VANCOUVER, British Columbia, Feb. 11, 2020 (GLOBE NEWSWIRE) -- Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) (the “Company” or “Calibre”)
is pleased to announce initial results from exploration drilling
completed during the fourth-quarter of 2019 at the La Libertad mine and
the Amalia exploration property.
The program
tested four zones of prospective epithermal-style gold mineralization at
varying stages of development, ranging from active mining to
pre-discovery exploration. The Company completed 27 drill holes
targeting the Jabali and Esmeralda deposits and the Buenos Aires gold
system. A further eight shallow drill holes were completed on two vein
structures at the Amalia property. The results will serve to further
orient the Company’s 2020 exploration program for La Libertad and
Amalia, which is part of the Company’s broader exploration strategy that
includes the El Limon mine and Pavon advanced stage exploration project
(see figures).
Highlighted Drill Results Include:
- Amalia
• 17.84 g/t Au over 7.0m Estimated True Width (“ETW”) from 60.6 metres depth in hole EZ19-001
- La Libertad
• 10.66 g/t Au over 1.7m ETW from 123.5 metres depth in hole JB19-473
• 2.59 g/t Au over 3.0m ETW from 38.0 metres depth in hole EM19-004
• 4.56 g/t Au over 1.1m ETW from 4.6 metres depth in hole PU19-004
Russell
Ball, Chief Executive Officer, stated: “As highlighted by the shallow
high-grade intercept, the Amalia property offers excellent potential for
the discovery of additional mill feed for La Libertad. The Amalia
property encompasses a large system of low-sulphidation, epithermal gold
structures that has had very limited modern exploration and no previous
drilling. Our 2020 exploration program is off to a great start and we
have ramped-up to include four drill rigs between La Libertad and
Amalia.”
At La Libertad, 27 drill holes totaling
3,429 metres were completed to begin testing the gold vein systems at
the Jabali and Esmeralda deposits, as well as the Buenos Aires prospect
which had not been previously drilled.
At Amalia
(located approximately 35 kilometres northeast of the La Libertad mill)
eight holes totaling 1,181 metres were drilled as an initial test of the
Espinoza and Pavona vein structures. Six holes were drilled along a
250-metre section of the Espinoza vein structure to test the down-dip
potential of anomalous gold grades identified from previous surface
trenching, which has so far traced the structure over a one-kilometer
strike extent. The first hole (EZ19-001) intercepted 7.0m averaging
17.84 g/t Au within 45 metres vertical depth from surface. Drilling is
currently in progress to follow up on these positive initial results. (See a complete table of drill hole details at the bottom of this press release.)
At
the Jabali underground mine, two infill holes were drilled to upgrade
resource classification in support of mine planning and engineering
design. At Esmeralda, results have been received for twelve of thirteen
holes drilled along a 600-metre extension of the Esmeralda vein system
as it continues beyond the past-producing Esmeralda open-pit. Six of
the holes intercepted near-surface gold mineralization over narrow
widths and the results are being evaluated. At Buenos Aires, first pass
reconnaissance drilling targeted three vein structures exposed within a
3.5 km2 area that is a site of widespread artisanal mining.
Significant surface trenching results at Buenos Aires range from 1.5m @
7.1 g/t Au to 6.2m @ 2.3 g/t Au. Anomalous gold mineralization was
confirmed along all three of the structures tested, including hole
PU19-004 which intercepted 1.1 metres grading 4.6 g/t Au along the
Pulpito structure. Drilling results from the Esmeralda and Buenos Aires
targets are being evaluated in combination with results from ongoing
reconnaissance drill testing of other targets within the broader La
Libertad property.
2020 Exploration Program
Calibre’s exploration program during the first half of 2020 will include:
- Additional
drilling at Amalia to follow-up on the strong results from hole
EZ19-001, accelerated surface mapping and sampling along strike
extensions of the Espinoza vein trend, as well as reconnaissance level
prospecting over the Company’s 83 km2 of mineral concessions;
- First-pass
drilling at La Libertad to test the resource expansion potential along
the vein systems in the Jabali, Rosario and San Antonio areas; and
- Reconnaissance drilling of the untested Tranca and Nancite vein systems located 500 meters south of Jabali.
