Multi-Rig Drill Programme Underway In Nicaragua
Calibre Mining Corp. (TSX: CXB) has commenced advancing the 100% owned Eastern Borosi Project (EBP) located in north-eastern Nicaragua.
During March Calibre initiated a diamond drilling programme to convert resources in three high-grade gold deposits from inferred to indicated classification and drill new, high priority gold-silver targets that have been outlined based on geochemical, geophysical and structural data.
President and CEO, Darren Hall, said this work is being done with the aim of advancing EBP to be the next high-grade ‘Mining Spoke’ as part of the Company’s “Hub-and-Spoke” operating strategy.
The 176 ksq. mEBP hosts NI 43-101 Inferred Mineral Resources containing 700,500 ounces of gold and 11.4 million ounces of silver among six epithermal vein style deposits with a combined 4.4 million tonnes averaging 4.93 g/t Au and 80 g/t Ag.
To date mineral resources have been defined in six vein systems that are exposed along an eight-by-ten kilometre structural corridor that remains open for resource expansion and discovery to the northeast and southwest;
The initial infill and geotechnical drilling programme currently being undertaken is focused on Guapinol, the adjacent Vancouver, and the Riscos de Oro deposits which contain combined inferred resources of 1.97 million tonnes averaging 8.15 g/t Au and 69 g/t Ag containing 515,000 ounces of gold and 4,371,000 ounces of silver.
Darren Hall, President & Chief Executive Officer of Calibre, stated:
“During 2020, we implemented our ‘Hub-and-Spoke’ operating strategy, which has exceeded expectations leading to a 30% increase in 2021 production guidance over 2020,” Mr Hall said.
“So far this year, we have delivered on commitments by expanding our ‘Hub-and-Spoke’ operation with the development of the new high-grade ‘Mining Spoke’ at Pavon Norte open pit.
“With the surplus capacity at our Libertad mill we are now turning our attention to EBP, which represents an excellent opportunity to develop another new high-grade ‘Mining Spoke’, delivering potential lower cost production increases and extending processing life at Libertad.”
The EBP property is located within the company’s larger concession holdings in the prolific “Golden Triangle” region of northeastern Nicaragua.
Following the consolidation of project ownership to a 100% basis in August 2020, the Company initiated a comprehensive evaluation of EBP’s overall exploration and development potential. The work was completed by members of Calibre’s in-house exploration and technical services teams working in collaboration with external exploration and mining consultants.
Key outcomes of the evaluation included firstly the recognition of the potential for further development of a high-grade open pit resource at the Guapinol and Vancouver deposits in combination with an underground resource at Riscos de Oro. A second outcome was the recognition of EBP’s significant potential for expansion of currently defined resources in combination with new discoveries on multiple other targets that have so far remained largely untested by exploration drilling.
The current drilling programme includes 22,000 metres of infill, geotechnical and metallurgical drilling to support technical studies to evaluate development options for Guapinol-Vancouver and Riscos de Oro. The company also plans to initiate a 7,500m exploration drilling programme beginning in Q3 to test the potential to expand resources at Guapinol-Vancouver and Riscos de Oro, as well as first pass testing of high priority gold-silver targets along the principal structural trends in the district.
During the past 11 years, a total of 40 kilometres of exploration and resource delineation drilling and two kilometres of surface trenching have been completed at EBP.
