5,500M Drilling Campaign Prioritising Prospective Near-Surface Copper and Copper-Gold Mineralisation
Calibre Mining Corp. (TSX: CXB) has announced the launch of the 2021 exploration programme at the Borosi Copper-Gold Project in Nicaragua.
The project is operated under an earn-in option agreement between Rio Tinto Exploration and Calibre. Calibre controls a 100% interest in the Borosi concessions located in the prolific Mining Triangle region of northeastern Nicaragua. Rio has the right to earn a 75% interest by spending US$45 million over eleven years in the project.
The Borosi exploration programme is being directed by RTX through a partnership agreement with Calibre as project operator.
- 667 sq. km land package strategically positioned over the historic Siuna and Rosita gold/copper mining camps
- Host to prospective copper and copper-gold porphyry and related skarn style mineralisation
- Over $20 million in exploration work completed by Calibre over the past 10 years
- Project includes Primavera copper-gold porphyry deposit discovered by Calibre in 2011
- Borosi is relatively under-explored for bulk tonnage porphyry style base and precious metals systems.
Calibre President and CEO, Darren Hall, said an initial 5,500m of diamond drilling is planned for 2021
“We are excited to launch the 2021 exploration programme with our partner Rio Tinto,” Mr Hall said.
“Partnering with Rio Tinto, a global mining industry leader, provides a significant opportunity to leverage the discovery potential of our large portfolio of base metals properties while we continue to focus on growing gold resources within our 100% owned exploration and operating properties in support of our ‘Hub-and-Spoke’ operating model.”
Since entering the Borosi option agreement in February 2020, the Rio team has conducted extensive evaluation of exploration data stemming from Calibre’s work over the past 10 years as well as Rio’s own information sources and data archives that go back several decades.
More than 50 prospective target areas have been identified within the Borosi concessions. Four of these areas have been prioritised for a first pass drilling campaign totaling 5,500 metres commencing in early Q2 2021.
Additionally, an orientation survey has been initiated to characterise the broader geochemical expression surrounding the Primavera copper-gold porphyry deposit discovered by Calibre in 2011. The results of this work will provide an important benchmark to guide future regional reconnaissance work to be carried out under the RTX-Calibre Exploration Alliance agreement the companies also entered in early 2020.
The four areas targeted for first pass drill testing have been selected based on a combination of factors that include favorable geologic setting, surficial geochemical signature, and geophysical expression. Three of the targeted areas are located within 12 km of the town of Siuna and the fourth, Carpatos, is located northeast of Rosita.