6716.66271.6 23,570 11,750including135.58 136.55 0.9728.60454.0 39,700 18,800GP17-053 Veta Loca97.82 102.52 4.70 0.391.58 63 103.70 110.36 6.66 0.361.27 56including107.35 110.00 2.65 0.691.76 60 126.79 127.63 0.84 1.441.67 54GP17-054 Veta Loca 171.63 175.85 4.22 1.691.3 12 48including173.74 175.85 2.11 3.191.8 15 38with 175.10 175.85 0.75 5.203.8 16 39GP17-055 Veta Loca 160.45 166.60 6.15 0.341.5 29103including163.00 165.00 2.00 0.591.2 22104GP17-056 Veta Loca44.3048.80 4.50 1.441.2 60146GP17-057 Veta Loca33.7041.15 7.45 9.692.910129735.0037.50 2.5027.495.8 1328935.0036.50 1.5044.409.4 12309GP17-058 Veta Loca77.8780.74 2.87 0.191.18 7688.2894.71 6.43 0.250.9 11 81GP17-059 Veta Loca10.6714.14 3.47 0.411.09228GP17-060 Veta Loca73.4080.50 7.10 0.431.43 64includingC74.4075.80 1.40 1.593.0 11 47 102.75 103.70 0.95 0.971.54 63 152.24 156.46 4.22 0.282.3 25 84including155.22 156.46 1.24 0.545.3 29 66 160.40 161.46 1.06 0.260.72 69 162.99 166.62 3.63 0.491.05 67including166.14 166.62 0.48 2.242.6 13 37 167.86 168.31 0.45 0.891.2 10 65 A 170.80 176.60 5.80 0.741.5 38123including172.15 173.42 1.27 1.392.5 11 82with 175.90 176.60 0.70 1.452.8246487GP17-061 Veta Loca43.4945.47 1.98 0.952.05 67includingC44.0544.85 0.80 1.692.73 562nd 47.4052.83 5.43 0.151.46 78
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