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Calibre shows grade at Amalia potential feeder pit

Calibre Mining has announced initial exploration drilling results from the La Libertad mine and Amalia exploration property in Nicaragua.
Calibre shows grade at Amalia potential feeder pit Calibre shows grade at Amalia potential feeder pit Calibre shows grade at Amalia potential feeder pit Calibre shows grade at Amalia potential feeder pit Calibre shows grade at Amalia potential feeder pit

La Libertad in Nicaragua

The programme, completed in the fourth quarter of 2019, tested four zones of prospective epithermal-style gold mineralisation.

Eight shallow drill holes for 1,181m were completed on two vein structures at Amalia—35km from La Libertad—with highlights included 7m grading 17.84 grams per tonne at Amalia.

"The Amalia property offers excellent potential for the discovery of additional mill feed for La Libertad. The Amalia property encompasses a large system of low-sulphidation, epithermal gold structures that has had very limited modern exploration and no previous drilling," said CEO Russell Ball.

The company drilled 3,429m in 27 holes targeting the Jabali and Esmeralda deposits and the Buenos Aires gold system which had not been previously drilled. Highlights includes 1.7m grading 10.66g/t at La Libertad.

The results will help focus the 2020 exploration programme at La Libertad and Amalia where 20,000m and 5,000m respectively are planned during the first half of 2020. Four drill rigs currently operating. Drilling will include first-pass drilling at La Libertad to test the resource expansion potential along the vein systems in the Jabali, Rosario and San Antonio areas. Reconnaissance drilling will also be undertaken at the untested Tranca and Nancite vein systems 500m south of Jabali.

Further exploration will also be undertaken at the El Limon mine and Pavon advanced stage exploration project this year.

Shares in Calibre Mining were trading at C89c on Tuesday, valuing the company at $292 million.