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Calibre Mining
Citation preview
January 2012
TSX.V: CXB www.calibremining.com
ADVANCED GOLD-COPPER-SILVER EXPLORATION - MINING TRIANGLE, NICAR AGUA
Forward Looking Statement
Certain statements in this document constitute “forward looking statements” which may not be based on historical fact. Such forward looking statements involve known and unknown risk, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results to be materially different from any future results, performance, or achievements expressed or implied by such forward looking statements. Such factors include, among others, the following: actual results of exploration and development activities; the costs and timing of the development of new deposits; future prices of precious and base metals; accidents; risks inherent in mineral exploration; risks associated with development, construction and mining operations; restrictions on foreign ownership; the Company’s history of operating losses and uncertainty of future profitability; uncertainty of access to additional capital; and environmental liability claims and insurance. This presentation is not an offer to purchase securities and does not constitute an offering document under Securities legislation.
SLIDE 2
INVESTMENT HIGHLIGHTS
• Calibre’s Borosi gold-copper-silver project: over 860 km2 property in the prolific “Mining Triangle” of NE Nicaragua, Central America
• The Mining Triangle has produced >7.9M ozs gold; one gold mine currently in production (Bonanza) produces 45,000 ozs/year
• New porphyry gold/copper discovery made at the Primavera project in conjunction with B2Gold (Nicaragua’s largest gold producer), where B2Gold is earning a 51% interest in the Primavera project and certain additional Borosi concessions by spending $8.0 M on exploration by June, 2014. Once the earn-in is compete, B2Gold may elect to carry an individual prospect within the concession area through to a Preliminary Feasibility Study for an additional 14% interest in the prospect.
• Primavera discovery drill hole: 261.7 m grading 0.78 g/t Au, 0.30% Cu
• Calibre 100%-owned NI 43-101 Compliant Inferred Resource totaling 835,000 ozs Gold and 4.3 million ozs Silver
• 100%-owned Riscos de Oro epithermal gold-silver project: 9,427m delineation drilling completed to date
• Option with Alder Resources Ltd. on the Rosita copper skarn project
SLIDE 3
El Limon (Gold Mine)
La Libertad (Gold Mine)
B2 GOLD CORP.
Puerto Cabezas (airport/port)
Bonanza (Gold Mine)
Riscos de Oro
Borosi Concession Area
Rosita &
Primavera La Luz-Siuna
B2 GOLD CORP.
Managua .
Douglas B. Forster, M.Sc., P.Geo - Executive Chairman of the Board
• 30+ years of resource project development, M&A, equity finance and public company management;
• Founder and director of numerous public companies; • President & CEO of Featherstone Capital Inc.
Edward Farrauto, CGA - President & CEO, Director
• 20+ years experience as CFO and director of several public companies; • Founder and director of several public companies;
Paulo Santos, CA - Chief Financial Officer
• 10+ years experience with public accounting, auditing, and regulatory compliance
Greg Smith, P.Geo - VP Exploration
• 23+ years exploration experience with both junior & senior operations; • Involved in successfully outlining 10+ million ounces of gold discoveries.
Blayne Johnson - Lead Director
• 20+ years of capital markets experience; • Former VP of First Marathon Securities; present Chairman of Featherstone
Capital Inc.
George Salamis - Director
• 20+ years exploration, development and operations experience; • Current President & CEO of Edgewater Exploration Ltd.
Hon. John Reynolds, P.C. - Director
• 35+ years experience in politics, former Member of Parliament, and a member of the Queen’s Privy Council for Canada;
• Present Strategic Senior Advisor at McMillan LLP.
