Calibre Mining Corp (CXB)

[ThSeeker]

Calibre Reports High Gold Grades at Potential Feeder Pit
Jon Brown, Stockhouse


Calibre Mining Delivers Initial Exploration Results from two properties in Nicaragua.


Click to enlargeCanadian gold mining and exploration Company Calibre Mining Corp. (TSX: CXB, OTCQX: CXBMF, Forum) reported further engaging results from its two 100%-owned operational gold mines in Nicaragua in February 2020.

Calibre is already producing gold and investors should take note of the exploration upside that should significantly increase this resource and provide feedstock to its mill. Through the acquisition of several projects in Q4 2019, the Company transformed from a junior exploration company into a producer and delivered on guidance at its El Limon and La Libertad mines with consolidation production of 33,506 ounces of gold.


Prospective epithermal-style gold mineralization:

CXB released the initial results from exploration drilling that was completed during Q4 at the La Libertad mine and the Amalia exploration property. The Company completed 27 drill holes and tested four zones that range across several stages of development, from active mining to pre-discovery exploration.


Highlighted Drill Results:

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


Targeting two deposits - Jabali and Esmeralda, as well as the Buenos Aires gold system, eight more shallow drill holes were completed on two vein structures at the Amalia property.

Click to enlarge
(Image via Calibre Mining Corp.)

Noting the shallow high-grade intercept, Company CEO Russel Ball added for investors that 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.”


2020 exploration program:

Through the first half of this year, Calibre will continue drilling at Amalia to follow-up on these strong results, along with accelerated surface mapping and sampling along strike extensions of the Espinoza vein trend.

Also on the agenda, the Company will conduct first-pass drilling at La Libertad to test the resource expansion potential along the vein systems in the Jabali, Rosario and San Antonio areas. This busy six-month period will see reconnaissance drilling of the untested Tranca and Nancite vein systems located 500 meters south of Jabali. Reconnaissance level prospecting is also planned over the Company’s 83 km2 portfolio of mineral concessions.

La Libertad: The Company intends to complete approximately 20,000 metres of drilling during the first half of 2020. 27 drill holes totalling 3,429 metres have been completed and testing of the gold vein systems at the Jabali and Esmeralda deposits will begin soon, along with the Buenos Aires prospect, which had not been previously drilled.

Amalia: Located roughly 35 kilometres northeast from La Libertad, eight holes totalling 1,181 metres have been drilled as an initial test of the Espinoza and Pavona vein structures. The Company plans to complete 5,000 metres of drilling at Amalia during the first half of this year, as well.

With the help of these results, Calibre Mining now has an even more detailed and focused plan for its 2020 exploration program. The wider scope of the strategy includes the El Limon mine and Pavon advanced stage exploration project.

In the latter half of 2020, the Company plans to complete approximately 20,000 metres of drilling at La Libertad and approximately 5,000 metres at Amalia. The results from which, will form the basis for further exploration and resource definition work.

Investors should keep an eye out for these exploration drilling results, which are expected to be incorporated into its updated mineral resource and reserve estimates to be completed at year-end.


calibreminingcorp.com