Calibre Mining Corp.

TSX VENTURE : CXB


Calibre Mining Corp.

January 23, 2014 09:15 ET

Trenching and Pitting on Calibre's 100% Owned Montes de Oro Project Extends Gold Mineralization 250 Metres to the North

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 23, 2014) - Calibre Mining Corp. (TSX VENTURE:CXB) (the "Company" or "Calibre") is pleased to provide an update on the Company's 100% owned Montes de Oro gold project within Calibre's Borosi Concessions located in the historic Mining Triangle District of northeast Nicaragua.

Highlights of Trenching and Pitting Program - Montes de Oro Gold Project

  • Montes de Oro Pit #26 samples returned: *
    • 1.0 metres @ 5.37 g/t Au and 16.7 g/t Ag
    • 1.0 metres @ 1.49 g/t Au and 9.2 g/t Ag
    • 2.0 metres @ 4.25 g/t Au and 13.3.0 g/t Ag
    • grab sample @ 14.5 g/t Au and 36.3.0 g/t Ag
  • Montes de Oro trench MTR13-029 returned 6.0 m grading 0.63 g/t Au*
    * Length weighted averages / all intervals open in both directions

President and CEO, Greg Smith stated: "Calibre's additional trenching and pitting programs at the Montes de Oro gold project has significantly extended the defined gold mineralization by 250 metres to the north and additional portions of the large 400 m by 650 metre gold in soil anomaly remain untested. We continue to outline a growing size to the Montes de Oro gold system complimenting the highly positive precious metal grades returned from the trenching program."

Recent work at Montes de Oro has focused on the northern extension of the main soil anomaly. Trench MTR13-029 and Pit #26 were excavated approximately 500 metres north of Trench MTR13-009 (52.3 m grading 7.1 g/t Au) and 250 metres north of previous trenching on the system. MTR13-029 returned anomalous gold, silver, copper and zinc hosted within argillic altered diorite and gossan. The diorite had minor quartz stockwork veining.

Table 1 - Trench and Pit Assay Results
Trench/Pit
ID
From
(m)
To
(m)
Interval
(m)
Au
(g/t)
Ag
(g/t)
Cu
(%)
Zn
(%)
MTR13-029 0.0 19.7 19.7 0.24 1.7 0.040 0.105
MTR13-029 5.0 11.0 6.0 0.63 3.6 0.067 0.136
MTR13-029 6.8 9.4 2.6 0.96 7.1 0.097 0.115
Pit #26 Grab 14.5 36.3 0.048 0.038
Pit #26 0.0 1.0 1.0 5.37 16.7 0.052 0.118
Pit #26 0.0 2.0 2.0 4.25 13.3 0.037 0.082

Trench MTR13-029 is interpreted to have intersected the alteration halo adjacent to the targeted gossan zone. Previous samples of gossanous block on surface in the area returned high grade gold values including; 7.87 g/t Au, 27.6 g/t Au, and 5.87 g/t Au with elevated Ag (to 7.40g/t Ag), copper (to 1067 ppm Cu), and zinc (to 3059 ppm Zn).

Montes de Oro Pit #26 was completed 150 metres southwest of Trench MTR13-029 and exposed silicified and argillic altered diorite with quartz veining and manganese oxide and hematite in fractures. Sampling returned highly anomalous gold values with four samples greater than 1.0 g/t Au; including a high of 14.5 g/t Au and three others returning 5.37 g/t Au, 4.25 g/t Au and 1.49 g/t Au (see Table 1). The pit is located along strike of the inferred NE-SW mineralized horizon (north zone) and the zone remains open. The next step would be to extend the pit through trenching with a goal of exposing the complete width of the mineralized structure.

The Siuna District is located in the south-west portion of the Borosi Concessions 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).

Montes de Oro is located 10 kilometres north of the La Luz Mine where Calibre has outlined a 400 metre by 650 metre gold in soil anomaly with trenching results to date including 52.3 metres grading 7.1 g/t gold, 27.5 metres grading 4.92 g/t gold and 19.3 metres grading 2.71 g/t gold (see Calibre News Release dated September 19, 2013 and November 20, 2013 for further details). At Montes de Oro, gold-skarn target trenching has defined two high-grade, sub-parallel gold mineralized zones: one 250 metres long and one 500 metres long. Both zones are open in all directions.

Updated maps detailing the result of the current exploration programs 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 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 multi element analyses. The technical content in this news release was prepared 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 and additionally, Calibre has joint venture exploration programs underway with B2Gold Corp. on 322.3 km2 of concessions which include the Primavera gold-copper porphyry discovery and Alder Resources Ltd. on the 33.6 km2 Rosita gold-copper-silver project. 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.

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