Experienced Team Share Structure
SLIDE 4
Issued & Outstanding 166,965,918
Options 17,050,000
Yamana Warrants 10,000,000
Fully Diluted 194,015,918
Fully Diluted Cash Position ~$14,750,000
Working Capital ~$2,000,000
Significant Shareholders
Management and Insiders ~10%
Sun Valley Gold ~8%
Yamana Gold ~7%
*
* In conjunction with the purchase of the Borosi Concessions
in 2009, Calibre granted 10 million warrants to Yamana
Gold (5 million exercisable at $0.50 and 5 million exercisable
at $1.00). The warrants expire in July 2014 and are only
exercisable if Calibre delineates at least 2.5 million NI 43-101
Measured and Indicated compliant ounces of gold equivalent
(total of gold and copper resources).
• Democratic Republic with President Ortega elected to a new 5 year term in Nov. 2011
• Gold is Nicaragua’s No. 3 export
• Gold has helped Nicaragua’s economy grow by 4% annually in the past year, the highest rate in Central America
• Annual gold production has more than doubled in the past 3 years
• Supportive mining laws, including favourable tax regime
• 25 year exploration and 50 year exploitation permits
• Economist Intelligence Unit ranks Nicaragua as one of the safest countries in Central America
WORKING IN NICARAGUA
SLIDE 5
SLIDE 6
Cerro Aeropuerto NI43-101 Inferred
Resource 707,750 oz Au 3.14 mm oz Ag
BOROSI GOLD-SILVER-COPPER CONCESSIONS
2.8 M oz Au Production to date
2.3 M oz Au Historic Production
305M lbs Cu Historic Production
Borosi project is road accessible and close to power, people and infrastructure
La Luna NI 43-101 Inferred
Resource 127,700 oz Au 1.14 mm oz Ag
PRIMAVERA GOLD/COPPER PROJECT
SLIDE 7
Rock Sample B10R137
• Located 8 km south of the town of Rosita
• Road accessible with national power grid located 1.2 km from the project
• Joint venture with B2Gold: B2Gold can earn a 51% interest by spending $8M by June, 2014 ($4.0 M spent to December 2011). Once the earn-in is complete, B2Gold may elect to carry an individual prospect within the concession area through to a Preliminary Feasibility Study for an additional 14% interest in the prospect
• New Porphyry gold/copper discovery
• Airborne geophysical survey outlines a large 5 km by 5 km interpreted intrusive/volcanic complex
• Over 800 m by 300 m gold/copper soil geochem anomaly (open) identified at Primavera
• Similar style of mineralization to the Maricunga gold deposit, Chile: +6.0M ozs* gold and the Cerro Casale gold-copper deposit, Chile: +22.0 M ozs gold, 5.7 B lbs copper **
• 3 drill holes completed in Dec. 2011: Phase 2 drilling now underway
Airborne Radiometric Survey
Primavera * Proven + Probable: 6.0 M ozs Au; Measured + Indicated : 3.4 M ozs Au (Kinross
Gold Corp. website)
2 Km 2 Km
Maricunga Gold Deposit
+ 6.0 M ozs Gold *
** Proven & Probable: 22 M ozs Au, 5.7 B lbs Cu (Barrick Gold Corp. website)
PRIMAVERA GOLD/COPPER SOIL GEOCHEMISTRY
SLIDE 8
Trench ID Interval
(m)
Gold
(g/t )
Copper
(ppm)
PRTR11-005 51.25 1.53 680
PRTR11-010 107.00 0.78 980
PRTR11-011 179.40 0.63 997
PRTR11-012 58.00 0.70 1313
PRTR11-013 49.50 0.25 1100
PRTR11-014 51.70 0.42 1286
• Over 800 m by 300 m gold/copper soil geochemistry anomaly (open)
