Jan 27 2016
Calibre Mining Corp. is pleased to provide an update as the Company and B2Gold Corp. continue to advance the Joint Venture on the Borosi Concessions, Northeast Nicaragua.
B2Gold previously earned a 51% interest in the 208.8 km2 project area by spending $8 million. 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 by April, 2018.
Highlights
- Fieldwork is focused on the Monte Carmelo Gold Project which is located north of the town of Rosita where geological mapping an auger rock-soil sampling has outlined skarn and structurally related gold mineralization over an area of 700 metres by 200-300 metres
- Four lines of auger holes collecting 110 rock-soil samples were completed in Q4 2015 with results including;
- North-east-orientated Line TR1 average is; 105 metres grading 5.47 g/t Au
- North-west-orientated Line NW1 average is; 47 metres grading 3.82 g/t Au
- Line TR2 returned; 25 metres grading 1.38 g/t Au
- samples in the central portion of Monte Carmelo gold project show a consistent >0.5 g/t Au gold anomaly that extends 370 m long and 35 to 100 m wide which remains open
- Additional exploration including mapping as well as surface and auger sampling is on-going and is designed to expand and further define the Monte Carmelo Targets
President and CEO, Greg Smith stated: "The results of this recent auger sampling program by B2Gold are defining the source for the previously outlined gold in soil anomaly on the Monte Carmelo Gold Project. The good gold grades and consistent nature of the results are encouraging and the mineralization remains open. On-going work will test extensions to the currently defined zone as well as additional near-by zones in order to fully evaluate the potential of the Monte Carmelo Project."
B2Gold Joint Venture Project - Monte Carmelo
Current field work is focused on the Monte Carmelo Gold Project, which is located north of the town of Rosita, where geological mapping and geochemical sampling has outlined skarn and structurally-related gold mineralization. The overall size of the main skarn body is >700 m by 200-300 m. On-going exploration at the Monte Carmelo Gold Project consists of auger sampling and surface mapping and rock samples.
Exploration in Q4 2015 at Monte Carmelo consisted of auger rock-soil sampling over the area of the previously defined gold in soil anomaly. A total of 110 samples in four lines which includes two NW-SE lines along the trend of the mineralization and two NE-SW lines crossing the mineralized trend. The samples in the main zone at Monte Carmelo show a consistent >0.5 g/t Au gold anomaly that extends 370 m long and 35 to 100 m wide. Additional auger sampling will be completed on the Monte Carmelo Main Zone area as well as in the Los Chontalenos garnet skarn to the east where local samples with gold anomalies are reported from previous sampling.
The close-spaced auger samples (rock-soils) were collected every 5 to 20 m along lines designed to test the consistency of the gold anomaly and to identify control to gold mineralization. Recent sampling has outlined zones of magnetite skarn with massive, semi-massive, bands (lamina) of magnetite-specularite in irregular NW-trending bodies that alternate with zones of garnet skarn. In general the zone of massive magnetite are found embedded in the garnet unit and are frequently intercalated with lamina and thin layers of garnet and lixiviated sulphides (boxworks) with hematite and limonite. A trend showing increasing massive pure magnetite in the direction of the contact with intrusive towards the north can be observed.
Source: http://www.calibremining.com/