Bay Street News

Calibre Mining and Centerra Gold Advance Exploration Programs on the Siuna Concessions, Nicaragua

Bay Street

VANCOUVER, BRITISH COLUMBIA–(Marketwired – March 23, 2017) – Calibre Mining Corp. (TSX VENTURE:CXB) (the “Company” or “Calibre”) is pleased announce the Company and Centerra Gold Inc. (“Centerra”) continue to advance exploration programs on the Siuna Gold-Copper Project (the “Project”), located in Northeast Nicaragua. Centerra can earn a 70% interest in the 253 km2 Project by investing a total of $9.0 million in exploration on the property before December 31, 2020.

Highlights

  • The 2017 Calibre-Centerra Exploration Program is underway with an approved budget of US $1.35 million.
  • Recent drilling on the Siuna Project in the Huracan area, south of the Cerro Aeropuerto Gold Deposit, has returned gold intercepts including: 1.52 m grading 48.8 g/t Au.
  • Newly discovered, low grade, porphyry-style gold-copper mineralization has been intersected in a number of drill holes with intercepts including: 189.6 m grading 0.22 g/t Au and 537 ppm Cu.
  • Exploration continues on the 241 square kilometer Northern Suina Project where results to date from soil sampling on a 400 m by 400 m grid have defined kilometer-scale gold anomalies that remain open for expansion. 2017 exploration is on-going consisting of wide-spaced soil and rock sampling on the Northern Siuna Gold Project, Induced Polarization and Ground Magnetic surveying of a series gold targets.
  • Additional diamond drilling is scheduled for H2 2017.

President and CEO, Greg Smith stated: “Surface exploration and drilling on the Siuna Project continues to advance a series of gold targets in a historic mining camp and analysis highlights the excellent opportunity to expand on the currently defined gold mineralization. Newly discovered, low-grade porphyry-style gold-copper mineralization intersected in drilling highlights the underexplored and prospective nature for further discoveries of the Siuna Project.”

Recent surface exploration and drilling has greatly enhanced the understanding of gold mineralization within the district. Conclusions include;

  • Gold mineralization is potentially related to intrusive systems as indicated by mineralized diorites intersected in diamond drilling.
  • Low grade Cu-Au “porphyry” style mineralization intersected in diamond drilling in volcanics and diorites is promising for locating greater density, higher grade quartz-sulphide-copper-molybdenum veinlets and stockwork style mineralization.

Using the above characteristics as a guideline, gold mineralization in the Siuna district can be grouped into at least two intrusive related trends (1) Huracan-Aeropuerto-La Luz trend and further north, (2) Mina Victoria-Montes de Oro trend. Deeper Dipole-Diploe Induced Polarization surveys are designed to strengthen the understanding of the main mineralized zones.

Recent exploration drilling on the Siuna Gold Project consisted of a total of 19 diamond drill holes (8 Huracan, 4 Coyol and 7 Tiburon) with a total meterage in 2016 of 4927 metres (2,439.8 m Huracan, 1,003.4 m Coyol and 1,483.8 m Tiburon). Results include;

Hole
ID		 From
m		 To
m		 Length
(m)		 Au
(g/t)		 Ag
(g/t)		 Cu
(ppm)		 Zn
(ppm)
HU16-031 9.15 10.67 1.52 48.80 43.9 171 228
HU16-031 and 32.08 173.35 141.27 0.19 0.6 663 286
HU16-031 incl 99.12 173.35 74.23 0.27 0.3 881 185
HU16-037 109.27 298.90 189.63 0.22 0.2 537 50
HU16-037 incl 126.00 154.35 28.35 0.40 0.3 830 46
HU16-042 260.77 501.73 240.96 0.15 0.3 348 72
HU16-042 incl 316.30 356.85 40.55 0.24 0.4 614 106
CY16-041 6.10 185.00 178.90 0.13 0.2 79 56
HU16-027 56.80 165.17 108.37 0.20 1.0 481 88
HU16-027 and 197.60 269.70 72.10 0.28 0.9 525 192
HU16-027 incl 197.60 225.70 28.10 0.41 0.9 717 204
CY16-040 115.90 172.50 56.60 0.18 0.3 63 307
TB16-032 91.00 131.02 40.02 0.21 2.1 114 4,312
TB16-032 incl 127.90 131.02 3.12 1.33 22.7 308 53,330
TB16-032 15.25 32.55 17.30 0.20 10.8 222 11,560
TB16-025 3.67 77.60 73.93 0.10 0.3 89 67
CY16-041 143.35 170.80 27.45 0.25 0.2 121 60
Notes: – Intervals are core lengths / true width are estimated to be 70-80% of lengths.
– Length weighted averages from uncut assays.

