Calibre Mining Corp.
TSX VENTURE : CXB

Calibre Mining Corp.

July 20, 2015 09:00 ET

Calibre Drilling Intersects 19.2 Metres Grading 223.4 g/t Silver and 9.44 Metres Grading 488.6 g/t Silver on the Blag Gold-Silver Vein System, Eastern Borosi Project, Nicaragua

VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 20, 2015) - Calibre Mining Corp. (TSX VENTURE:CXB) (the "Company" or "Calibre") is pleased to announce the fourth set of results from the 2015 drilling program on the Eastern Borosi gold-silver project (the "Project") which is being financed under an option agreement with IAMGOLD Corporation ("IAMGOLD").

Highlights

  • Diamond drilling of the Blag Gold-Silver Vein System has further extended the defined mineralization on three targets including; Main Blag Structure, the East Dome, and the Santos Trend

  • Drilling on the Main Blag Structure has intersected 5.37 metres grading 2.99 g/t gold and 31.6 g/t silver

  • Drilling on the East Dome has intersected 19.16 metres grading 223.4 g/t silver and 1.11 g/t gold as well as 9.44 metres grading 488.6 g/t silver and 0.69 g/t gold

  • Each of the first four holes on the Santos Trend intersected gold mineralization including; 4.68 metres grading 7.84 g/t gold and 5.65 metres grading 2.18 g/t gold

  • Drilling in 2015 has totalled 41 diamond drill holes for a total of 5,917.05 metres

President and CEO, Greg Smith stated: "These latest results have now identified three gold-silver mineralized structures at the Blag Gold-Silver System. The new style of mineralization at the East Dome includes some excellent widths reaching up to 19 metres and some of the highest silver grades intercepted to date. The gold-silver mineralization in each of the three structures is open to depth and along strike. Previous work including LIDAR and detailed soil sampling and trenching has also identified at least 25 additional targets in the Blag area."

Recent Drill Highlights from Eastern Borosi Gold-Silver Project

Hole ID Zone From m To m Length (m) Au g/t Ag g/t
BL15-015 Blag Main 239.27 244.64 5.37 2.99 31.6
BL15-017 East Dome 120.50 139.66 19.16 1.11 223.4
BL15-018 East Dome 91.44 100.88 9.44 0.69 488.6
including 98.00 100.88 2.88 2.13 1432.0
BL15-021 Santos Trend 74.00 79.65 5.65 2.18 3.0
BL15-023 Santos Trend 60.96 65.64 4.68 7.84 6.0
Notes; - Intervals are core lengths / true width are estimated to be 70-80% of lengths
- Length weighted averages from uncut assays.
- See Table attached to the News Release for complete results.

The Main Blag Structure was tested by four holes (BL15-013, BL15-014, BL15-015, and BL15-019). Two holes #13 and #19 failed to reach the target structure. Drill Holes #13 and #14 extended the Blag Main Structure to depth. Results include 5.37 metres grading 2.99 g/t gold and 31.6 g/t silver (BL15-015).

The East Dome Structure is located 500 metres to the east of the Main Blag area. Three drill holes (BL15-016, BL15-017, and BL15-018) were completed with each of the three holes intersecting the mineralized structure. The structure has been tested over 100 metres of strike and to a depth of 100 metres. Drilling on the East Dome has intersected 19.16 metres grading 223.4 g/t silver and 1.11 g/t gold (BL15-017) as well as 9.44 metres grading and 488.6 g/t silver and 0.69 g/t gold (BL15-018). Mineralization at the East Dome differs from the Blag main Structure and is characterized by a competent quartz vein breccia unit with no major faulting. The matrix is composed of 60-70%, silica and hematite with sub-angular, grey quartz and minor andesite clasts (30-40%). Nodules of pyrite, galena and chalcopyrite were observed up to 2.0%. The East Dome Structure includes sections of extremely high grade silver including 2.88 metres grading 1,432.0 g/t Ag (BL15-018 between 98.00 and 100.88 metres).

The Santos Trend Structure is located 1000 metres to the west of the Main Blag area. Four drill holes (BL15-020, BL15-021, BL15-022 and BL15-023) were completed with each of the four holes intersecting the mineralized structure consisting of quartz-carbonate vein breccias. Two holes (BL15-020 and BL15-022) also interested secondary sub-parallel structures. The north-northwest trending Santos Trend Structure was been intercepted over a distance of 575 metres and to a vertical depth of 75 metres (BL15-020). The dip of the structure is consistent along trend between 70-78 degrees to the west. Drilling on the Santos Trend has intersected 4.68 metres grading 7.84 g/t gold (BL15-023) and 5.65 metres grading 2.18 g/t gold (BL15-021).

