Calibre Mining Corp.
TSX VENTURE : CXB

Calibre Mining Corp.

May 07, 2014 09:00 ET

Calibre and B2Gold Trenching Returns 14.8 Metres Grading 1.85 g/t Gold at the Minnesota Gold Project, Borosi Concessions, Nicaragua

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 7, 2014) - Calibre Mining Corp. (TSX VENTURE:CXB) (the "Company" or "Calibre") is pleased to announce results from follow-up trenching and sampling at the Minnesota gold project within the B2Gold Corp. ("B2Gold") (TSX:BTO)(NYSE MKT:BTG) Joint Venture on the Borosi concessions, northeast Nicaragua. 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 over three years. The 2014 exploration program on the B2Gold joint venture is budgeted at $1.2 million.

Highlights

  • Trenching at the Minnesota gold project has intersected zones of continuous gold mineralization including: 14.80 metres grading 1.85 g/t Au (MINTR14-006) and 8.5 metres grading 1.22 g/t Au (MINTR14-001)

B2Gold has completed a series of trenches as well as gridded auger drilling designed to further define and extend the defined gold mineralization at Minnesota. The Minnesota target area consists of intrusive hosted veinlet's within a structurally prepared area with widespread alteration. The target is defined by a strong 1.75 km x 1.25 km gold in soil anomaly.

Table 1 - Trenching Results - Minnesota Gold Project

Trench ID From (m) To (m) Interval (m) Au (g/t)
MINTR14-001 0.00 14.55 14.55* 0.87
including 1.50 10.00 8.50 1.22
MINTR14-002 0.00 15.00 15.00* 0.41
including 4.60 15.00 10.40 0.47
and 14.00 15.00 1.00 1.07
MINTR14-003 0.00 6.00 6.00 0.21
MINTR14-004 NSR
MINTR14-005** 2.00 3.50 1.50 0.77
MINTR14-006 0.00 14.80 14.80* 1.85
5.00 14.80 9.80 2.42
Notes; * Represents entire length of trench - open ended in both directions
Length weighted averages from uncut assays.
**Trench MINTR14-005 results have been received for 4.7 m of a total length of 14.9 m

Trenches MINTR14-001 to MINTR14-005 are located 100 metres southwest of the previously reported channel samples which included the following intercepts: MINTR13-001; 7.5m grading 3.93 g/t Au (open), MINTR13-002; 9.2m grading 4.17 g/t Au (open), and MINTR13-003; 7.0m grading 1.45 g/t Au (open).

Trench MINTR14-006 is located 500 metres northeast of trenches MINTR14-001 to MINTR14-005 in the extension area currently being tested by auger drilling.

New results have also been received for a series of gridded auger holes which have been completed within and to the northeast of the existing surface anomaly. This work is designed to further define the nature and extent of the gold mineralization. Results have extended the gold mineralization a further 300 metres to the northeast. The new auger anomaly is approximately 125 metres wide with gold assays consistently above 100ppb Au. Trench MINTR14-006 is located within the extension anomaly and includes a composite of 9.80m grading 2.42 g/t Au. A total of 511 rock grid samples have been collected to date using a hand auger to drill down to the rock-saprolite boundary at depths down to 8.25 metres. Overall the anomalous trench and auger rock samples define an area of pervasive gold mineralization approximately 700 metres long and up to 125 metres wide with the target being open for expansion.

Updated maps detailing the result of the current exploration program at the Minnesota Gold/Copper Project will be posted on the Company's web site at www.calibremining.com.

Quality assurance and quality control procedures include the systematic insertion of blanks, standards and duplicates into the rock and soil sample strings. Samples are placed in sealed bags and shipped directly to Acme Labs in Managua, Nicaragua for sample preparation and then to Acme Labs in Vancouver, Canada for 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.

About Calibre Mining Corp.

Calibre controls a 100% interest in 429 km2 of mineral concessions. Additionally, Calibre has joint venture exploration programs underway with B2Gold Corp. on 322.3 km2 of concessions which includes the Primavera gold-copper porphyry discovery, and has optioned the 33.6 km2 Rosita gold-copper-silver project to Alder Resources Ltd. Major shareholders of Calibre include gold producer B2Gold Corp.

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.

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