• Trenches returned long intervals of continuous gold-copper mineralization including 179.4m grading 0.63g/t Au and 997 ppm Cu
• Very sparse rock outcrop in region with up to 10m of overburden and saprolite
PR11-001 PR11-001
PR11-002 PR11-002
PR11-003 PR11-003
Copper in Soil Geochemistry Gold in Soil Geochemistry
PRIMAVERA GOLD/COPPER PROJECT
SLIDE 9
• 668 metres of diamond drilling complete in 3 drill holes (Dec. 2011); drilling re-commenced in January, 2012
• Mineralization in the drill holes is comprised of quartz-magnetite-chalcopyrite-bornite veins and vein stockwork within broad zones of potassically-altered intermediate volcanic and intrusive rocks
January 2012 Primavera Drill Hole Intercepts
PR11-001
PR11-002
PR11-003
Drill Hole From
(m)
To
(m) Length (m)
Gold
(g/t )
Copper
(ppm)
PR-11-001 0.00 276.80 276.80 0.50 2,146
includes 0.00 103.00 103.00 0.85 3,240
PR-11-002 1.5 263.20 261.70 0.78 2,966
includes 1.5 209.00 207.50 0.89 3,378
includes 74.50 209.00 134.50 1.01 3,561
PR -11-003 4.00 127.85 123.85 0.65 2,752
includes 50.50 127.85 77.35 0.74 3,114
Gold in Soil Geochemistry
PRIMAVERA GOLD/COPPER PROJECT DRILL HOLE PR11-002
SLIDE 10
Ground Surface
261.70m grading 0.78 g/t Au, 0.30% Cu
Looking Northeast
Scale
Continuous Au/Cu Mineralization
PRIMAVERA GOLD/COPPER PROJECT
SLIDE 11
Primavera Drill Hole PR11-001 Intercepted: 103.0 m grading 0.85 g/t Au, 0.32% Cu
Pictured drill intercept assayed: 2.00m @ 1.11 g/t Au and 0.42% Cu
(Section 76.00m – 78.00m of Hole PR11-001)
SLIDE 12
PRIMAVERA GOLD/COPPER PROJECT
PR11-001
PR11-002
PR11-003
Total Magnetic Intensity Ground Survey
Gold – Copper
mineralization
associated with
magnetic low
Drilling Site
Area of TMI
Ground Survey
Total Magnetic Intensity Airborne Survey
2 Km
PRIMAVERA GOLD/COPPER PROJECT
SLIDE 13
Main road and power line to Rosita
Site of Trenching & Drilling
1.2 km
• Primavera: new trenching/drilling gold/copper discovery
• 1.2 km access road has been completed from the main Siuna-Rosita road to site
• National power grid located 1.2 km west of Primavera discovery
• Subdued topography with main land use including subsistence farming and ranching
PORPHYRY GOLD/COPPER DEPOSITS OF CENTRAL AMERICA AND CORDILLERA
SLIDE 14
Rock Sample B10R137
Primavera New Porphyry Gold-Copper Discovery
Cerro Colorado 24.0 B lbs Copper
3.5 M ozs Gold
Cobra Panama 19.6 B lbs Copper
4.9 M ozs Gold
Deposit
Tonnes (Mt)
Au
(g/t)
Cu
(%)
Au Eq.
(g/t)*
Contained Au
(Million ozs)
Contained Cu
(Billion lbs)
Cerro Casale 1,200 0.59 0.22 0.94 23.1 5.78
Chapada 429 0.24 0.26 0.65 3.1 2.15
El Morro 537 0.49 0.52 1.31 8.2 6.08
Agua Rica 908 0.22 0.49 1.00 22.1 9.78
Maricunga 269 0.70 0.00 0.70 6.0 0.00
Alumbrera 390 0.51 0.47 1.25 6.4 4.03
Kemess South 109 0.71 0.23 1.07 2.5 0.56
Mt. Milligan 531 0.34 0.20 0.66 6.0 2.12
Cobra Panama 2,143 0.07 0.41 0.72 4.9 19.59
Cerro
Colorado 1,400 0.08 0.78 1.31 3.5 24.00
Primavera ** - 0.76 0.30 1.23 - -
* Au Eq. (g/t): Gold Equivalent calculated using $1,300 oz gold and
$3.00/lb copper and metallurgical recoveries and net smelter returns
are assumed to be 100%.
** Weighted average grade of first 3 drill hole intercepts PR11-001,
PR11-002, PR11-003.
