Calibre Mining (CXB.V) has revealed some excellent drill results from the Eastern Borosi project where Joint Venture partner IAMgold (IMG.TO, NYSE:IAG) can earn up to 70% by spending $10.9M. Of interest are the intercepts of 6 meters at 14g/t gold as well as 4.8 meters of 25.7g/t and more than one ounce of silver per tonne. These are excellent results, given the fact that all mineralization occurs within 100 meters from surface, indicating the Eastern Borosi project will be open pittable.
These six holes have tested the mineralization over a strike length of 350 meters and 4 of the six holes have encountered high-grade mineralization whilst hole 5 and 6 seem to be below par compared to the other four. Drilling on the property is on-going and the drill rigs are currently working on the ‘California structure’ two kilometers north of the first drill hole of this batch. As we expected earlier this year, the second half of this year will be very busy for Calibre with two senior partners funding exploration on Calibre’s projects. As the company has just closed a C$2M placement with Pierre Lassonde at C$0.08, Calibre is well funded, and it’s no surprise its share price is now almost 75% higher than when we first covered the company in August.
Disclosure: The author holds no position in Calibre Mining. Please see our disclaimer for current positions.