Calibre Advances 100% Owned Eastern Borosi Gold-Silver District; Potential to Expand the "Hub-and-Spoke" Operation; Multi-Rig Drill Program Underway
VANCOUVER, British Columbia, April 20, 2021 (GLOBE NEWSWIRE) -- Calibre Mining Corp. ("Calibre" or the "Company")(TSX: CXB; OTCQX: CXBMF) is pleased to announce that the Company
has commenced advancing the 100% owned Eastern Borosi Project (“EBP”) located in northeastern Nicaragua. During March Calibre initiated a diamond drilling program to convert resources in three
high-grade gold deposits from inferred to indicated classification and drill new, high priority gold-silver targets that have been outlined based on geochemical, geophysical and structural data.
This work is being done with the aim of advancing EBP to be the next high-grade ‘Mining Spoke’ as part of the Company’s “Hub-and-Spoke” operating strategy.
- The 176 km2 EBP hosts NI 43-101 Inferred Mineral Resources containing 700,500 ounces of gold and 11.4 million ounces of silver among six epithermal vein style deposits with a combined 4.4 million tonnes averaging 4.93 g/t Au and 80 g/t Ag (prepared by Roscoe Postle Associates Inc. dated May 11, 2018 with mineral resource summary provided below);
- Mineral resources have been defined in six vein systems that are exposed along an eight-by-ten kilometre structural corridor that remains open for resource expansion and discovery to the northeast and southwest;
- The “Mining Triangle” of northeast Nicaragua of which EBP is a part has produced in excess of 8 million ounces1 of gold but remains significantly underexplored;
- The initial infill and geotechnical drilling program is focused on Guapinol, the adjacent Vancouver, and the Riscos de Oro (“Riscos”) deposits which contain combined inferred resources of 1.97 million tonnes averaging 8.15 g/t Au and 69 g/t Ag containing 515,000 ounces of gold and 4,371,000 ounces of silver;
- Calibre has made significant progress during Q1, 2021 to acquire surface land rights and commence technical work and baseline environmental studies to support an Environmental Impact Assessment;
- EBP is located approximately 400 km by road from the Company's 2.2 million tonne per annum Libertad Mill which is currently less than 50% utilized;
- Calibre intends to commence exploration drilling in Q3 to test the potential for expanding the Guapinol-Vancouver and Riscos de
Oro resources, as well as high priority targets along the principal vein trends at EBP.