The phase II diamond drilling program at Primavera has been successful in expanding the main zone through large step-out drilling. Additional drill holes investigated skarn-hornfels mineralization at Copper Hill, the intervening covered area between Primavera and Copper Hill, a northeast trending epithermal vein system located southeast of Primavera, and several additional targets identified during the extensive soil geochemical and geophysical surveys completed during the year. Phase II step-out drilling included drill holes that were targeting surface geochemical/geophysical anomalies that are located up to 1.5 km from the main Primavera zone.
In the main Primavera zone, drilling tested the along strike (northeast and southwest) continuity and depth of higher grade mineralization intersecting thick intervals of porphyry style mineralization to depths of 250m and over an area approximately 250m x 350m. Major north-northeast and west-northwest oriented faults control and displace the gold-copper mineralization in the main zone at Primavera. Drilling across these structures has intersected porphyry style mineralization but has not yet located the offset portion of the higher grade main zone. Drill hole PR-12-024, located northeast of the main zone, intersected porphyry style mineralization similar to the main zone when it passed north through a west-northwest oriented fault, suggesting that the offset portion may lie further to the north. Drilling during 2013 will be focussed on both locating new zones of good grade gold-copper porphyry mineralization as well as the offset portion of the high grade main Primavera system.
In outlying areas of Copper Hill, several drill holes intersected low grade gold and copper mineralization within skarn and hornfels horizons, suggesting widespread intrusive activity throughout the area that has potential to host additional significant mineralized zones. Of the numerous coincident soil geochemical and geophysical anomalies defined during the year, only one target, located 1.5km southeast of the main zone, has been drill tested and encountered anomalous copper mineralization (PR-12-028). Several sulphide-rich quartz veins and breccias mapped at surface in other parts of the Primavera region appear similar to veins encountered during drilling in the faults that cut the main zone.
The Primavera Gold - Copper Porphyry Project is within the joint venture with B2Gold Corp., the largest gold producer in Nicaragua - B2Gold is the project operator. B2Gold has earned a 51% interest in the Primavera project as well as an additional 322 km2 of joint venture mineral concessions by spending $8.0 million on exploration since 2010. Discussions regarding finalizing a formal Joint Venture Agreement with B2Gold are currently underway. In addition to the joint venture with B2Gold, Calibre Mining controls a 100% interest in 463 km2 of mineral concessions in the Mining Triangle of northeast Nicaragua and also has a partnership with Alder Resources Ltd. on the Rosita gold-copper-silver project.
Quality assurance and quality control procedures include the systematic insertion of blanks, standards and duplicates into the rock sample strings. Samples are placed in sealed bags and shipped directly to Inspectorate Labs in Managua, Nicaragua for sample preparation. Samples are assayed for gold and ICP multi-element analysis at Inspectorate's Vancouver facility.
Mr. Gregory Smith, P.Geo, the President and CEO of the Company, is the Qualified Person as defined by NI 43-101, and is responsible for the accuracy of the technical data and information contained in this news release.
About Calibre Mining Corp.
Calibre Mining Corp. is a TSX Venture Exchange listed company (TSX VENTURE: CXB) that is focused on the acquisition, exploration and development of gold and silver deposits in Central America. The Company is focused on its 100% owned Riscos de Oro gold-silver deposit, the drilling program at the Primavera gold-copper project in conjunction with B2Gold Corp. and the drilling program on the Rosita copper-gold-silver project in conjunction with Alder Resources Ltd. Major shareholders of Calibre include gold producer B2Gold and investment fund Sun Valley Gold.
Calibre Mining Corp.
Greg Smith, P.Geo., President and CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Calibre Mining Corp.
604 681 9944
Most Popular Stories
- European Car Sales up First Time in 20 Months
- Kanye West 'SNL Speech' Renounces Celebrity Status
- Entrepreneurs Chase Social Media
- Financial Times Twitter, Email Hacked
- Apple's iPhones, iPads Approved for Military Use, Sir Yes Sir!
- RFD-TV launches on Charter Cable
- 'Star Trek Into Darkness': The Return of Khan?
- Manila's Hollywood Week
- Jolie Mastectomy Raises Legal Questions
- Ullman Says Penney Turnaround Will Take Time