Resource Information derived from Website Sources
RISCOS DE ORO DISTRICT POTENTIAL – 100% CALIBRE OWNED
Historical Trench: 12.43 g/t Au 93.00 g/t Ag Over 3.0 metres
Calibre Drill Program, including drill holes: RD11-012: 7.69 g/t Au; 211.8 g/t Ag; 10.6m RD11-010: 10.25 g/t Au; 288.25 g/t Ag; 8.5m
• Low Sulfidation Epithermal Gold-Silver Vein District
• Comparable to nearby Bonanza Camp in geology, mineralization, and structure (past production of +2.8 million ozs Au)
• Gold – Silver System extends over 7 km from the El Paraiso and Murcielago targets Northeast towards Riscos de Oro
• Completed 9,427m of resource delineation drilling at Riscos in 37 holes with epithermal gold-silver intercepts including 7.69 g/t Au, 211.80 g/t Ag over 10.6m
• Historic trenching at Murcielago adit returned 12.4 g/t Au over 3.0 metres
• Multiple parallel veins identified
• Cumulative prospective geology / structure of 15km strike length
SLIDE 15
Riscos de Oro
SLIDE 16
RISCOS DE ORO – DRILL PLAN
• 9,427m of delineation drilling completed
• Former open pit and underground mine to 90m depth only
• Gold-Silver mineralization defined over 725m strike length to a depth of 300m
• Drilling Highlights: RD11-012: 7.69 g/t Au, 211.80 g/t Ag over 10.6m RD11-010: 10.25 g/t Au, 288.25 g/t Ag over 5.4m RD10-009: 4.23 g/t Au, 384.86 g/t Ag over 8.53m
• Multiple mineralized veins and structures
A
A’
Riscos de Oro
SLIDE 17
Historic Ground
Surface
(Mined Out)
Historic Drilling
Saprolite
OPEN
Limit of Historic
Underground Mining
RD10-003
8.81 g/t Au and 55.74 g/t Ag
3.4 metres
Including:
11.05 g/t Au and 72.30 g/t Ag
2.3 metres
Ground Surface
OPEN
RD11-012
7.69 g/t Au and 211.80 g/t Ag
10.60 metres
Including:
9.16 g/t Au and 252.50 g/t Ag
6.65 metres
And
10.02 g/t Au and 268.00 g/t Ag
2.00 metres
A A’
50 m
RD11-011
6.41 g/t Au and 139.21 g/t Ag
3.62 metres
Riscos de Oro Cross Section (A to A’)
RD11-010
10.25 g/t Au and 288.25 g/t Ag
5.4 metres
Including:
24.00 g/t Au and 714.25 g/t Ag
2.0 metres
Assay Highlights from Drilling Programs from 2010 / 2011:
RISCOS DE ORO GOLD-SILVER PROJECT – 100% CALIBRE OWNED
SLIDE 18
Hole ID
From
(m)
To
(m)
Interval
(m)
Gold
(g/t )
Silver
(g/t)
RD10-001 177.60 183.40 5.80 2.44 292.60
including 177.60 178.40 0.80 14.05 1,990.00
RD10-009 160.70 169.23 8.53 4.23 384.86
including 168.28 169.23 0.95 17.85 2,810.00
RD11-010 167.1 168.6 1.50 5.98 9.10
including 224.5 226.5 2.00 24.00 714.25
RD11-012 249.30 259.90 10.60 7.69 211.87
including 249.30 255.95 6.65 9.16 252.50
RD11-015 182.00 184.20 2.20 5.44 405.55
RD11-016 198.50 205.60 7.10 2.72 287.65
including 201.92 205.60 3.68 3.61 518.44
RD11-019 121.15 126.95 5.80 9.37 64.80
including 125.15 126.95 1.80 13.82 132.10
RD11-026 208.84 211.42 2.58 8.74 120.50
RD11-029 282.52 284.97 2.45 10.30 56.70
Riscos de Oro