The 2015 program approved by partner IAMGOLD began on February 4th with an approved budget of $1.5 million. Exploration designed to advance a number of additional surface targets continues on the Project.

Low sulphidation epithermal gold-silver mineralization intersected in the Project gold-silver vein systems are hosted within porphyritic andesite and consists of structurally controlled, high energy quartz-carbonate vein breccias, vein-stockworks and discrete smokey quartz veins containing fine grained sulphide minerals.

Calibre and IAMGOLD entered into an option agreement dated May 26, 2014 whereby IAMGOLD can earn a 51% interest in the Project consisting of 176 km2 within the Borosi Concessions, Northeast Nicaragua, by incurring US$5 million in exploration expenditures and making US$450,000 in payments to Calibre by May 26, 2017, the first anniversary US $150,000 payment having been made in May 2015. The total potential investment by IAMGOLD to earn a 70% interest in the Project is US$10.9 million. The Project hosts gold-silver resources in two deposits and a series of well-defined low sulphidation epithermal gold-silver targets.

Calibre is committed to best practice standards for all exploration, sampling and drilling activities. Drilling was 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.

About Calibre Mining Corp.

Calibre controls a 100% interest in 253 km2 of mineral concessions in the Mining Triangle of Northeast Nicaragua. Additionally the Company has an option agreement with IAMGOLD covering 176 km2 of concessions, joint venture exploration programs underway with B2Gold Corp. on 322.3 km2 of concessions which includes the Primavera gold-copper porphyry discovery and the Minnesota Gold Zone, 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., Pierre Lassonde and Management.

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.

Cautionary Note Regarding Forward Looking Statements

This news release contains certain forward-looking statements, Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or does not expect", "is expected", anticipates" or "does not anticipate" "plans", "estimates" or "intends" or stating that certain actions, events or results " may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be "forward-looking statements". Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to materially differ from those reflected in the forward-looking statements.

Safe Harbor Statement under the United States Private Securities Litigation Reform Act of 1995: Except for the statements of historical fact contained herein, the information presented constitutes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements including but not limited to those with respect to the price of gold, potential mineralization, reserve and resource determination, exploration results, and future plans and objectives of the Company involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of Atlas to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

Recent Drill Results from Eastern Borosi Gold-Silver Project

Hole ID Zone From m To m Length (m) Au g/t Ag g/t
BL15-013 Blag Main Hole Lost
BL15-014 Blag Main 202.25 203.23 0.98 1.66 3.8
244.34 245.74 1.40 0.38 6.3
249.92 251.00 1.08 0.38 1.4
258.73 260.17 1.44 0.30 40.5
BL15-015 Blag Main 233.94 244.64 10.70 1.54 19.3
including 239.27 244.64 5.37 2.99 31.6
including 243.02 244.64 1.62 6.74 52.1
BL15-016 East Dome 81.50 82.30 0.80 0.11 125.0
BL15-017 East Dome 101.30 111.70 10.40 0.02 19.4
And 120.50 139.66 19.16 1.11 223.4
including 126.27 138.04 11.77 1.80 346.3
BL15-018 East Dome 91.44 100.88 9.44 0.69 488.6
including 98.00 100.88 2.88 2.13 1432.0
BL15-019 Blag Main Hole did not reach target
BL15-020 Santos Trend 49.68 55.00 5.32 0.43 7.0
including 49.68 50.88 1.20 1.25 16.9
And 59.93 60.75 0.82 0.46 5.1
And 93.26 94.05 0.79 0.67 4.1
BL15-021 Santos Trend 74.00 79.65 5.65 2.18 3.0
including 76.00 79.65 3.65 3.24 4.0
including 79.10 79.65 0.55 12.70 14.2
BL15-022 Santos Trend 50.00 52.50 2.50 0.23 1.3
And 62.48 69.50 7.02 0.15 1.5
including 68.12 69.50 1.38 0.33 1.4
BL15-023 Santos Trend 60.96 67.40 6.44 5.74 4.8
including 60.96 65.64 4.68 7.84 6.0
including 62.10 64.01 1.91 11.96 8.5
Notes; - Intervals are core lengths / true width are estimated to be 70-80% of lengths
- Length weighted averages from uncut assays.

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