Calibre Mining Corp. has announced the receipt of assay results for Trench PRTR11-011 excavated on the newly discovered Primavera gold-copper prospect on the Borosi Project in Northeast Nicaragua.
PRTR11-011 intersected continuous gold and copper mineralization over the entire excavated length of the trench and returned a weighted average grade of 0.63 g/t Au and 997 ppm Cu over 179.4 metres (588 feet) with the mineralization being open for expansion in all directions. Trench PRTR11-011 was excavated in a north-easterly direction and is located approximately 200 metres south of Trench PRTR11-005 that returned 1.53 g/t Au and 680 ppm Cu over 51.25 metres and 100 metres south of Trench PRTR11-010 that assayed 0.78 g/t Au and 980 ppm Cu over 107.0 metres. Three additional trenches have been completed on the Primavera gold-copper system with assay results pending. The six trenches have been excavated within an 850 metre by 300 metre gold and copper soil anomaly that remains open for expansion in a region that has very limited rock exposure and no documented previous exploration.
Mineralization in the trenches consists of stockwork veining in highly oxidized andesite and microdiorite. Sheeted and banded quartz-magnetite veins and veinlets have also been observed in multiple vein orientations. Textures and mineralization characteristics observed in the trenches are indicative of different zones within a gold porphyry system. B2Gold has approved an amended exploration program at the Primavera gold-copper project which includes: excavation of approximately 25 new pits for rock chip sampling of the gold-copper system over a 1.5 km by 1.0 km area, a 100 line km ground magnetics survey, additional soil sampling and drill road construction. Work on the amended exploration program has now begun.
The Primavera gold-copper prospect is subject to an option agreement with B2Gold Corp., whereby Calibre is acting as operator and B2Gold may earn up to a 51% interest in specific concessions within the Borosi area by funding CDN $8 million in expenditures by June 2014. Once the earn-in is complete, B2Gold may elect to carry an individual prospect within the concession area through to a Preliminary Feasibility Study for an additional 14% interest in the prospect.
Source: www.calibremining.com.