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2020-08-13

Calibre Acquires Remaining 70% Interest in the Eastern Borosi Gold-Silver Property From IAMGOLD; NI 43-101 Inferred Resources of 700,500 Ounces at 4.9 g/t Au as at May 11, 2018

VANCOUVER, British Columbia, Aug. 13, 2020 (GLOBE NEWSWIRE) -- Calibre Mining Corp. (“Calibre” or the “Company”)(TSX: CXB; OTCQX: CXBMF) is pleased to announce that the Company has agreed to acquire IAMGOLD Corporation’s (“IAMGOLD”) 70% interest in the Eastern Borosi Gold-Silver Property (the “Property” or “EBP”) located in northeastern Nicaragua (the “Transaction”).  On closing of the Transaction, Calibre will own a 100% interest in the Property that contains the high-grade Riscos de Oro, Guapinol and Vancouver low sulphidation, epithermal gold-silver deposits and multiple earlier stage exploration targets and emerging prospects.

Highlights:

  • The EBP hosts NI 43-101 Inferred Mineral Resources (prepared by Roscoe Postle Associates Inc. dated May 11, 2018) totaling 4.4 million tonnes averaging 4.93 g/t Au and 80 g/t Ag, containing 700,500 ounces of gold and 11.3 million ounces of silver, including the high-grade Guapinol resource totaling 0.6 million tonnes averaging 12.7 g/t Au and 12 g/t Ag containing 250,500 ounces of gold and 243,000 ounces of silver.     
     
  • Consideration for IAMGOLD’s 70% interest in the EBP includes (i) 2,253,961 common shares of Calibre (US$3 million), (ii) US$1 million in cash payable 12 months after the date of the acquisition agreement, and (iii) a 2.0% Net Smelter Return royalty (the “NSR Royalty”) on future production from the Property.
     
  • The EBP is located approximately 400 km by road from the Company’s Libertad Complex, which has surplus processing capacity of approximately 1.5 million tonnes per annum.

Drilling completed between 2016 and 2018 on four earlier stage satellite targets (separate from the NI 43-101 Mineral Resources noted above) intercepted high-grade gold-silver mineralization demonstrating further exploration upside.  Highlights of drill results reported previously (see Calibre news releases dated September 15, 2016, February 1, 2018 and December 18, 2018) include:

  • Cadillac Zone:  2.6 metres Estimated True Width (“ETW”) averaging 8.93 g/t Au and 57.4 g/t Ag between 65.6 and 69.7 metres down-hole in drill hole LS15-008;
     
  • San Cristobal Zone:  5.7 metres ETW averaging 10.92 g/t Au and 859.0 g/t Ag between 87.8 and 95.9 metres down-hole in drill hole SC18-002;
     
  • Veta Loca Zone:  5.4 metres ETW averaging 10.15 g/t Au and 6.9 g/t Ag between 88.8 and 94.3 metres down-hole in drill hole GP16-046; and
     
  • La Luna South Zone:  12.7 metres ETW averaging 5.75 g/t Au and 34.3 g/t Ag between 53.0 and 68.9 metres down-hole in drill hole LL18-012.

Russell Ball, Chief Executive Officer of Calibre stated: “With the acquisition of IAMGOLD’s interest in the Eastern Borosi Property, Calibre now controls 100% of a low-sulphidation, epithermal district that hosts numerous high-grade, gold-silver vein systems.  The vein systems hosting the current 700,500 ounces of inferred gold resources remain open to further expansion along with numerous undrilled targets.

As outlined earlier this week in the Libertad Complex PEA, we have significant surplus processing capacity at the Libertad Complex, and view the Eastern Borosi as the next potential ‘spoke’ in our ‘hub-and-spoke’ operating philosophy.  Technical studies to better understand how and when material from the Eastern Borosi could be processed at our Libertad Complex will commence early in the fourth quarter of this year.

Our joint-venture relationship with IAMGOLD has been outstanding and I wanted to thank them for their technical contributions and partnership over the last seven years.  We now welcome them as shareholders of the Company.”   

Details of the Transaction

The terms upon which Calibre will acquire 70% of the Property are as follows:

  • Shares:  Upon closing of the Transaction, Calibre will issue IAMGOLD 2,253,961 shares in the Company, representing US$3 million based on the 10-day VWAP calculation;
     
  • Cash: On the one-year anniversary of the transaction agreement, Calibre will pay IAMGOLD US$1 million in cash; and
     
  • NSR Royalty:  IAMGOLD will retain a 2.0% NSR Royalty on production from the Property with Calibre having the right to (i) purchase 1.0% of the NSR Royalty for US$2 million, and (ii) a right of first refusal on the remaining 1.0% NSR Royalty. 

Closing of the Transaction is subject to approval by the Toronto Stock Exchange and other customary conditions.

The Property

The Eastern Borosi Property consists of 176 km2 of mineral concessions within the Company’s larger concession holdings in the prolific “Golden Triangle” region of northeast Nicaragua. The Property hosts gold-silver resources in multiple vein systems that comprise part of a larger district of epithermal style, gold-silver mineralization. 

Mineral resources have been defined in six vein systems that are exposed along an eight-by-ten kilometre structural trend that remains open to the northeast and southwest.  Calibre intends to (i) evaluate the potential to expand known resources where the vein systems remain open along strike and at depth, (ii) identify and test new vein systems along the structural trend, and (iii) evaluate the opportunity to leverage the resource potential of the Property as part of the Company’s ‘hub-and-spoke’ operating philosophy.   A link to the deposit location plan map can be found at the bottom of this news release.

SUMMARY OF INFERRED MINERAL RESOURCES – AS OF MARCH 15, 2018
Eastern Borosi Project

CategoryMethod/TonnageGrade
Contained
Grade
Contained
 Vein(000’s)Au
Gold
Ag
Silver
   (g/t)
(ounces)
(g/t)
(ounces)
InferredUnderground          
 Blag740 3.01 71,500 117 2,776,000 
 East Dome513 2.23 37,000 219

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