Calibre Mining and Centerra Gold Commence Diamond Drilling On New Gold Targets At Siuna Project

 

VANCOUVER - Calibre Mining Corp. reported that the Company and Centerra Gold Inc. have commenced diamond drilling on the Siuna Project, located in Northeast Nicaragua. Centerra can earn a 70% interest in the 253 km2 Project area by investing a total of $9.0 million in exploration on the property before December 31, 2020.

Highlights: Drilling has commenced on a 1,800 meter diamond drilling program which will test high priority gold targets recently discovered along the Cerro Coyol - El Tiburon Trend and west of Cerro Aeropuerto deposit; Soil sampling, geological mapping and trenching completed on the 3.8 kilometer long Cerro Coyol - El Tiburon Trend and in the Huracan area west of Cerro Aeropuerto has defined a number of high priority gold targets to be tested by the current diamond drill program; Exploration continues on the Northern Suina area where work is consisting of geological mapping, geochemical sampling, and geophysical surveys designed to further define a number of existing gold anomalies.

President and CEO, Greg Smith said, "The current drilling program will test a series of previously un-drilled, high priority gold targets which have been defined by geological mapping, soil sampling and trenching completed over the last year. These well-defined gold targets in a historic mining camp represent an excellent opportunity for discovery."

On the Siuna Project in addition to the historic trend highlighted by the La Luz Deposit (past production of 2.3 million ounces gold) and the Cerro Aeropuerto Inferred resource (707,000 ounces gold and 3.1 million ounces silver) the results from the La Luz soil grid also defined a second gold trend, the Cerro Coyol - El Tiburon Trend, which has been traced for 3.8 km. Within the Northern Siuna area existing gold targets include; Montes de Oro, Mina Victoria, Cerro Aza, and Roskilete, 

The La Luz 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 kilometer 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.