The
Company plans to complete approximately 20,000 metres of drilling at La
Libertad and approximately 5,000 metres at Amalia during the first half
of 2020. Results from the first half will form the basis for further
exploration and resource delineation work during the latter half of
2020. All of the results of the Company’s 2020 exploration drilling will
be incorporated into updated mineral resource and reserve estimates to
be completed at year-end.
Quality Assurance / Quality Control
Calibre
maintains a Quality Assurance/Quality Control (“QA/QC”) program for all
its exploration projects using industry best practices. Key elements of
the QA/QC program include verifiable chain of custody for samples,
regular insertion of certified reference standards and blanks, and
duplicate check assays. Drill core is halved and shipped in sealed bags
to Bureau Veritas in Managua, Nicaragua, an independent analytical
services provider with global certifications for Quality ISO9001:2008,
Environmental Management: ISO14001 and Safety Management OH SAS 18001
and AS4801. Prior to analysis, samples are prepared at Veritas’ Managua
facility and then shipped to its analytical facility in Vancouver,
Canada. Gold analyses are routinely performed via fire assay/AA finish
methods. Analyses for silver and other elements of interest are
performed via Induction Coupled Plasmaspectrometry (“ICP”).
Qualified Person
The
scientific and technical data contained in this news release has been
reviewed and approved by Mark A. Petersen, P.Geo., VP Exploration, a
Qualified Person as defined by NI 43-101.
To view a PDF of the figures as referenced in this news release, please go to the following link:
Link 1 – PDF Figures
ON BEHALF OF THE BOARD
“Russell Ball”
Russell Ball, Chief Executive Officer
For further information, please contact:
Ryan King
Vice President, Corporate Development & IR
Calibre Mining Corp.
T: 604.628.1012
E: calibre@calibremining.com
W: www.calibremining.com
Cautionary Note Regarding Forward Looking Information
All
statements in this news release that address events or developments
that we expect to occur in the future are forward-looking statements.
Forward-looking statements are statements that are not historical facts
and are generally, although not always, identified by words such as
“expect”, “plan”, “anticipate”, “project”, “target”, “potential”,
“schedule”, “forecast”, “budget”, “estimate”, “intend” or “believe” and
similar expressions or their negative connotations, or that events or
conditions “will”, “would”, “may”, “could”, “should” or “might” occur.
All such forward-looking statements are based on the opinions and
estimates of management as of the date such statements are made.
Forward-looking statements necessarily involve assumptions, risks and
uncertainties, certain of which are beyond Calibre’s control, including
risks associated with or related to: the volatility of metal prices;
changes in tax laws; the dangers inherent in exploration, development
and mining activities; the uncertainty of reserve and resource
estimates; cost or other estimates; actual production, development plans
and costs differing materially from the Company's expectations; the
ability to obtain and maintain any necessary permits, consents or
authorizations required for mining activities; the current ongoing
instability in Nicaragua and the ramifications thereof; environmental
regulations or hazards and compliance with complex regulations
associated with mining activities; the availability of financing and
debt activities, including potential restrictions imposed on Calibre’s
operations as a result thereof and the ability to generate sufficient
cash flows; remote operations and the availability of adequate
infrastructure; fluctuations in price and availability of energy and
other inputs necessary for mining operations; shortages or cost
increases in necessary equipment, supplies and labour; the reliance upon
contractors, third parties and joint venture partners; the dependence
on key personnel and the ability to attract and retain skilled
personnel; the risk of an uninsurable or uninsured loss; adverse climate
and weather conditions; litigation risk; competition with other mining
companies; community support for Calibre’s operations, including risks
related to strikes and the halting of such operations from time to time;
conflicts with small scale miners; failures of information systems or
information security threats; compliance with anti-corruption laws, and
sanctions or other similar measures. The list is not exhaustive of the
factors that may affect Calibre’s forward-looking statements.