Drilling in the Huracan area located south of Cerro Aeropuerto was successful in intersecting both narrow high grade gold mineralization and wider porphyry-style gold mineralization. The highest grade intercept was in drill hole HU16-031 which intersected 1.52 metres grading 48.8 g/t Au. Several low grade porphyry-style gold zones including anomalous gold and copper are present in HU16-042, HU16-027, -031 and -037. The drill intercepts are located along a 1.3 km trend. HU16-042 includes 241.0m @ 0.15 g/t Au and 348 ppm Cu (260.8 – 501.7m). Porphyry-style mineralization within diorites includes quartz-pyrite-molybdenite-chalcopyrite veins, pyrite-tourmaline blebs/veinlets, and disseminated pyrite-chalcopyrite. Patchy and disseminated magnetite alteration and weak to moderate potassic alteration typical in gold-rich porphyry systems such as Calibre’s Primavera gold-copper deposit was prevalent in the lower half of the hole. The closest drill hole 300 metres to the south (HU16-037) intersected 189.63m grading 0.22 g/t Au and 537 ppm Cu (109.27 – 298.9m). The closet hole to the north (700 metres away – HU16-031) intersected 74.23 m grading 0.28 g/t Au and 881 ppm Cu (99.12 – 173.35 m). A further 500 metres north the gold mineralization in HU16-027 included two intercepts of 108.37m grading 0.20 g/t Au and 481 ppm Cu (56.8 – 165.17m) and 72.1m grading 0.28 g/t Au and 525 ppm Cu (197.6 – 269.7m). Located 200 metres west of the trend drill hole HU16-031 intersected 6.55m @ 0.61 g/t Au related to semi-massive sulphide similar to Cerro Aeropuerto deposit mineralization.

Drilling along the Cerro Coyol-Tiburon trend was directed at a series of gold and base metal soil anomalies, geophysical (magnetic and IP) anomalies, and anomalous gold and base metal rock samples and trenches. Results from the Cerro Coyol area include: CY16-040 with 56.6 m grading 0.18 g/t Au and 63 ppm Cu and CY16-041 with 178.9 m grading 0.13 g/t Au and 79 ppm Cu. Results from the Tiburon area, two kilometres south of Coyol, include TB16-032 with 17.3 m grading 0.20 g/t Au and 222 ppm Cu including 2.25 m grading 0.803 g/t Au and 546 ppm Cu also with 2.3% Pb and 7.4% Zn, and a second intercept of 3.12m @ 1.3 g/t Au and 308 ppm Cu with 0.82% Pb and 5.33% Zn.

On the Siuna Project potential exploration parameters for intrusion hosted (porphyry-style) mineralization include chalcopyrite / pyrite ratios, quartz-dominant vein density, magnetite alteration of the groundmass and proximity to shear zones.

