Posted in | Gold | Discoveries

Calibre Reports Phase 1 Drilling Results from Monte Carmelo Gold Project

Calibre Mining Corp. announces results on the Company's 100% owned Monte Carmelo Gold Project located within the 876 km2 Borosi Concessions, Northeast Nicaragua.

Highlights

  • The maiden drilling program on the 100% owned Monte Carmelo Gold Skarn Project consisted of 8 holes for 2100 metres and is now completed.
  • All holes intersected skarn mineralization with variable anomalous in gold, silver, copper, and iron.
  • Results include; 29.5 m grading 0.58 g/t Au, 4.9 g/t Ag and 0.22 % Cu from surface including 10.5 metres grading 1.43 g/t Au and 7.5 g/t Ag and 0.32 % Cu (0 - 10.5m).
  • Additionally, the maiden drilling program on the 100% owned Santa Maria low sulphidation epithermal gold-silver project will commence in the near term.

President and CEO Greg Smith stated: "Calibre continues to aggressively advance the Company's 100% owned gold projects in the Borosi District. The Phase 1 drilling at Monte Carmelo tested one of several targets within the Project which hosts additional potential for high grade gold skarn mineralization. This initial eight hole drill program intersected the targeted gold-silver-copper-iron skarn mineralization but we have yet to find the source for the high grade gold samples from the surface and auger drilling work. The Monte Carmelo diamond drill rig has now been moved to the 100% owned Santa Maria gold-silver project to initiate a minimum 2,500 m drill program."

100% Owned Monte Carmelo Gold Skarn

The maiden drilling program at the 100% owned Monte Carmelo Gold Skarn Project consisting of eight diamond drill holes totalling 2100 metres has been completed and all assay results have been received. The drilling targeting high-grade gold skarn mineralization exposed on surface and tested by an extensive program of auger drilling.

All drill holes intersected skarn mineralization consisting of garnet and magnetite skarn developed in calcareous sediments, limestone, and intrusives. Mineralization consist of massive and veined zones with anomalous levels of gold and silver with variable copper associated with iron and lesser amounts of zinc, lead, and arsenic.

Drill hole MD17-006 intersected a broad iron rich zone from surface with 29.5 m grading 0.58 g/t Au, 4.9 g/t Ag and 0.22 % Cu from surface including 10.5 metres grading 1.43 g/t Au and 7.5 g/t Ag and 0.32 % Cu (0 - 10.5m).

Drill hole MD17-007 intersected a highly mineralized iron rich zone consisting of magnetite skarn averaging 0.28 g/t Au, 6.34 g/t Ag, 0.33 % Cu, and 0.20 % Zn over 14.5 metres (83.8 - 98.3 m). Additionally the hole intersected 0.36 g/t Au, 65.8 g/t Ag, and 3.51% Cu over 1.53 m (74.72 - 76.25m) and a third intercept from surface of 7.0m grading 0.45 g/t Au, 1.9 g/t Ag, and 0.11% Cu.

Diamond drill hole MD17-001 intersected 2.1 metres grading 0.36 g/t Au (36.6 - 38.7m) and a second intercept of 1.1m grading 0.16 g/t Au and 3.62 % Zn (127 - 128.1m). Drill hole MD17-002 intersected 2.0 metres grading 0.10 g/t Au and 0.48 % Cu (120.25 - 122.25m). MD17-003 intersected a narrow zone of weakly to moderately anomalous mineralization which included 331 ppm Mo (molybdenum) over 3.71 metres (110.66 - 114.37m). Drill hole MD17-004 intersected a near surface, broad mineralized zone with low grade gold and silver values grading 0.22 % Cu and 0.51 % Zn over 47.28 metres (7.62 - 54.9m). MD17-005 contains a narrow zone grading 1.19 g/t Au over 1.15 metres (50-45 - 51.6m). Drill hole MD17-008 intersected a near surface zone of 9.4 metres grading 0.15 g/t Au (0.0 - 9.4m) and a second intercept of 4.95m grading 0.14 g/t Au (63.05 - 68.0m).

Overall the intercepts define a variably mineralized flatly dipping zone consisting of broad anomalous zones with irregular higher grade structures related to the contact of two intrusive phases (granite and granodiorite) and the calcareous sediment and limestone host rocks.

100% Owned Santa Maria Gold-Silver Project

The maiden drilling program, consisting of a minimum of 2500 metres of diamond drilling, is expected to commence in the near term.

Calibre is committed to best practice standards for all exploration, sampling and drilling activities. Drilling is being completed by independent firm Kluane Drilling Ltd. Analytical quality assurance and quality control procedures include the systematic insertion of blanks, standards and duplicates into the sample strings. Samples are placed in sealed bags and shipped directly to Acme Labs (a Bureau Veritas Group Company) in Managua, Nicaragua for sample preparation and then to Acme Labs in Vancouver, Canada for 50 gram 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.

Source: http://www.calibremining.com/s/News.asp?ReportID=788387

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