Calibre’s
forward-looking statements are based on the applicable assumptions and
factors management considers reasonable as of the date hereof, based on
the information available to management at such time. These assumptions
and factors include, but are not limited to, assumptions and factors
related to Calibre’s ability to carry on current and future operations,
including: development and exploration activities; the timing, extent,
duration and economic viability of such operations, including any
mineral resources or reserves identified thereby; the accuracy and
reliability of estimates, projections, forecasts, studies and
assessments; the availability and cost of inputs; the price and market
for outputs, including gold; the timely receipt of necessary approvals
or permits; the ability to meet current and future obligations; the
ability to obtain timely financing on reasonable terms when required;
the current and future social, economic and political conditions; and
other assumptions and factors generally associated with the mining
industry. Calibre's forward-looking statements are based on the opinions
and estimates of management and reflect their current expectations
regarding future events and operating performance and speak only as of
the date hereof. Calibre does not assume any obligation to update
forward-looking statements if circumstances or management’s beliefs,
expectations or opinions should change other than as required by
applicable securities laws. There can be no assurance that
forward-looking statements will prove to be accurate, and actual
results, performance or achievements could differ materially from those
expressed in, or implied by, these forward-looking statements.
Accordingly, no assurance can be given that any events anticipated by
the forward-looking statements will transpire or occur, or if any of
them do, what benefits or liabilities Calibre will derive therefrom. For
the reasons set forth above, undue reliance should not be placed on
forward-looking statements.
A complete
summary of the drill hole assays and drill hole locations for Calibre’s
2019 drilling program at Amalia and La Libertad is provided in the
following table. For additional details, please refer to the Company’s
website at www.calibremining.com and the NI 43-101 Technical Report for La Libertad dated August 30, 2019, which is available at www.sedar.com.
2019 AMALIA and LA LIBERTAD DRILLING RESULTS |
Target Zone | Drill Hole ID | From (m) | To (m) | Interval (m) | Estimated True Width (m) | Au (g/t) |
