Calibre Mining and Centerra Gold drill Nicaragua gold

Calibre Mining Corp. [CXB-TSXV] and Centerra Gold Inc. {CG-TSX] continue to advance the La Luz Project, Borosi Concessions, northeast Nicaragua. Centerra can earn a 70% interest in the La Luz Project by investing $7 million in exploration by December 31, 2019.
The 2015/2016 diamond drilling program at Cerro Aeropuerto, funded by Centerra, included 1421 metres completed in 5 drill holes. Results for the remaining holes include CA15-022 which returned a weighted average of 53.7 metres grading 10.47 g/t gold including 2.7 metres grading 120.58 g/t gold (uncut).

Extensive exploration continues to further define the three high priority targets outlined to date including the 3.8 km long Cerro Coyol – El Tiburon gold trend.

In-fill soil sampling was completed in March 2016 with results pending and during Q1 2016 a total of 137 line kilometer of ground magnetics and 25 line-km of induced polarization geophysical surveying was completed testing all three gold trends.

Current fieldwork is concentrating on an extensive trenching program testing geological, geochemical, and geophysical anomalies generated by the Calibre/Centerra exploration with a goal of prioritizing drill targets for additional diamond drilling in 2016

Calibre Mining President and CEO, Greg Smith, stated, “This new high-grade intercept at Cerro Aeropuerto together with the previously released intercept of 71.05 metres grading 2.89 g/t gold highlights the potential for additional discoveries within the historic portion of the La Luz Project. Our continued success on the three newly-defined gold trends further emphasizes the up-side potential we see for the Project. The systematic exploration to date and the on-going trenching program will generate high quality drilling targets which we believe give the best opportunity for discovery with additional drilling planned in 2016.”

View of Cerro Potosi and the historic La Luz Mine

View of Cerro Potosi and the historic La Luz Mine

2015/2016 Diamond Drilling

The recently completed drilling program consisted of 1421 metres in five drill holes on the Cerro Aeropuerto Deposit. Drilling is designed to test the continuity and orientation of the previously identified primary gold-bearing structures. The drilling tested the mineralization over approximately 250 metres of strike length and between 175 and 275 metres below surface. Additional drilling on other targets has been budgeted for later in 2016.
New results have been received for the remaining three diamond drill holes completed at Cerro Aeropuerto during the current program and mineralized intervals:

 

Hole_ID Length (m) Au (g/t) from (m) to (m)
CA16-023 36.60 1.59 134.20 170.80
including 24.40 2.24 134.20 158.60
14.50 0.61 232.00 246.50
CA16-022 53.70 10.47 212.65 266.35
including 2.70 120.60 212.65 215.35
with 0.54 592.10 214.18 214.72
and 8.12 22.47 219.10 227.22
with 1.10 135.60 224.00 225.10
and 19.45 1.74 234.00 253.45
CA16-021 10.68 0.45 22.87 33.55
CA16-020* 71.05 2.89 190.45 261.50
including 26.03 6.39 211.97 238.00

 

Notes: Intervals are core lengths / true width are estimated to be 80-90% of lengths
Length weighted averages from uncut assays.
* previously released, see News Release dated February 11, 2016.

Geologic interpretation of drill holes to date has identified a gold-bearing hornblende diorite porphyry body bounded by shear zones containing serpentinized basic to ultrabasic rock and calcareous metasediments. The strongest mineralization is located near the serpentinite-diorite contacts where sulphide bearing quartz-carbonate veins and silicified hydrothermal breccias correlate well with high-grade gold values.

Q1 2016 Exploration

In addition to the historic trend highlighted by the La Luz Deposit and the Cerro Aeropuerto resource the results from the Project-wide La Luz soil grid shows two principal gold anomalous trends, the Cerro Coyol – El Tiburon Trend and the San Pablo Trend. The largest is the 3.8 km x 0.5 – 1.0 km northwest-southeast trending Cerro Coyol – El Tiburon trend which in addition to the multi-element soil anomaly contains several areas of artisanal workings as well as anomalous rock samples from float and bedrock, see News Release dated February 11, 2016.
Zonge Geophysics has completed 25 line-km of dipole-dipole induced polarization (D-D IP Survey) and 137 line-km of ground magnetic surveys. D-D IP Survey data for the Cerro El Coyol-Tiburon trend shows a number of chargeability and resistivity highs coincident with the gold anomalous soil samples. The D-D IP Survey data from the Cerro Aeropuerto and Cerro Potosi targets show a correlation between the gold zones and chargeability highs and “breaks” in resistivity where the contours are closely spaced (high rate of change).

On-Going Work Program

The current exploration and fieldwork is concentrated on an extensive trenching program targeting geological, geochemical, and geophysical anomalies generated by the work to date. The results of the trenching program will be used to prioritize drill targets which will be tested by additional drilling to be completed in 2016.

Filed in: Gold, Resources

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