Work during Q1 2017 has concentrated on a Project-wide sampling program designed to extend existing anomalous zones and define new anomalous trends. Work to date has included;

  • Exploration and sampling designed to cover the entire 241 sq. km Northern Siuna Area at 400 metre by 400 metre spacing. Sampling is 90% complete with 1,167 regional soil samples collected in 2017 and with results received to date for 50% of the samples collected. Results have outlined kilometre-scale anomalous areas which remain open.
  • Additionally a total of 982 detailed soils have been collected in areas of previously outlined anomalous results including Mina Victoria, Roskilete, and Montes de Oro. Results have extended the existing anomalies and in some cases have outlined additional gold anomalous zones.
  • Concurrent with the soil sampling a total of 254 grab rock samples have been collected.
  • Further work consisting of ground magnetic and dipole-diploe IP geophysical surveying is on-going.

The Siuna Project is located in the south-west portion of the Borosi Concessions and contains the past producing open pit and underground La Luz Mine that produced 17.1 million tonnes of ore grading 4.14 g/t gold (2.3 million ozs gold) as well as, one kilometre to the south, the NI43-101 compliant Inferred Resource at the Cerro Aeropuerto gold-silver deposit which hosts 707,750 ozs gold and 3.1 million ozs silver in 6.05M tonnes grading 3.64 g/t Au and 16.16 g/t Ag at a cut off of 0.6 g/t (see Calibre News Release dated February 28, 2011).

Notes:

  • Mineral Resources that are not mineral reserves do not have economic viability.
  • The quantity and grade of reported inferred resources in this estimation are uncertain in nature and there has been insufficient exploration to define these inferred resources as an indicated or measured mineral resource and it is uncertain if further exploration will result in upgrading them to an indicated or measured mineral resource category.
  • Resource Estimate for Cerro Aeropuerto detailed in Technical Report titled NI 43-101 Technical Report and Resource Estimation of the Cerro Aeropuerto and La Luna Deposits, Borosi Concessions, Nicaragua by Todd McCracken, dated April 11, 2011.

Within the Northern Siuna area existing gold targets include; Montes de Oro, Mina Victoria, Cerro Aza, and Roskilete.

The technical content in this news release was read and approved by Gregory Smith, P.Geo, President and CEO of the Company who is the Qualified Person as defined by NI 43-101.

Centerra Gold Option – La Luz Project

Calibre’s most recent mid-tier gold producer partner, Centerra Gold, can earn 70% in the 253 km2 (25,300 ha) Siuna Project by spending $9 million by December 31, 2020.

About Calibre Mining Corp.

Calibre owns a 100% interest in over 413 kilometres2 of mineral concessions in the Mining Triangle of Northeast Nicaragua including the Primavera Project, Santa Maria Project and Monte Carmelo Project. Additionally, the Company has optioned to IAMGOLD (176 km2) and Centerra Gold (253 km2) concessions covering an aggregate area of 429 kilometres2 and is party to a joint venture on the 33.6 kilometres2 Rosita D gold-copper-silver project with Rosita Mining Corporation. Major shareholders of Calibre include gold producer B2Gold Corp, Pierre Lassonde and Management.

Calibre Mining Corp.

Greg Smith, P.Geo., President and CEO

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Statements

This news release contains certain forward-looking statements, Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects” or does not expect”, “is expected”, anticipates” or “does not anticipate” “plans”, “estimates” or “intends” or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved) are not statements of historical fact and may be “forward-looking statements”. Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to materially differ from those reflected in the forward-looking statements.

Safe Harbor Statement under the United States Private Securities Litigation Reform Act of 1995: Except for the statements of historical fact contained herein, the information presented constitutes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements including but not limited to those with respect to the price of gold, potential mineralization, reserve and resource determination, exploration results, and future plans and objectives of the Company involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of Atlas to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