RISCOS DE ORO GOLD-SILVER PROJECT – 100% CALIBRE OWNED
SLIDE 19
Riscos de Oro RD11-016 Intercepted: 7.10m of 2.72 g/t Au & 287.65 Ag
Pictured intercept assayed:
3.68m @ 3.6 g/t Au and 518 g/t Ag
(Section 201.92m – 205.60m of Hole RD11-016)
CERRO AEROPUERTO NI 43-101 INFERRED RESOURCE
SLIDE 20
Tonnes and Grade Total Contained Metal
Cutoff
grade Tonnes Au Ag
Au
Eq1 Au Ag Au Eq1
Au Eq
(g/t)1 (mm) (g/t) (g/t) (g/t) (ounces)
(mm
ounces) (ounces)
0.2 6.85 3.24 14.69 3.47 714,640 3.23 765,290
0.4 6.22 3.55 15.95 3.80 709,820 3.19 759,780
0.6 6.05 3.64 16.16 3.89 707,750 3.14 757,000
0.8 5.66 3.86 15.95 4.11 702,330 2.90 747,750
1.0 5.40 4.02 15.93 4.27 696,910 2.76 740,200
1.Au Eq cutoff equivalent
calculated using Wardrop’s
estimated gold price of
US$1058/oz and silver price of
US$16.57 per oz.
2.Mineral resources that are not
mineral reserves do not have
economic viability
Historic La Luz Mine
Open Pit
Hole From (m) To (m) Length
(m)
Au
(g/tonne)
CA-07-01 194.80 197.80 3.00 19.72
CA-07-01 242.80 266.80 24.00 5.75
CA-07-02 242.00 244.00 2.00 25.08
CA-07-02 257.50 259.70 2.20 16.94
CA-07-03 303.00 306.00 3.00 4.16
CA-07-03 316.00 318.00 2.00 7.34
CA-08-04 237.00 240.00 3.00 2.10
CA-08-08 263.80 266.40 2.60 2.01
CA-08-16 9.00 13.95 4.95 2.50
CA-08-16 111.00 116.00 5.00 7.23
CA-08-16 174.70 177.20 2.50 6.56
• 100% Calibre owned
• High Grade Gold Skarn
System
• New NI 43-101 inferred
resource
• 500 metres south of
historic La Luz Mine (past
production of 2.7 M oz Au
production)
• Deposit is open to the
north & south
500m
Cerro Aeropuerto
• New partner in Alder Resources; Alder to spend C$4 million over the next four years to earn a 65% stake in Calibre’s Rosita D Concession
• Rosita D concession consist of an area of 3,356 hectares
• Historic open pit Santa Rita copper-gold mine boasts total historic production from skarn mineralization estimated at 305 mm lbs of Cu, 177,737 ozs of Au, and 2,629,720 ozs of Ag from 5,924,572 tons of ore (Arengi, 2002)
• Recent significant trenching results include Trench STR 11 -002 returning 1.06 g/t Au, 0.96% Cu and 9.33 g/t over 12 m
• Phase One exploration commenced, including 5,000 metres of “RC” and diamond drilling
SLIDE 21
Rosita D Concession – Calibre/Alder Option
Rosita Historical Open Pit
Rosita Historical Open Pit
Rosita
SLIDE 22
EXPLORATION TIME LINE / NEWS FLOW
2012 Q1 Q2 Q3 Q4
Exploration for Porphyry Gold/Copper
Systems
Calibre/B2Gold Option
100% Calibre owned concessions
Target Delinineation
Drilling
Primavera – Calibre/B2Gold Rosita Copper Project – Calibre/Alder Resources Option
Data Review Riscos de Oro - 100% Calibre
Drilling Results Compilation
RESULTS Drill Results from Riscos de Oro, Rosita, Primavera
Contact: Mark Carruthers, Investor Relations
Phone: 604 681 9944
Email: [email protected]
Website: www.calibremining.com
TSX – V: CXB M I N I N G C O R P.