Oct 30 2014
Calibre Mining Corp. (the "Company" or "Calibre") is pleased to announce that a Phase 1 diamond drilling program has begun on the Minnesota Gold Project within the B2Gold Corp. ("B2Gold") Joint Venture on the Borosi concessions, northeast Nicaragua. Calibre controls a 49.0% interest in the joint venture and B2Gold has a 51.0% interest and is project operator.
B2Gold has the right to earn an additional 19.0% in the Borosi concessions joint venture by spending $6.0 million in additional project expenditures over three years.
The Phase 1 diamond drilling program at the Minnesota gold project will consist of a planned 1500 metres in up to 13 drill holes. The drilling is designed to test several gold zones along the three km strike length of the strong auger and soil gold anomaly. Several drill holes are planned in the vicinity of contiguous Trenches MINTR14-006 to 011 and MINTR14-016 which intersected 109.6 metres grading 1.58 g/t Au.* This trench interval includes the recently received assay results from Trench MINTR14-016 that returned 15.1 m grading 1.2 g/t.
Greg Smith, President and CEO of Calibre stated: "With the start of the Minnesota gold project drilling program with B2Gold and with the on-going drilling program with IAMGOLD Corp at the Eastern Borosi gold project Calibre and our partners will be completing a combined 6,500 metres of drilling in up to 58 drill holes on the two gold projects at no cost to Calibre. Additional drill results from the Eastern Borosi gold project and initial drill results from the Minnesota gold project will be released when available".
Quality assurance and quality control procedures include the systematic insertion of blanks, standards and duplicates into the rock and soil sample strings. Samples are placed in sealed bags and shipped directly to Acme Labs in Managua, Nicaragua for sample preparation and then to Acme Labs in Vancouver, Canada for 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.
* Combined weighted average assigns zero grade to 1.0 m gaps left unsampled between each of the seven trenches. Length weighted assays from uncut assays. Assay results for Trenches MINTR14-006 to 011 were previously released (see Calibre news release dated October 20, 2014).
About Calibre Mining Corp.
Calibre controls a 100% interest in 253 km2 of mineral concessions in the Mining Triangle of Northeast Nicaragua. Additionally the Company has an option agreement with IAMGOLD covering 176 km2 of concessions, joint venture exploration programs underway with B2Gold Corp. on 322.3 km2 of concessions which includes the Primavera gold-copper porphyry discovery and the Minnesota Gold Zone, and has optioned the 33.6 km2 Rosita gold-copper-silver project to Alder Resources Ltd. Major shareholders of Calibre include gold producer B2Gold Corp, Pierre Lassonde and Management.
Calibre Mining Corp.
Greg Smith, P.Geo., President and CEO
Source: http://www.calibremining.com