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VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/29/13 -- Calibre Mining Corp. (TSX VENTURE: CXB) (the "Company" or "Calibre") is pleased to announce an exploration update and further drill results on the Primavera Gold -Copper Porphyry Joint Venture (the "Project"), Borosi Concessions, northeast Nicaragua.
Additionally, B2Gold Corp. ("B2Gold") and Calibre announce the following:
1. B2Gold has completed the necessary $8,000,000 in expenditures to earn a 51% interest in the Project; and2. An initial budget of $2.0 million has been approved for exploration and drilling at Primavera in 2013: The Phase I budget will fund 1,500 m of diamond drilling, geological and geophysical compilation and interpretation, geological mapping and trenching, and3. Discussions regarding finalizing a formal Joint Venture Agreement between B2Gold and Calibre are currently underway.
President and CEO, Greg Smith stated, "Calibre is extremely pleased that B2Gold has completed their earn-in to 51% at Primavera and the additional Borosi concessions within the B2Gold/Calibre Joint Venture. All exploration and drilling to date at Primavera continues to suggest that we have drill tested only a small portion of a much larger porphyry system. The up-coming 2013 program is designed to locate additional good grade gold-copper mineralization within this extensive new porphyry discovery."
B2Gold, Calibre's Joint Venture Partner and operator of the Primavera gold-copper Project has released the following details as part of B2Gold's annual exploration update dated January 29, 2013:
"Primavera Project, Nicaragua (B2Gold / Calibre Mining Corp. Joint Venture)
A phase II drilling program was completed in 2012 at the Primavera Gold and Copper Porphyry joint venture project in the productive Bonanza-Siuna-Rosita mining triangle in the North of Nicaragua. The phase II program totaled 9,475 metres of drilling for a total overall drilling program of 13,414 metres for 32 drill holes. The bulk of the phase II program was focused on the nearby soil geochemical anomalies at Copper Hill and a prominent structural target to the south of the main Primavera zone. In addition, two drill holes tested a prominent geophysical anomaly at Santa Juana, approximately 1.4 km south east of Primavera. Several drill holes south and west of the main Primavera zone show anomalous gold-copper values associated with porphyry style mineralization at depths exceeding 500 metres. Most importantly the drilling indicates that the porphyry system continues to the north beneath alluvial cover. A comprehensive geophysical program was completed during 2012, with both air magnetic and radiometric surveys flown over the claim area.
Highlights of the phase II program include drill hole PR-12-016 which confirmed shallow continuity of porphyry style mineralization on the west side of the main Primavera Zone with 201.35 metres of 0.77 g/t gold and 0.36% copper, including 57.85 metres of 1.08 gold and 0.49% copper. This indicates that copper grades may be increasing to the north and northwest. PR-12-024 and several other drill holes crossed two major post mineral faults to the west and north of the main Primavera Zone and intersected anomalous zones also associated with porphyry style mineralization. Mineralization extends to the two faults and further work, needs to be carried out to determine the degree of fault offset. Results from drill hole PR-12-024 indicate that the system continues to the north beneath alluvial cover. Hole 24 yielded several deep intervals including 17 metres of 0.39 g/t gold from 595 to 612 metres, 1.1 metres at 18.28 g/t gold, and 1.5 metres 11.95 g/t gold. These intervals were all associated with vein and stockwork mineralization in intrusion breccia and diorite although the high grades for gold are unusual. More drilling will be required in this area under the alluvium where the geophysical data indicate the presence of a large magnetic low.
---------------------------------------------------------------------------# DDH From To Interval Gold Copper--------------------------------------------------------------------------- (metres) (metres) (metres) (g/t) (%)---------------------------------------------------------------------------PR-12-016 0.00 201.35 201.35 0.77 0.36---------------------------------------------------------------------------Incl. 27.75 85.60 57.85 1.08 0.49---------------------------------------------------------------------------PR-12-023 0.00 455.80 455.80 0.20 0.12---------------------------------------------------------------------------PR-12-024 655.60 656.70 1.10 18.28 0.03--------------------------------------------------------------------------- 673.00 674.50 1.50 11.95 0.24---------------------------------------------------------------------------
