Calibre Mining president and CEO Greg Smith said: "The latest drilling on the Guapinol gold-silver vein system has extended the high grade gold and silver mineralization to vertical depth of 300 metres below surface on the Guapinol Vein.
The gold-silver mineralization continues to be open to depth with drill hole GP15-034, providing the deepest intercept on the structure to date, along with the highest gold grade of the 2014/2015 drilling programs."
Drill Holes GP15-033 to GP15-035 tested the Guapinol gold-silver vein to depth. Holes #34 and #35 each intersected multiple structures and results have extended the previously outlined high grade shoot to 300 metres.
Holes GP15-036 and GP15-037 tested depth extension of the Vancouver vein. High grade intercepts include; 1.39 metres grading 98.72 g/t gold and 49.1 g/t silver on the Guapinol Vein and 7.08 metres grading 6.26 g/t gold and 41.4 g/t silver on the Vancouver Vein.
Drill Holes RD15-041 and RD15-035 are step out holes on the Riscos de Oro Extension to depth and along strike. The deeper hole RD15-041 intersected the vein which returned 4.93 metres grading 0.59 g/t gold and 17.0 g/t silver including 0.48 metres grading 4.64 g/t gold and 48.7 g/t silver.
The drill program continues on the Project and additional drilling has been completed in the Blag Gold-Silver Vein System including on the Main Zone Vein, newly recognized East Dome Vein, and the Santos Trend Veins with assays pending.
The 2015 program approved by partner IAMGOLD began on February 4th and will consist of a minimum 5,500 metres of drilling with an approved budget of $1.5 million. Drilling continues on the Project and is currently testing the Santos Trend gold-silver zone.
Low sulphidation epithermal gold-silver mineralization intersected in the Project gold-silver vein systems are hosted within porphyritic andesite and consists of structurally controlled, high energy quartz-carbonate vein breccias, vein-stockworks and discrete smokey quartz veins containing fine grained sulphide minerals.
Calibre and IAMGOLD entered into an option agreement dated May 26, 2014 whereby IAMGOLD can earn a 51% interest in the Project consisting of 176 km2 within the Borosi Concessions, Northeast Nicaragua, by incurring US$5 million in exploration expenditures and making US$450,000 in payments to Calibre by May 26, 2017, the first anniversary US $150,000 payment having been made in May 2015.
The total potential investment by IAMGOLD to earn a 70% interest in the Project is US$10.9 million. The Project hosts gold-silver resources in two deposits and a series of well-defined low sulphidation epithermal gold-silver targets.