La Luz Project – Recent Drilling Results

Hole
ID		 From
m		 To
m		 Length
(m)		 Au
(g/t)		 Ag
(g/t)		 Cu
(ppm)		 Zn
(ppm)
HU16-024 27.56 69.25 41.69 0.14 0.8 703 91
including 65.57 69.25 3.68 0.75 0.6 1,683 79
117.20 158.00 40.80 0.16 0.4 476 120
161.85 178.42 16.57 0.17 2.5 19 350
TB16-025 3.67 77.60 73.93 0.10 0.3 89 67
including 39.65 77.60 37.95 0.14 0.4 256 83
with 51.85 77.60 25.75 0.13 0.5 338 101
83.10 105.65 22.55 0.11 0.4 346 123
TB16-026 66.00 150.97 84.97 0.08 0.2 314 80
115.00 149.00 34.00 0.12 0.3 434 85
HU16-027 56.80 165.17 108.37 0.20 1.0 481 88
including 87.65 165.17 77.52 0.25 1.1 542 92
197.60 269.70 72.10 0.28 0.9 525 192
including 197.60 225.70 28.10 0.41 0.9 717 204
and 252.00 269.70 17.70 0.30 1.1 778 264
TB16-028 16.00 30.50 14.50 0.07 0.3 87 55
127.00 141.50 14.50 0.11 0.3 72 160
171.50 195.00 23.50 0.07 0.2 76 138
HU16-029 NSV
TB16-030 25.60 42.70 17.10 0.07 0.3 81 99
61.90 62.53 0.63 1.40 1.0 76 129
HU16-031 9.15 12.20 3.05 24.86 25.0 107 147
including 9.15 10.67 1.52 48.80 43.9 171 228
32.08 173.35 141.27 0.20 0.6 663 286
including 99.12 173.35 74.23 0.28 0.3 881 185
TB16-032 15.25 32.55 17.30 0.20 10.8 222 11,560
including 30.30 32.55 2.25 0.80 50.1 546 74,300
49.83 52.88 3.05 0.12 6.9 151 10,320
91.00 131.02 40.02 0.21 2.1 114 4,312
including 127.90 131.02 3.12 1.33 22.7 308 53,330
HU16-033 94.55 101.10 6.55 0.61 1.1 33 291
including 96.07 97.00 0.93 3.14 1.1 20 140
111.85 112.85 1.00 1.59 19.6 4,460 2,070
TB16-034 126.00 127.72 1.72 0.03 37.7 81 6,321
131.55 132.38 0.83 0.71 77.8 147 2,417
172.00 176.90 4.90 0.07 2.3 57 659
231.80 234.85 3.05 0.09 13.3 44 2,038
239.60 240.70 1.10 0.60 40.8 75 3,225
HU16-035 39.40 47.27 7.87 0.14 1.1 216 460
59.47 74.72 15.25 0.10 0.3 42 148
128.60 170.80 42.20 0.04 0.2 44 283
TB16-036 52.30 76.00 23.70 0.06 0.2 172 177
153.00 168.20 15.20 0.07 0.2 232 119
173.60 192.15 18.55 0.17 0.2 325 90
218.90 224.17 5.27 1.05 0.2 151 54
218.90 220.00 1.10 4.70 0.2 36 27
HU16-037 109.27 298.90 189.63 0.22 0.2 537 50
126.00 154.35 28.35 0.40 0.3 830 46
CY16-038 111.95 149.80 37.85 0.15 0.2 136 183
217.40 238.37 20.97 0.06 0.2 86 75
CY16-039 186.05 250.10 64.05 0.10 1.1 500 102
CY16-040 115.90 172.50 56.60 0.18 0.3 63 307
including 136.35 152.50 16.15 0.10 0.6 42 783
CY16-041 6.10 185.00 178.90 0.13 0.2 79 56
41.17 56.42 15.25 0.27 0.2 79 38
143.35 170.80 27.45 0.25 0.2 121 60
HU16-042 260.77 501.73 240.96 0.15 0.3 348 72
316.30 356.85 40.55 0.24 0.4 614 106

To view the March 23, 2017 News Release Siuna Compilation Map, please click here: http://media3.marketwire.com/docs/CXB_%20Siuna_Mar2017_final.pdf

Calibre Mining Corp.
Ryan King
604 628-1012
www.calibremining.com