Calibre Mining Corp.
TSX VENTURE : CXB

Calibre Mining Corp.

September 22, 2015 09:00 ET

Calibre Mining Announces Further Results From Phase I Diamond Drilling Program Including 12.97 Metres Grading 2.60 g/t Au on 100% Owned Montes de Oro Gold Project, Siuna District, Nicaragua

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 22, 2015) - Calibre Mining Corp. (TSX VENTURE:CXB) (the "Company" or "Calibre") is pleased to announce results for the remaining seven holes of the eleven drill hole 2015 Diamond Drilling Program on the Company's 100% owned Montes de Oro Gold Project, Siuna District, Nicaragua.

Highlights

  • New drilling results include: 12.97 metres grading 2.60 g/t Au (including 4.58 metres grading 6.47 g/t Au) in drill hole MD15-010.
  • The Phase I 2015 drilling program at Montes de Oro consisted of 2693 metres in eleven drill holes.
  • The 2015 drill program tested an area 300 metres wide and 600 metres long. Gold mineralization is associated with an increase in overall sulphides and vein density related to a series of intrusions which have cut the reactive volcanic and sedimentary rocks.
  • Results include;
Hole ID From m To m Length (m) Au g/t
MD15-007* 69.04 106.75 37.71 1.194
Incl* 86.70 98.83 12.13 2.420
MD15-010 160.88 173.85 12.97 2.596
incl 166.22 170.80 4.58 6.472
MD15-003* 30.00 48.80 18.80 0.967
Incl* 35.94 38.51 2.57 5.710
MD15-001* 68.62 137.25 68.63 0.255
MD15-009 176.90 250.10 73.20 0.234
MD15-002* 189.53 191.25 1.72 8.199
MD15-009 74.92 95.54 20.62 0.543
incl 74.92 86.00 11.08 0.839
MD15-010 126.94 131.15 4.21 2.200
incl 126.94 129.42 2.48 3.630
MD15-009 216.55 235.90 19.35 0.439
MD15-004 27.45 44.10 16.65 0.478
Notes; - Intervals are core lengths / true width are estimated to be 80-90% of lengths
- Length weighted averages from uncut assays.
- * previously released

President and CEO, Greg Smith stated: "Results from the 2015 drilling program at Montes de Oro have outlined a broad zone of gold mineralization locally containing high grade gold associated with zones of massive sulphide mineralization as well as wide zones of disseminated sulphide mineralization. Additional work is required to further define controls on the higher grade gold zones."

The Montes de Oro Project is located in the northern Siuna District in the south-west portion of the Borosi Concessions. The La Luz Project, recently optioned to Centerra gold is located three kilometres to the south and contains the past producing La Luz Mine that produced 17.1 million tonnes of ore grading 4.14 g/t gold (2.3 million ozs gold). Approximately one kilometre south of the La Luz Mine, Calibre has defined an NI 43-101 Inferred Mineral Resource, at the Cerro Aeropuerto gold-silver deposit at a 0.6 g/t AuEq cutoff of 6.0 million tonnes grading 3.64 g/t gold and 16.16 g/t Ag containing 707,750 ozs gold and 3.1 million ozs silver (see Calibre News Release dated February 28, 2011).

Drilling at Montes de Oro has intersected wide spread gold and associated base metal mineralization. In general, very broad low grade gold mineralization containing zones of higher gold grades is characteristic of the mineralized intervals discovered to date.

Higher gold grades were returned from massive sulphide zones notably in drill hole MD15-007 which includes 12.13 metres grading 2.42 g/t Au. Drill hole MD15-010 located 300 metres north of MD15-007 intersected 12.97 metres grading 2.60 g/t Au from what is interpreted to be the same structure. Drill hole MD15-001 located 150 metres south of MD15-007 also intersected the upper structure returning 3.05 metres grading 1.61 g/t Au.

Several drill holes intersected a series of mineralized structures notably drill hole MD15-009 which intersected; 20.6m grading 0.54 g/t Au (74.92 - 95.54m), 73.2m grading 0.23 g/t Au (176.9 - 250.1m), and 19.35m grading 0.44 g/t Au (216.55 - 235.9m).

Three drill holes tested the lower structure over a strike length of 300 metres and returned; 18.8 metres grading 0.97 g/t Au (MD15-003), 19.4 metres grading 0.44 g/t Au (MD15-009) and 16.7 metres grading 0.48 g/t Au (MD15-005).

The wider zones of higher grade gold mineralization at Montes de Oro are related to massive sulphide (pyrrhotite and pyrite, sphalerite, chalcopyrite with lesser arsenopyrite and traces of galena) intervals located near the upper and lower contacts between the multi-phase diorite/andesite porphyry intrusive body and the host interbedded calcareous sedimentary-volcanic package. This massive sulphide mineralization appears flat-lying along section and has an inferred gentle north-northwest dip.

