The final set of assays from Calibre Mining‘s (CXB-V) 2009-2010 drill program in northeastern Nicaragua include the highest-grade gold silver results intercepted so far at the junior’s Riscos de Oro epithermal project.
Drill hole 9 returned 2,810 grams silver per tonne and 17.85 grams gold per tonne over 0.95 metres within a larger interval of 8.53 metres grading 384.86 grams silver per tonne and 4.23 grams gold per tonne.
The mineralization is characterized by banded sulphosalts hosted within low sulphidation epithermal-banded quartz veins and quartz vein breccias.
The drill program at Riscos de Oro has expanded high-grade gold and silver low sulphidation epithermal mineralization to a depth of 200 metres below historic open pit and underground workings.
Robert Brown, Calibre’s president and chief executive, noted in a press release that an additional ore shoot “of potentially similar dimensions containing high-grade gold and silver has also been located 250 metres along strike from the primary workings.”
“This program has only tested a small strike extent of the mineralized vein system that has been identified to extend over 2 km on the Riscos concession and a further 4 km to the southwest onto adjacent concessions held by Calibre.”
Calibre has completed more than 5,100 metres of diamond drilling over a four-month period on three separate targets: Riscos de Oro, La Luna and Bambana.
The La Luna and Riscos de Oro projects fall within the Borosi Concessions in northeastern Nicaragua. (The Borosi Concessions are named for the three historical producing regions of Bonanza, Rosita and Siuna.)
Calibre’s concessions are subject to an option agreement under which B2Gold Corp. (BTO-T) can earn an initial 51% interest by completing $8 million in exploration over three years. (B2Gold Corp. is a Vancouver-based gold producer with two mines in Nicaragua and development and exploration assets in Nicaragua, Colombia and Costa Rica.)
Highlights from the drill results at Riscos de Oro include hole 1, which returned 5.8 metres of 2.44 grams gold and 292.6 grams silver; and drill hole 3, which returned 3.4 metres of 8.81 grams gold and 55.74 grams silver.
At La Luna, notable results from the drill program include hole 9, which returned 2.48 metres of 1.39 grams gold and 21.59 grams silver; hole 10 with 1.45 metres of 2.66 grams gold and 27.46 grams silver; and hole 11 cutting 1.55 metres of 2.98 grams gold and 2.67 grams silver.
At Bambana, hole one returned 2.5 metres of 28.15 grams silver and 1.05% copper; hole 2 returned 0.55 metres of 9.02 grams gold, 75.50 grams silver and 0.11% copper.
In mid-morning trading in Toronto the news sent Calibre’s shares up half a penny or 4% to 13¢ apiece. Over the last year the junior has traded in a range of 8.5¢ to 25.5¢. It has about 122 million shares outstanding with a market capitalization of about $15.8 million.
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