Calibre Mining Corp. is pleased announce the Company and Centerra Gold Inc. ("Centerra") continue to advance exploration programs on the Siuna Gold-Copper Project (the "Project"), located in Northeast Nicaragua. Centerra can earn a 70% interest in the 253 km2 Project by investing a total of $9.0 million in exploration on the property before December 31, 2020.
The 2017 Calibre-Centerra Exploration Program is underway with an approved budget of US $1.35 million.
Recent drilling on the Siuna Project in the Huracan area, south of the Cerro Aeropuerto Gold Deposit, has returned gold intercepts including: 1.52 m grading 48.8 g/t Au.
Newly discovered, low grade, porphyry-style gold-copper mineralization has been intersected in a number of drill holes with intercepts including: 189.6 m grading 0.22 g/t Au and 537 ppm Cu.
Exploration continues on the 241 square kilometer Northern Suina Project where results to date from soil sampling on a 400 m by 400 m grid have defined kilometer-scale gold anomalies that remain open for expansion. 2017 exploration is on-going consisting of wide-spaced soil and rock sampling on the Northern Siuna Gold Project, Induced Polarization and Ground Magnetic surveying of a series gold targets.
Additional diamond drilling is scheduled for H2 2017.
President and CEO, Greg Smith stated: "Surface exploration and drilling on the Siuna Project continues to advance a series of gold targets in a historic mining camp and analysis highlights the excellent opportunity to expand on the currently defined gold mineralization. Newly discovered, low-grade porphyry-style gold-copper mineralization intersected in drilling highlights the underexplored and prospective nature for further discoveries of the Siuna Project."
Recent surface exploration and drilling has greatly enhanced the understanding of gold mineralization within the district. Conclusions include;
Gold mineralization is potentially related to intrusive systems as indicated by mineralized diorites intersected in diamond drilling.
Low grade Cu-Au "porphyry" style mineralization intersected in diamond drilling in volcanics and diorites is promising for locating greater density, higher grade quartz-sulphide-copper-molybdenum veinlets and stockwork style mineralization.
Using the above characteristics as a guideline, gold mineralization in the Siuna district can be grouped into at least two intrusive related trends (1) Huracan-Aeropuerto-La Luz trend and further north, (2) Mina Victoria-Montes de Oro trend. Deeper Dipole-Diploe Induced Polarization surveys are designed to strengthen the understanding of the main mineralized zones.
Drilling in the Huracan area located south of Cerro Aeropuerto was successful in intersecting both narrow high grade gold mineralization and wider porphyry-style gold mineralization. The highest grade intercept was in drill hole HU16-031 which intersected 1.52 metres grading 48.8 g/t Au. Several low grade porphyry-style gold zones including anomalous gold and copper are present in HU16-042, HU16-027, -031 and -037. The drill intercepts are located along a 1.3 km trend. HU16-042 includes 241.0m @ 0.15 g/t Au and 348 ppm Cu (260.8 - 501.7m). Porphyry-style mineralization within diorites includes quartz-pyrite-molybdenite-chalcopyrite veins, pyrite-tourmaline blebs/veinlets, and disseminated pyrite-chalcopyrite. Patchy and disseminated magnetite alteration and weak to moderate potassic alteration typical in gold-rich porphyry systems such as Calibre`s Primavera gold-copper deposit was prevalent in the lower half of the hole. The closest drill hole 300 metres to the south (HU16-037) intersected 189.63m grading 0.22 g/t Au and 537 ppm Cu (109.27 - 298.9m). The closet hole to the north (700 metres away - HU16-031) intersected 74.23 m grading 0.28 g/t Au and 881 ppm Cu (99.12 - 173.35 m). A further 500 metres north the gold mineralization in HU16-027 included two intercepts of 108.37m grading 0.20 g/t Au and 481 ppm Cu (56.8 - 165.17m) and 72.1m grading 0.28 g/t Au and 525 ppm Cu (197.6 - 269.7m). Located 200 metres west of the trend drill hole HU16-031 intersected 6.55m @ 0.61 g/t Au related to semi-massive sulphide similar to Cerro Aeropuerto deposit mineralization.
Drilling along the Cerro Coyol-Tiburon trend was directed at a series of gold and base metal soil anomalies, geophysical (magnetic and IP) anomalies, and anomalous gold and base metal rock samples and trenches. Results from the Cerro Coyol area include: CY16-040 with 56.6 m grading 0.18 g/t Au and 63 ppm Cu and CY16-041 with 178.9 m grading 0.13 g/t Au and 79 ppm Cu. Results from the Tiburon area, two kilometres south of Coyol, include TB16-032 with 17.3 m grading 0.20 g/t Au and 222 ppm Cu including 2.25 m grading 0.803 g/t Au and 546 ppm Cu also with 2.3% Pb and 7.4% Zn, and a second intercept of 3.12m @ 1.3 g/t Au and 308 ppm Cu with 0.82% Pb and 5.33% Zn.
On the Siuna Project potential exploration parameters for intrusion hosted (porphyry-style) mineralization include chalcopyrite / pyrite ratios, quartz-dominant vein density, magnetite alteration of the groundmass and proximity to shear zones.
Work during Q1 2017 has concentrated on a Project-wide sampling program designed to extend existing anomalous zones and define new anomalous trends. Work to date has included;
Exploration and sampling designed to cover the entire 241 sq. km Northern Siuna Area at 400 metre by 400 metre spacing. Sampling is 90% complete with 1,167 regional soil samples collected in 2017 and with results received to date for 50% of the samples collected. Results have outlined kilometre-scale anomalous areas which remain open.
Additionally a total of 982 detailed soils have been collected in areas of previously outlined anomalous results including Mina Victoria, Roskilete, and Montes de Oro. Results have extended the existing anomalies and in some cases have outlined additional gold anomalous zones.
Concurrent with the soil sampling a total of 254 grab rock samples have been collected.
Further work consisting of ground magnetic and dipole-diploe IP geophysical surveying is on-going.
The Siuna Project is located in the south-west portion of the Borosi Concessions and contains the past producing open pit and underground 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 to the south, the NI43-101 compliant 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).
Mineral Resources that are not mineral reserves do not have economic viability.
The quantity and grade of reported inferred resources in this estimation are uncertain in nature and there has been insufficient exploration to define these inferred resources as an indicated or measured mineral resource and it is uncertain if further exploration will result in upgrading them to an indicated or measured mineral resource category.
Resource Estimate for Cerro Aeropuerto detailed in Technical Report titled NI 43-101 Technical Report and Resource Estimation of the Cerro Aeropuerto and La Luna Deposits, Borosi Concessions, Nicaragua by Todd McCracken, dated April 11, 2011.
Within the Northern Siuna area existing gold targets include; Montes de Oro, Mina Victoria, Cerro Aza, and Roskilete.
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.
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