Monday 26th September 2016

Resource Clips



Calibre President Robert Brown on Nicaragua assays of 10.25 g/t gold and 288.25 g/t silver over 5.4m

“Riscos de Oro—which means ‘golden ridge’ in Spanish—was an open pit and underground operation that was in production from 1977 to 1981. It was originally put into production by the Rosario Mining Company but then was nationalized by the Nicaraguan government. So, it was shut down in 1981 for political reasons, not because of the resource. We had a good understanding of where the open pit was. It’s about 250 metres long; [the previous operators] took the topographic high, mined that and went down about 25 metres. They then sunk a shaft to about 525 feet. The development that we have records for was only from the 150-foot and 300-foot levels. So last year we came into the program and drilled under the mine. We made sure that we were deep enough not to hit any of the old workings. Last year’s program identified mineralization going down 300 metres below surface. Then we stepped out on strike, and we hit an additional ore shoot. So we’ve identified two ore shoots. The program we’re doing right now is about a 2,500-metre program. And we’re coming back and infilling from 300 metres up towards surface on both of these shoots.

“These are our best results to date. One of the things that we’ve been able to identify with this program right now is that we think we’re looking at multiple horizons. It’s just a matter of coming back in and infilling. The one thing that remains unanswered is: does this lower unit that we’ve identified in holes 10 and 12 continue up underneath the old mine? Because, historically, all the information stops at the one zone, and there’s no drilling past that.

“This year we’ll finish this 2,500-metre program. We’re also going to be stepping out on strike with some geophysics down to the southwest. The Riscos de Oro concession is an exploitation concession, as it is a past mine, and there’s about two kilometres of strike on that zone. To the southwest it continues for another five kilometres, which is also on our wholly-owned concession. The southernmost end of the structure has a target running around 12.5 g/t over 2.5 metres at surface. So we’re looking at a very long structure, and we’re also finding parallel zones.

“It’s very similar to the Bonanza Camp, which is roughly 30 kilometres to the northwest and has been in production since the early 1900s. It’s a similar system; a low-sulphidation epithermal system, that’s roughly a 19-kilometre by four-kilometre structural zone. It’s in the hands of a private company that’s been producing 40,000 ounces a year.

“The interesting thing with Riscos is that we’re seeing multiple episodes of mineralization and brecciation. On a typical low-sulphidation system you usually see a zonation going from a gold-rich zone to a silver-rich zone then to base metals. But we’re seeing four or five different episodes of mineralization and brecciation, and we’re seeing a different zonation to the metals; so at the 150-metre level we’re getting this high grade silver and gold and then below that we’re getting a gold-rich system. So either we’re seeing a telescoping of the system or multiple pulses coming through. I think it’s multiple mineralizing events.

“We don’t have a resource estimate for Riscos. Most of this drilling is going towards that end. Last week, we also put out a 43-101 compliant report for our Cerro Aeropuerto and La Luna deposits at just under a million ounces gold equivalent. If, at the end of this drill program, it makes sense to put a resource estimate together for Riscos, then we’ll do it this year.”

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