Amalia | EZ19-001 | 0.0 | 60.6 | 60.6 | | 0.01 |
| | 60.6 | 70.0 | 9.5 | 7.0 | 17.84 |
| Includes | 60.6 | 65.4 | 4.9 | 3.6 | 16.92 |
| | 65.4 | 66.5 | 1.1 | 0.8 | 49.48 |
| | 66.5 | 68.8 | 2.4 | 1.8 | 13.61 |
| | 68.8 | 70.0 | 1.2 | 0.9 | 1.89 |
| | 70.0 | 170.7 | 100.7 | | 0.01 |
| EZ19-002 | 0.0 | 47.2 | 47.2 | | 0.01 |
| | 47.2 | 50.9 | 3.7 | 2.8 | 2.76 |
| | 50.9 | 54.5 | 3.6 | | 0.39 |
| | 54.5 | 108.2 | 53.7 | | 0.02 |
| EZ19-003 | 61.0 | 124.3 | 63.3 | | 0.02 |
| | 124.3 | 126.4 | 2.1 | | 0.82 |
| | 126.4 | 131.7 | 5.3 | | 0.14 |
| | 131.7 | 133.5 | 1.8 | 1.2 | 1.34 |
| | 133.5 | 141.5 | 7.9 | | 0.51 |
| | 141.5 | 144.6 | 3.1 | 2.1 | 2.27 |
| | 144.6 | 175.3 | 30.7 | | 0.01 |
| EZ19-004 | 1.5 | 157.0 | 155.5 | | 0.01 |
| EZ19-005 | 0.0 | 167.6 | 167.6 | | 0.02 |
| EZ19-006 | 0.0 | 64.0 | 64.0 | | 0.03 |
| PV19-001 | 3.4 | 52.7 | 49.4 | | 0.01 |
| | 52.7 | 54.3 | 1.6 | | 0.56 |
| | 54.3 | 100.5 | 46.2 | | 0.02 |
| | 100.5 | 101.5 | 1.0 | 0.8 | 1.16 |
| | 101.5 | 105.5 | 4.0 | | 0.01 |
| PV19-002 | 0.0 | 68.6 | 68.6 | | 0.01 |
Buenos Aires | BU19-001 | 0.0 | 109.7 | 109.7 | | 0.05 |
| BU19-002 | 0.0 | 122.4 | 122.4 | | 0.00 |
| BU19-003 | 0.0 | 129.9 | 129.9 | | 0.01 |
| BU19-004 | 0.0 | 120.4 | 120.4 | | 0.01 |
| BU19-005 | 3.1 | 52.8 | 49.8 | | 0.02 |
| | 52.8 | 55.0 | 2.1 | 1.9 | 1.03 |
| | 55.0 | 89.9 | 35.0 | | 0.02 |
| PU19-001 | 0.0 | 134.7 | 134.7 | | 0.01 |
| PU19-002 | 0.0 | 112.0 | 112.0 | | 0.02 |
| | 112.0 | 113.2 | 1.3 | 0.8 | 2.63 |
| | 113.2 | 150.9 | 37.7 | | 0.10 |
| PU19-003 | 0.0 | 22.9 | 22.9 | | 0.02 |
| | 22.9 | 24.2 | 1.4 | 1.0 | 2.82 |
| | 24.2 | 183.3 | 159.1 | | 0.01 |
| PU19-004 | 0.0 | 4.6 | 4.6 | | 0.01 |
| | 4.6 | 6.1 | 1.5 | 1.1 | 4.56 |
| | 6.1 | 177.9 | 171.8 | | 0.02 |
| PU19-005 | 0.0 | 137.7 | 137.7 | | 0.02 |
| SS19-001 | 0.0 | 40.3 | 40.3 | | 0.01 |
| SS19-002 | 0.0 | 19.7 | 19.7 | | 0.02 |
| | 19.7 | 22.1 | 2.3 | 2.2 | 1.09 |
| | 22.1 | 92.8 | 70.8 | | 0.00 |
Esmeralda | EM19-001 | 0.0 | 170.7 | 170.7 | | 0.01 |
| EM19-002 | 0.0 | 109.7 | 109.7 | | 0.03 |
| EM19-003 | 0.0 | 53.0 | 53.0 | | 0.05 |
| | 53.0 | 54.6 | 1.6 | 1.5 | 0.82 |
| | 54.6 | 103.6 | 49.1 | | 0.01 |
| EM19-004 | 0.0 | 38.0 | 38.0 | | 0.12 |
| | 38.0 | 41.5 | 3.5 | 3.0 | 2.59 |
| | 41.5 | 44.6 | 3.2 | | 0.84 |
| | 44.6 | 65.5 | 20.9 | | 0.01 |
| EM19-005 | 0.0 | 78.5 | 78.5 | | 0.04 |
| | 78.5 | 79.7 | 1.1 | 1.0 | 2.35 |
| | 79.7 | 108.2 | 28.6 | | 0.07 |
| EM19-006 | 0.0 | 18.3 | 18.3 | | 0.13 |
| | 18.3 | 39.6 | 21.3 | | 0.49 |
