VANCOUVER, British Columbia, July 05, 2017 (GLOBE NEWSWIRE) -- Calibre Mining Corp. (TSX-V: CXB ) (the “Company” or “Calibre”) is pleased to announce the initial results from the 2017 maiden drilling program on the 100% owned Santa Maria Gold-Copper-Zinc Project in Nicaragua.
Highlights
- Diamond drilling on the Santa Maria project has discovered significant gold and base metal mineralization in structurally controlled quartz veins and breccias. Results include:
4.95 m grading 4.16 AuEq g/t (1.51 g/t Au, 24.7 g/t Ag, 1.72 % Cu),
2.10 m grading 7.84 AuEq g/t (7.21 g/t Au, 10.9 g/t Ag, 0.33% Cu), and
2.65 m grading 5.26 AuEq g/t (3.58 g/t Au, 16.4 g/t Ag, 0.28% Cu, and 1.65% Zn).
- To date, results have been received for 8 drill holes of the maiden 2017 diamond drilling program which consists of 13 diamond drill holes totaling 2100 metres.
- Mineralization remains open along strike and to depth with the Santa Maria gold in soil anomaly having been traced for over 3 kilometers.
Greg Smith, President and CEO of Calibre stated: “The high grade drill results from the maiden drill program at Santa Maria are a new discovery following-up on surface geological and geochemical exploration completed by Calibre. The discovery of this near surface high grade mineralization which was never drilled previously within this historic mining camp highlights the significant potential of Calibre Projects.”
| Hole ID | From m | To m | Length (m) | Au (g/t) | Ag (g/t) | Cu (%) | Zn (%) | AuEq g/t |
| SM17-001 | 70.00 | 74.95 | 4.95 | 1.51 | 24.7 | 1.72 | - | 4.16 |
| including | 73.65 | 74.95 | 1.30 | 3.93 | 29.6 | 2.77 | - | 8.05 |
| SM17-002 | 119.50 | 119.80 | 0.30 | 0.34 | 10.4 | 0.55 | - | 1.24 |
| 142.50 | 143.65 | 1.15 | 0.20 | 13.9 | 1.71 | - | 2.68 | |
| SM17-003 | 99.90 | 102.00 | 2.10 | 7.21 | 10.9 | 0.33 | - | 7.84 |
| including | 101.00 | 102.00 | 1.00 | 14.6 | 15.9 | - | - | 14.87 |
| SM17-004 | NSV | |||||||
| SM17-005 | 65.50 | 66.00 | 0.50 | 0.85 | 0.4 | - | - | 0.87 |
| 106.70 | 107.70 | 1.00 | 0.77 | 12.6 | 0.13 | 1.25 | 1.93 | |
| 114.00 | 115.10 | 1.10 | 0.24 | 4.7 | 0.19 | 1.66 | 1.61 | |
| SM17-006 | NSV | |||||||
| SM17-007 | 57.80 | 60.75 | 2.95 | 0.24 | 4.5 | 0.19 | 0.59 | 0.93 |
| SM17-008 | 57.70 | 60.35 | 2.65 | 3.58 | 16.4 | 0.29 | 1.65 | 5.26 |
| including | 57.70 | 58.65 | 0.95 | 9.14 | 33.9 | 0.57 | 2.08 | 11.74 |
| Notes: | - Intervals are core lengths / true width are estimated to be 70-80% of lengths. | |
| - Length weighted averages from uncut assays (NSV = no significant values). | ||
| - AuEq calculated using; $1300 Au, $20 Ag, $2.50 Cu, and $1.25 Zn with 100% recoveries |
The 2017 maiden drill program at Santa Maria consists of 13 diamond drill holes totaling 2100 metres. The drilling tested 800 metres of strike length to depths of between 50 and 100 metres below surface.
Results define a northern 300 metres of gold-silver mineralization with high copper which transitions to the south where it is characterized by moderate copper and high zinc.
The overall Santa Maria geochemical anomaly has been traced for more than three kilometres. The northern portion of the anomaly is adjacent to a kilometer-scale intrusive which is one potential source for the mineralized fluids. Additional work consisting of wide-spaced soil sampling, rock sampling, and geological mapping is planned for this area.
Calibre is committed to best practice standards for all exploration, sampling and drilling activities. Drilling was completed by independent and experienced firms. 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 Bureau Veritas Lab in Vancouver, Canada for 50 gram gold fire assay and ICP-MS multi element analyses.
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 owns a 100% interest in over 413 km 2 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 km 2 ) and Centerra Gold (253 km 2 ) concessions covering an aggregate area of 429 km 2 and is party to a joint venture on the 33.6 km 2 Rosita D 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”
Greg Smith, P.Geo.
President and CEO
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Cautionary Note Regarding Forward Looking Statements
This news release contains certain forward-looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects” or “does not expect”, “is expected”, “anticipates” or “does not anticipate” “plans”, “estimates” or “intends” or stating that certain actions, events or results “ may”, “could”, “would”, “might” or “will” be taken, occur or be achieved) are not statements of historical fact and may be “forward-looking statements”. Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to materially differ from those reflected in the forward-looking statements.
Safe Harbor Statement under the United States Private Securities Litigation Reform Act of 1995: Except for the statements of historical fact contained herein, the information presented constitutes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements including but not limited to those with respect to the price of gold, potential mineralization, reserve and resource determination, exploration results, and future plans and objectives of the Company involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of Calibre to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
For further information contact: Ryan King 604 628-1012 www.calibremining.com