Shorter and/or discrete intervals of high grade gold mineralization found apart from the massive sulphide zones are related to centimetre scale polymetallic quartz veins containing a combination of sphalerite, galena, chalcopyrite, pyrrhotite and pyrite. These veins have been observed within mineralized hydrothermal breccia zones in the northern holes. This style of mineralization is common at Montes de Oro and is present in the majority of the holes.

Longer intervals of lower grade gold mineralization are associated with medium grained disseminated to blebby pyrrhotite and pyrite and minor quartz veining. These lower grade zones are found primarily in the relatively porous volcanic breccia and andesite tuff units located at depth where fluids have penetrated further into the host package. Holes MD15-009 and MD15-005 contain the best examples of this style of mineralization.

Updated maps detailing the current exploration programs will be posted on the Company's web site at www.Calibremining.com.

Calibre is committed to best practice standards for all exploration, sampling and trenching activities. 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 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 over 500 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, an option agreement with Centerra Gold on 12 km2, joint venture exploration programs underway with B2Gold Corp. on 208 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 Rosita Mining Corporation. 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.

Hole ID From
m
To
m
Length
(m)
Au
g/t
Ag
g/t
Cu_ppm Pb_ppm Zn_ppm
MD15-001 29.00 35.08 6.08 0.115 0.86 39 282 497
68.62 137.25 68.63 0.255 1.78 136 127 652
including 68.62 71.67 3.05 1.606 23.48 909 2,036 5,892
and 103.70 109.80 6.10 0.598 3.53 229 162 863
149.15 150.00 0.85 2.859 38.20 660 7,798 67,100
161.65 192.15 30.50 0.145 0.22 97 7 112
202.82 231.80 28.98 0.272 0.67 145 40 1,049
including 223.00 223.78 0.78 5.700 10.30 619 639 16,400
MD15-002 27.45 28.97 1.52 0.606 0.40 128 2 39
89.00 90.00 1.00 1.558 5.90 288 663 3,822
97.60 118.70 21.10 0.189 0.66 70 37 677
143.35 157.07 13.72 0.227 0.72 85 76 170
189.53 191.25 1.72 8.199 42.49 365 13,380 12,030
MD15-003 30.00 48.80 18.80 0.967 1.34 262 11 178
including 35.94 38.51 2.57 5.710 5.85 1,032 16 228
100.30 101.86 1.56 0.444 0.70 214 2 81
MD15-004 7.00 12.20 5.20 0.536 6.10 1,098 271 2,292
27.45 44.10 16.65 0.478 5.23 582 294 2,412
68.62 93.02 24.40 0.281 1.93 234 260 1,614
MD15-005 77.77 111.32 33.55 0.175 1.22 220 21 313
216.55 247.05 30.50 0.101 0.24 106 8 261
MD15-006 18.30 21.35 3.05 0.297 1.99 654 194 1,308
32.75 41.17 8.42 0.273 1.42 607 21 2,193
150.97 157.07 6.10 0.327 1.06 126 8 766
172.32 175.37 3.05 0.738 1.08 177 27 599
MD15-007 4.75 12.20 7.45 0.405 3.13 240 107 1,913
19.60 25.92 6.32 0.301 1.79 71 119 1,825
69.04 106.75 37.71 1.194 6.44 663 394 4,069
including 86.70 98.83 12.13 2.420 15.18 1,776 182 7,487
and 86.70 94.02 7.32 3.843 17.78 1,997 183 910
MD15-008 89.75 101.70 11.95 0.231 1.31 281 45 582
215.02 216.55 1.53 0.974 1.60 271 119 3,911
MD15-009 74.92 95.54 20.62 0.543 0.75 197 36 601
including 74.92 79.00 4.08 1.379 1.58 399 29 1,322
176.90 270.72 93.82 0.205 0.67 185 25 972
including 216.55 235.90 19.35 0.439 1.39 231 47 2,370
305.00 338.55 33.55 0.387 0.81 151 13 1,118
including 317.00 318.72 1.72 3.632 6.50 397 17 5,191
and 335.35 336.35 1.00 3.624 4.80 414 38 1,329
MD15-010 126.94 131.15 4.21 2.200 4.43 467 201 2,261
including 126.94 129.42 2.48 3.630 5.29 460 216 2,635
160.88 173.85 12.97 2.596 1.50 303 45 6,046
including 166.22 170.80 4.58 6.472 1.28 203 35 2,156
MD15-011 81.00 93.19 12.19 0.221 0.45 72 48 401
171.00 183.00 12.00 0.253 2.28 203 58 988

Contact Information