| | 39.6 | 99.1 | 59.4 | | 0.05 |
| | 99.1 | 101.4 | 2.3 | 2.0 | 1.83 |
| | 101.4 | 170.7 | 69.3 | | 0.03 |
| EM19-007 | 0.0 | 179.8 | 179.8 | Assays pending |
| EM19-008 | 0.0 | 55.9 | 55.9 | | 0.05 |
| | 55.9 | 60.1 | 4.2 | 4.0 | 0.42 |
| | 60.1 | 114.3 | 54.3 | | 0.01 |
| EM19-009 | 0.0 | 57.4 | 57.4 | | 0.05 |
| | 57.4 | 58.6 | 1.2 | 0.9 | 1.97 |
| | 58.6 | 94.5 | 35.9 | | 0.01 |
| EM19-010 | 0.0 | 79.0 | 79.0 | | 0.03 |
| | 79.0 | 83.8 | 4.9 | 4.4 | 0.42 |
| | 83.8 | 137.2 | 53.3 | | 0.05 |
| EM19-011 | 0.0 | 152.4 | 152.4 | | 0.02 |
| EM19-012 | 0.0 | 8.5 | 8.5 | | 0.08 |
| | 8.5 | 10.2 | 1.7 | | 0.92 |
| | 10.2 | 27.9 | 17.7 | | 0.06 |
| | 27.9 | 29.2 | 1.3 | 1.2 | 2.40 |
| | 29.2 | 38.1 | 9.0 | | 0.18 |
| | 38.1 | 39.5 | 1.4 | 1.3 | 1.09 |
| | 39.5 | 52.8 | 13.3 | | 0.07 |
| | 52.8 | 54.0 | 1.3 | 1.2 | 1.64 |
| | 54.0 | 77.7 | 23.7 | | 0.07 |
| EM19-013 | 0.0 | 89.9 | 89.9 | | 0.01 |
Jabali | JB19-473 | 69.3 | 113.5 | 44.3 | | 0.05 |
| | 113.5 | 115.4 | 1.9 | | 1.11 |
| | 115.4 | 123.5 | 8.1 | | 0.41 |
| | 123.5 | 125.7 | 2.2 | 1.7 | 10.66 |
| | 125.7 | 128.1 | 2.4 | | 0.44 |
| | 128.1 | 135.4 | 7.3 | | 0.10 |
| JB19-474 | 20.7 | 25.4 | 4.7 | | 0.04 |
| | 25.4 | 27.4 | 2.0 | 1.9 | 1.72 |
| | 27.4 | 30.1 | 2.7 | | 0.14 |
| | 30.1 | 31.9 | 1.8 | 1.7 | 1.88 |
| | 31.9 | 60.2 | 28.2 | | 0.09 |
2019 AMALIA and LA LIBERTAD DRILL HOLE COLLAR LOCATIONS |
Mine Property | Target Zone | Drill Hole ID | UTM North (m) | UTM East (m) | Elevation (masl) | Total Depth (m) | Azimuth (degrees) | Dip (degrees) |
La Libertad | Amalia | EZ19-001 | 718163.38 | 1384461.31 | 447.66 | 170.69 | 137.53 | -44.63 |
La Libertad | Amalia | EZ19-002 | 718218.28 | 1384497.01 | 444.06 | 108.20 | 137.32 | -44.35 |
La Libertad | Amalia | EZ19-003 | 718220.20 | 1384576.17 | 402.44 | 175.26 | 137.55 | -44.90 |
La Libertad | Amalia | EZ19-004 | 718279.59 | 1384606.80 | 416.78 | 156.97 | 136.46 | -44.27 |
La Libertad | Amalia | EZ19-005 | 718092.70 | 1384455.37 | 439.07 | 181.36 | 136.85 | -44.86 |
La Libertad | Amalia | EZ19-006 | 718317.52 | 1384557.07 | 434.64 | 64.01 | 317.00 | -55.00 |
La Libertad | Amalia | PV19-001 | 717873.99 | 1384409.64 | 449.27 | 201.17 | 90.00 | -45.00 |
La Libertad | Amalia | PV19-002 | 717916.94 | 1384649.99 | 352.74 | 123.44 | 90.24 | -44.87 |
La Libertad | Buenos Aires | BU19-001 | 701564.88 | 1352845.98 | 532.07 | 109.73 | 339.12 | -45.92 |
La Libertad | Buenos Aires | BU19-002 | 701847.63 | 1352829.38 | 534.60 | 122.42 | 2.33 | -45.73 |
