VANCOUVER, British Columbia, Jan. 11, 2018 (GLOBE NEWSWIRE) -- Calibre Mining Corp. (CXB.V) (the “Company” or “Calibre”) is pleased to provide an update as the Company and Centerra Gold Inc. (CG.TO) (“Centerra”) continue to advance the Siuna Project, Borosi Concessions, Northeast Nicaragua.  Centerra can earn a 70% Interest in the Project by investing $7.0 million in exploration on the property before December 31, 2019.

Highlights

• Drilling at the Cerro Aeropuerto gold deposit in drill hole CA17-045 returned a weighted average of 77.78 metres grading 1.09 g/t Au with a second hole CA17-052 intersecting high-grade gold mineralization of 1.38 metres grading 54.80 g/t Au (uncut)
• The 2017 Diamond Drilling Program on the Cerro Aeropuerto Deposit funded by Centerra included 3,526 metres completed in 8 drill holes. 

• Additionally, Diamond drilling on the Siuna Project tested newly identified and defined gold anomalies associated with the 8 – 10 kilometre long El Dorado Trend located in the north central portion of the 253 square kilometre Project.   Final results are pending.

• Additional fieldwork consisting of IP surveying was completed in Q4 2017 on the northernmost target at El Avion

President and CEO, Greg Smith stated: “The 2017 drilling program at the Cerro Aeropuerto gold deposit continues to expand the mineralization intersecting both wide zones of gold mineralization and narrower high grade zones of up to 54.8 g/t Au over 1.38 metres.   The on-going exploration and drilling program on the Siuna Project continues to test exciting new targets in the El Dorado Trend portion of the northern Siuna Project and define new high-quality gold-copper targets at El Avion.”

Diamond Drilling" data-reactid="21">2017 Diamond Drilling

The recently completed drilling program at Cerro Aeropuerto consisted of 3,526 metres in eight drill holes.  Drilling tested the continuity and orientation of the previously identified primary gold-bearing structures as well as step outs to the south and down dip.  Results are detailed in the following table:

The 2017 Cerro Aeropuerto drilling tested the mineralization over approximately 400 metres of strike length and to depth of 350 metres below surface.

Drill holes CA17-043 and CA17-044 were drilled in the northern edge of the existing Cerro Aeropuerto deposit testing the along strike extension of the deeper portion of the system.  Intercepts included 4.83 metres grading 0.77 g/t Au in CA17-043 and 18.68 metres grading 0.21 g/t Au in CA17-044.

Drill holes CA17-045 and CA17-046 tested down dip portion of Cerro Aeropuerto under drill hole CA15-20 which intercepted 71.05m grading 2.89 g/t Au.  Intercepts included 77.78 metres grading 1.09 g/t Au, a second zone of 16.78m grading 1.09 g/t Au and a third zone of 4.57m grading 1.18 g/t Au in CA17-045 while CA17-046 intercepts include 53.50 metres grading 0.35 g/t Au and a second zone of 9.24m grading 1.13 g/t Au, 0.32% Cu and 0.23% Zn.

Drill holes CA17-047 and CA17-048 were drilled under the southern extension to the deposit testing the down dip extension of the system intercepted in CA16-047 which included 16.77m grading 0.39 g/t Au.  Intercepts included 4.83 metres grading 0.77 g/t Au in CA17-043 and 18.68 metres grading 0.21 g/t Au in CA17-048.

Drill holes CA17-052 and CA17-054 were drilled 50 and 250 metres respectively south of the Cerro Aeropuerto deposit.  Intercepts in CA17-052 include 16.77 metres grading 0.88 g/t Au, a second zone of 27.30m grading 0.39 g/t Au and a third zone 63.50m grading 0.34 g/t Au and 0.05 % Cu which included 6.67m grading 1.80 g/t Au and 0.10 % Cu and a lower intercept of 1.38 g/t Au, 12.6 g/t Ag, 0.02 % Cu and 2.21% Zn.  Intercepts in CA17-054 include a broad mineralized zone of 202.64 metres grading 0.25 g/t Au, including higher grade structures of 2.47 metres grading 1.59 g/t Au and 12.2 g/t Ag, 1.52 metres grading 2.79 g/t Au with 262.0 g/t Ag, 0.20 % Cu and 1.29 % Zn and 10.96 metres grading 0.58 g/t Au.

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. 

Q4 2017 Exploration

Diamond drills on the Siuna Project tested newly identified and defined gold anomalies associated with the 8 – 10 kilometre long El Dorado Trend located in the north central portion of the 253 square kilometre Project.   Assays are pending." data-reactid="32">In Q4 2017 two Diamond drills on the Siuna Project tested newly identified and defined gold anomalies associated with the 8 – 10 kilometre long El Dorado Trend located in the north central portion of the 253 square kilometre Project.   Assays are pending.

The third area of active exploration within the Siuna Project is the northernmost target at El Avion.  The zone is defined by a multi-element anomaly in soil and rock sampling which covers an area 2.5 kilometres by 3.0 kilometres.  Work completed in December 2017 included ground geophysics completed by Zonge Geophysics consisting of 49.6 line kilometres of Dipole-Dipole Induced Polarization (“D-D IP Survey”).