La Libertad | Buenos Aires | BU19-003 | 702365.99 | 1352742.11 | 534.70 | 129.85 | 2.02 | -44.95 |
La Libertad | Buenos Aires | BU19-004 | 702805.05 | 1352857.99 | 541.85 | 120.40 | 166.05 | -44.84 |
La Libertad | Buenos Aires | BU19-005 | 703280.97 | 1352846.14 | 562.90 | 89.92 | 344.33 | -46.31 |
La Libertad | Buenos Aires | PU19-001 | 703948.02 | 1353024.51 | 646.68 | 134.71 | 1.72 | -45.00 |
La Libertad | Buenos Aires | PU19-002 | 703843.74 | 1353003.25 | 629.07 | 150.88 | 2.00 | -45.00 |
La Libertad | Buenos Aires | PU19-003 | 702927.46 | 1353026.54 | 554.90 | 190.50 | 1.95 | -45.00 |
La Libertad | Buenos Aires | PU19-004 | 703120.25 | 1352984.41 | 561.59 | 192.02 | 344.75 | -45.40 |
La Libertad | Buenos Aires | PU19-005 | 703178.15 | 1352933.93 | 562.65 | 184.82 | 345.04 | -45.30 |
La Libertad | Buenos Aires | SS19-001 | 702953.42 | 1352561.06 | 535.56 | 80.77 | 344.85 | -45.10 |
La Libertad | Buenos Aires | SS19-002 | 703341.35 | 1352558.86 | 550.97 | 129.54 | 344.90 | -44.95 |
La Libertad | Esmeralda | EM19-001 | 697351.88 | 1353215.78 | 506.95 | 170.69 | 330.04 | -50.96 |
La Libertad | Esmeralda | EM19-002 | 697240.44 | 1353169.48 | 511.66 | 109.73 | 330.10 | -45.00 |
La Libertad | Esmeralda | EM19-003 | 697158.49 | 1353073.05 | 496.90 | 103.63 | 330.10 | -45.00 |
La Libertad | Esmeralda | EM19-004 | 697068.96 | 1352991.30 | 503.85 | 65.53 | 329.01 | -44.86 |
La Libertad | Esmeralda | EM19-005 | 697034.82 | 1352922.45 | 508.63 | 108.20 | 330.01 | -50.86 |
La Libertad | Esmeralda | EM19-006 | 696847.09 | 1352758.71 | 524.00 | 170.69 | 149.28 | -45.90 |
La Libertad | Esmeralda | EM19-007 | 696862.86 | 1352552.79 | 501.74 | 179.83 | 330.11 | -44.82 |
La Libertad | Esmeralda | EM19-008 | 697015.06 | 1352650.07 | 502.31 | 114.30 | 330.00 | -45.00 |
La Libertad | Esmeralda | EM19-009 | 697100.12 | 1352682.38 | 495.33 | 94.49 | 329.53 | -45.63 |
La Libertad | Esmeralda | EM19-010 | 697354.48 | 1352780.57 | 493.74 | 137.16 | 330.04 | -45.00 |
La Libertad | Esmeralda | EM19-011 | 697507.07 | 1352876.52 | 491.37 | 152.40 | 330.04 | -45.32 |
La Libertad | Esmeralda | EM19-012 | 697632.46 | 1353267.37 | 521.73 | 88.86 | 329.83 | -50.16 |
La Libertad | Esmeralda | EM19-013 | 696058.46 | 1352327.31 | 531.17 | 89.92 | 330.04 | -45.00 |
La Libertad | Jabali | JB19-473 | 708226.33 | 1355794.86 | 325.81 | 138.40 | 22.80 | -23.88 |
La Libertad | Jabali | JB19-474 | 707836.95 | 1355743.53 | 375.33 | 69.40 | 328.10 | -24.61 |
Note: UTM collar coordinates refer to UTM map datum WGS84 Zone 16 North |